Best Crypto to Buy Now 4 August – GMX, XDC Network, Injective

Press Release One of the largest pieces of news impacting crypto markets today is that Coinbase has requested the dismissal of a lawsuit filed against them by the United States Securities and Exchange Commission (SEC), according to an announcement made today by Paul Grewal, the company’s Chief Legal Officer.

Grewal disseminated the news on X, stating, “Coinbase filed our brief asking the Court to dismiss the SEC’s case against us.”

With this latest development in mind, what are the best cryptos to buy now?

Coinbase has emphasized in its main argument that it does not sell investment contracts.

These are a particular type of securities, as outlined by multiple Supreme Court cases and legal precedents over the years.

Grewal sharply criticized the SEC for allegedly overstepping its bounds, bypassing due process, and neglecting its own interpretations of securities laws.

He also argued that the SEC has gone beyond its authority, as granted by Congress, by overlooking other binding legal precedents.

This is a significant update in a series of legal back-and-forths that began with the SEC’s lawsuit against Coinbase in June.

The SEC’s initial lawsuit accuses Coinbase of trading unregistered securities, including ADA, and operating an unregistered securities exchange.

This legal action followed a Well Notice that the SEC had sent to the company earlier in the year.

Despite facing accusations, Coinbase has reiterated that it has never listed securities on its platform.

The company has consistently argued that the SEC lacks the regulatory authority to oversee cryptocurrencies.

Looking ahead, Grewal has expressed confidence in Coinbase’s ability to successfully counter the SEC’s lawsuit. He anticipates that the court will consider the case by the end of October.

Legal experts are closely monitoring the Coinbase/SEC case, as it could have significant ramifications for the regulation of cryptocurrencies and potential crypto market price fluctuations.

Despite regulatory uncertainty surrounding Coinbase, GMX, Cowabunga, XDC Network, Chimpzee, and Injective remain some of the best cryptos to buy now, thanks to their strong fundamentals and/or promising technical analysis.

GMX Sees Positive Turnaround: Is Momentum Shifting?Source: TradingView / GMXUSDTAfter being rejected from the Fib 0.236 level at $57.02 and enduring a four-day slide, GMX found much-needed support at the Fib 0.618 level at $49.02 on August 3.

This positive turnaround has continued into today, with GMX currently trading in the green and seemingly attempting to regain the Fib 0.5 level at $51.49.

Notably, the 20-day EMA for GMX stands at $53.70, slightly below the 50-day EMA at $54.66, and well below the 100-day EMA at $57.02.

This sequence, where shorter-period EMAs are below longer ones, typically points to a bearish trend. However, the current price of GMX at $51.92, along with a 1.64% rise so far today, may signal a potential shift in momentum.

Turning our attention to the RSI, we see a minor upward movement from 40.54 to 43.54.

While this is still below the mid-point of 50, indicating a prevailing bearish trend, the rise suggests that selling pressure may be weakening.

The Moving Average Convergence Divergence (MACD) histogram has also moved slightly upwards from -0.43 to -0.40.  » …