The US stock market is attempting to recover after concerns over the debt ceiling and a general sense of uncertainty caused a decline on Wednesday.
The Dow Jones Industrial Average is currently close to break even, while the S&P 500, Nasdaq Composite, and Bitcoin are registering a recovery of 0.9%, 1.8%, and 1%, respectively.
In light of this ongoing macroeconomic development, what are the best cryptos to buy now?
Adding to the market’s anxiety, Fitch, a leading global credit rating agency, issued a warning on US debt.
Doubts surrounding the Federal Reserve’s upcoming monetary policies are also contributing to the market’s decline, with the May meeting minutes revealing officials’ uncertainty about the need for further rate hikes.
As the market continues to fluctuate, Bitcoin and other cryptocurrencies are following a downward trajectory, extending their decline from last month’s peak.
The lack of momentum in the cryptocurrency market is causing concerns among investors, with the potential for increasing challenges ahead.
The CME FedWatch Tool indicates a near-even split in opinion regarding a potential Fed pause at the June meeting, with a 51.3% likelihood for a range of 500-525 basis points and a 48.7% likelihood for a range of 525-550 basis points.
This highlights the market’s uncertainty and the divergence of opinions among officials regarding the need for future rate hikes.
As investors navigate the challenges ahead, the market’s decline serves as a reminder of the importance of staying informed and vigilant in today’s complex financial environment.
Despite the uncertain atmosphere, the broader economic landscape and the Federal Reserve’s decisions will continue to play a crucial role in determining the market’s direction.
And in spite of obstacles, the cryptocurrency market continues to hold potential for promising investment options.
LEO, AI, TON, NEO, SPONGE, ECOTERRA, and YPRED are some of the best cryptos to buy now due to favorable technical analysis and/or strong fundamentals.
UNUS SED LEO (LEO)
LEO Token has been showcasing an intriguing trading pattern. Over the course of the last month, LEO has been trading between the Fib 0.236 level at $3.44 and the Fib 0.786 level at $3.72.
The relatively tight range coupled with falling volume suggests that we might be approaching a significant price move in the near future.
The 20-day EMA for LEO stands at $3.539, which is slightly higher than the 50-day EMA at $3.509 and the 100-day EMA at $3.512.
With the current price of LEO at $3.560, it is above all of these key EMAs, indicating a bullish sentiment.
However, this positive momentum is not fully supported by the RSI, which is sitting at 53.66, a slight uptick from yesterday’s 50.65.
This suggests that the asset is neither overbought nor oversold, painting a picture of a market in equilibrium.
The MACD histogram is -0.0040, a small increment from yesterday’s -0.0058, indicating a potential momentum shift toward the bulls.
In terms of volume, it’s up by a minimal 0.02% from yesterday, standing at $591,590, according to CoinMarketCap.
This isn’t substantial, but a continuation of rising volume could reinforce bullish sentiments.
Despite the slight increase in price by 0.68% today, the price is currently facing strong resistance at the Fib 0.5 level at $0.576.
A sustained break above this level with increased volume could signal a strong bullish move.
On the downside, immediate support lies at the Fibo 0.382 level at $3.514, which is in confluence with the 50-day and 100-day EMA.
If the price breaks below this level, it could potentially lead to further bearishness.
LEO appears to be on the brink of a decisive move. Traders should keep an eye on these key levels and indicators to react promptly.
Rise of AiDoge.com: The Pioneering Meme-Generation Crypto Venture Powered by AI
Meme coins, widely perceived as highly speculative digital assets, harbor a lot of untapped potential.
Central to these coins are their names, hype, and community support that form around them, which can serve as a foundation for future products. A prime example is Shiba Inu’s foray into the gaming industry.
AiDoge recognizes the potential of meme coins and combines them with artificial intelligence to create a meme-generating powerhouse.
Positioned as a go-to digital platform, AiDoge employs memes as an engaging and versatile means of communication, masking the underlying practicality of these digital tokens.
By leveraging image-generative AI technology akin to MidJourney and DALL-e, AiDoge democratizes meme creation and sets itself apart as a utility-focused coin. Its emphasis on AI and scalability renders it an appealing investment opportunity.
