On Wednesday, Federal Reserve Chair Jerome Powell’s remarks caused cryptocurrencies to tumble, resulting in a loss of $34.186 billion or 3.09% for the total cryptocurrency market cap.
As of writing, the crypto market is attempting to make a recovery with the total market cap rising by 4.46%, bringing it to $1.17 trillion so far today.
In this article, we’ll take a look at how this might affect the best cryptos to buy now.
The Nasdaq composite index, which crypto markets closely track, fell by 1.6% on Wednesday following Powell’s comments.
But futures were up in premarket trading, suggesting that tech stocks and cryptocurrencies may recover losses.
Meanwhile, regulatory risks intensified for crypto this week as the SEC took aim at Coinbase and Tron founder Justin Sun for possible securities law violations.
The SEC sent Coinbase a Wells notice warning of potential enforcement action related to several of its services.
Coinbase’s share price dropped by over 8% on the news before recovering slightly in after-hours trading.
Additionally, the SEC charged Sun and his associated companies with illegally selling and manipulating markets for the TRX and BTT cryptocurrencies.
TRX’s price fell by over 10% but has made a recovery of about 6.32% so far today.
Overall, the combination of Fed policy signaling higher interest rates and regulatory scrutiny is creating volatility in cryptocurrency markets.
The pace and impact of regulators’ actions are highly uncertain, as is the economic fallout from rising rates.
However, cryptocurrencies have weathered regulatory and macroeconomic changes in the past, and many investors remain bullish about the growth potential of blockchain technology and digital assets.
The coming days and weeks may indicate whether cryptocurrencies can continue their recovery after the dual blows from the Fed and the SEC.
Given the current macroeconomic climate, it is crucial to consider how recent events may affect investment decisions.
Based on a combination of fundamental and technical analysis, ALGO, LHINU, LTC, FGHT, LINK, CCHG, and TARO have been identified as among the best cryptos to buy now.
Algorand (ALGO)
Algorand is ramping up its efforts to attract developers and bolster its network’s value proposition.
Despite struggling to break out of its current range, the network’s recent development activity surge could set the stage for a bullish rally.
Like other top blockchain networks, Algorand is positioning itself for the next major market rally by attempting to gain a competitive edge over its rivals.
To that end, the network has launched a video series aimed at encouraging developers to create more dApps and other projects within its ecosystem.
Algorand’s technical indicators are showing mixed signals as the coin’s price hovers around $0.2152 as of writing.
The significant Exponential Moving Averages of 20-day ($0.2184), 50-day ($0.2289), and 100-day ($0.2387) EMAs are all trading above ALGO’s price which indicates that the current short-term to long-term bias for ALGO is bearish.
The RSI stands at 46.53, indicating a neutral market sentiment. This suggests that neither buyers nor sellers have taken full control of the market.
Meanwhile, the MACD histogram, which measures the difference between the MACD line and the signal line, has decreased slightly from the previous day, from 0.0025 to 0.0023.
This indicates that the momentum of the price change has slowed down.
Algorand saw a significant decrease in trading activity from the previous day, with volume dropping to 28.126 million from 137.762 million.
The volume moving average over the past 50 days is 50.831 million, indicating a relatively stable trading volume over time.
Looking at the coin’s price movement, Algorand experienced a 0.8% increase from the previous day’s close of $0.2134.
The coin is facing immediate resistance at Fib 0.382 at $0.2247. On the other hand, it has potential support at Fib 0.236 at $0.2071.
Algorand’s technical indicators suggest mixed signals. While the RSI suggests a neutral market sentiment, the MACD histogram indicates that the momentum of the price change has slowed down.
Anonymous Vote-To-Earn Platform Love Hate Inu Is One of the Best Cryptos to Buy Now
Love Hate Inu, the popular social media platform known for its exceptional character illustrations in its marketing efforts, has introduced a blockchain-based voting system that enables the anonymous expression of opinions on diverse topics.
The “Vote-to-Earn” mechanism enables users to receive digital tokens by voting, with tokens purchasable using cryptocurrency or conventional currency.
The project is currently in its presale phase, the objective of which is to allocate 90% of the tokens to the LHINU community, with the remaining 10% set aside for distribution in crypto exchange listings. Having obtained nearly $1.5 million thus far, LHINU is moving steadily toward the achieving of its goal of $1,968,750.
On the technology side of things, LHINU’s voting system promotes impartiality and facilitates discussions on important issues, with blockchain technology ensuring the fairness and neutrality of the voting outcomes.
LHINU has improved the voting process and increased the security features in reaction to user input, raising the platform’s dependability and credibility.
These enhancements are expected to inspire users to express their views openly on a wide range of topics.
Visit Love Hate Inu Now
Litecoin (LTC)
Litecoin experienced a notable development last month with the release of its “Hard Fork” by Australian developer Anthony Guerrera.
The fork incorporates features of the Ordinals protocol to enable non-fungible tokens (NFTs) on the Litecoin network, similar to capabilities on Bitcoin and other blockchains.
Developed as a ‘Layer 2’ solution on Bitcoin, the protocol’s integration extends Litecoin’s capabilities to support NFT creation and exchange.
This fork could enable new income opportunities for Litecoin ecosystem participants through the sales and licensing of blockchain-based collectibles and assets.
LTC is showing some strength according to technical indicators. The moving averages are in a bullish alignment, with the short-term EMA crossing above the longer-term EMAs.
The price is also trading above all the EMAs, indicating a bullish trend.
The relative strength index (RSI) is at 54.83, suggesting that buying pressure is outpacing selling pressure. The MACD indicator is also flashing a bullish signal.
The MACD histogram is above the zero line and growing, indicating increasing bullish momentum.
The coin is