At the heart of the AiDoge ecosystem is the $AI token, which serves multiple functions.
It can be used to buy credits for generating memes, staked for rewards and benefits, and acts as a currency for community rewards.
Operating on the Arbitrum network, the $AI token offers quicker transactions and lower gas fees compared to Ethereum.
With these advantages in mind, many experts predict that AiDoge will experience a surge in price, with some even comparing it to the potential of “the next Dogecoin.”
As AiDoge gears up for its debut on cryptocurrency exchanges, market analysts anticipate a significant increase in its price making it one of the best cryptos to buy now.
Following a decisive 9.57% surge on May 23, Toncoin (TON) is currently grappling with its second successive day in the red, triggering speculations of a possible deeper retracement.
TON is currently trading below three significant EMAs – the 20-day EMA ($1.972), 50-day EMA ($2.075), and 100-day EMA ($2.135). This indicates a bearish sentiment in the market, with a potential for further losses.
The fact that the current price ($1.958) is below these EMA levels underscores a bearish sentiment in the market, hinting toward possible extended losses.
The RSI is at 46.27, a slight dip from yesterday’s 47.07. An RSI below 50 typically signals that selling pressure outweighs buying pressure, and further decline could suggest more bearish momentum.
Meanwhile, the Moving Average Convergence Divergence (MACD) histogram, another momentum-based indicator, shows a subtle increase from 0.012 to 0.014.
Despite the minor increase, this low value on the histogram indicates that the bullish momentum is weak, reinforcing the negative sentiment surrounding TON at present.
The immediate resistance for TON rests at the Fib 0.382 level, positioned at $2.004, which is higher than the current market price.
For TON to shift the tides towards a bullish narrative, it will have to overcome this resistance. Conversely, the immediate support stands at the Fib 0.236 level at $1.914. Further decline could plunge the price to revisit the previous support range of $1.801 to $1.833.
The immediate future of TON seems to be veering on the bearish side. Traders should tread cautiously, watching closely for any signs of a reversal or continuation of the current trend.
NEO, the Chinese blockchain platform, has been on the watchlist of many traders recently.
The Chinese cryptocurrency enjoyed a bullish streak from May 22 to May 24, however, it seems to have hit a wall at the Fib 0.382 level, resulting in a downside correction to the present price of $9.89.
What does the latest technical analysis reveal about the coin’s trajectory in the short term?
The first thing to note is that NEO’s current price is marginally above the 20-day Exponential Moving Average (EMA) of $9.83.
This average, which gives more weight to recent price movements, can often act as reliable support in bullish conditions.
However, the fact that the 50-day and 100-day EMAs, at $10.37 and $10.44 respectively, are above the current price suggests that there is some bearish pressure in the market.
Adding to this, the Relative Strength Index has dipped from yesterday’s 58.64 to 48.97.
An RSI reading below 50 can often indicate that the asset is in bearish territory. In the case of NEO, the substantial drop might be a signal of weakening bullish momentum.
The MACD histogram is showing a slight decrease from yesterday’s 0.21 to 0.19. While this isn’t a massive change, it could indicate a potential loss in upward momentum.
Traders should monitor this indicator closely, as a continuation of this trend might suggest a strengthening bearish signal.
Looking at the volume, today’s turnover is 1.062 million compared to yesterday’s 1.443 million, hinting at a decrease in trading activity.
This is significantly higher than the average volume of 564.006k, indicating that this price movement, while bearish, is backed by substantial trading activity.
The immediate resistance for NEO stands at the Fib 0.236 level at $9.99, marginally above the current price. A push above this level could signal renewed bullish momentum.
Conversely, should the price continue to fall, NEO’s immediate support lies at the 20-day EMA, followed by the current swing low support zone between $8.69 and $9.10.
Proceeding with prudence is advised for traders analyzing these technical indicators.
While the bullish momentum appears to be waning, a rebound from the 20-day EMA could still present an opportunity for a positive outlook.
Conversely, if the decline persists, NEO may test the lower support zone.
Rising From the Suds: $Sponge Token Is One of the Best Cryptos to Buy Now
As the frenzy surrounding meme coins begins to subside, a surprising contender is defying all odds.
The $SPONGE token, only a few weeks old, is witnessing a remarkable increase in trading activity that is unmatched in its short history.
Traders and enthusiasts from the crypto space are gravitating towards this trend, harboring hopes that $SPONGE might amplify and broaden their financial gains.
Breaking the mold of a typical meme coin, the $SPONGE token captivates audiences with its impressive growth trajectory and the widespread appeal of the beloved Sponge character ingrained in global pop culture.
Launched on May 4, the $SPONGE token has since demonstrated an astonishing growth rate.
Its total market capitalization has skyrocketed to an astounding $11.67 million, capturing the attention of institutional stakeholders and individual investors alike.
As an ERC-20 token on the Ethereum network, $SPONGE is currently trading at $0.00028885.
Despite a recent minor drop in price, $SPONGE still maintains a significant trading volume, suggesting resilience and potential for continued growth.
The total supply of $SPONGE is capped at 40.4 billion coins. This limited supply could potentially pique investor interest and push demand higher.
As $SPONGE continues its ascent, attracting attention far and wide, it will be intriguing to observe how this lighthearted token navigates the meme coin market.
ecoterra: The Green Crypto That Rewards Recycling and Promotes Sustainability
As people become more aware of the need for sustainable solutions to the ecological crises, ecoterra is leading the charge with its Recycle2Earn app.
This app will offer a practical way for companies to increase their recycling efforts while benefiting from their eco-friendly activities.
ecoterra CEO Mihai Ciutureanu, over the past two years, has strived to showcase these use cases, emphasizing the importance of a recycled materials marketplace.
This marketplace will connect businesses seeking recycled materials with companies providing them.
Payments are made with $ECOTERRA tokens or other cryptocurrencies, and purchase history can be integrated into a company’s trackable profile, ensuring transparency and discouraging greenwashing.
ecoterra has also begun integrating global brands into its ecosystem, including Vittel, Heineken, San Pellegrino, Pepsi, Fanta, Peroni, and Dr. Pepper. Users of the app can earn rewards for recycling these branded products.
An intriguing component of ecoterra’s ecosystem is the application of non-fungible tokens (NFTs) to symbolize milestone ‘impact actions’.
The creation of these NFTs commoditizes ecological actions, thereby encouraging individuals and companies to contribute positively to the environment.
ecoterra presents a unique opportunity for investors to participate in a revenue-generating project that is making a positive impact on the environment.
It is a testament to how economic success can be harmonized with ecological sustainability, leading to beneficial outcomes for the planet and the bottom line.
Through the use of $ECOTERRA tokens, global brand integration, and NFTs, ecoterra is creating a sustainable ecosystem that benefits all stakeholders. $ECOTERRA is one of the best cryptos to buy now.
yPredict’s AI Technology Makes It One of the Best Cryptos to Buy Now
Cryptocurrency markets are notoriously volatile, making it challenging for investors to make informed decisions. That’s where yPredict comes in.
This AI-driven platform will provide traders valuable insights and analysis to help them navigate the complex cryptocurrency market.
The platform has successfully accumulated over $1.74 million so far in its presale.
yPredict’s $YPRED token is available for purchase at $0.09 per token in stage 6 of its presale.
The token will list on major exchanges at $0.12, which could potentially result in gains for early investors who participate in the presale.
The platform’s unique technology offers a wealth of AI-driven insights, pattern detection, and sentiment analysis.
yPredic plans to launch its comprehensive analytics, repository, and marketplace platform by the end of the year.
Market players will be able to gain a game-changing advantage by leveraging the advanced AI technology offered by yPredict.
Regarding its $YPRED token, yPredict is issuing it on the Polygon blockchain, facilitating low transaction fees and fast trades.
Access to premium features comes at a $YPRED-denominated subscription fee, with 10% of these fees shared with existing token holders.
In a testament to fairness, 80% of the total token supply of 100 million will be offered during the public presale.
Those interested should consider securing $YPRED tokens as the platform is expected to flourish as AI adoption rises and crypto markets rebound.
With its recent fundraising success and plans for future growth, yPredict is a crypto project worth looking at.
This news is republished from another source. You can check the original article here.
Be the first to comment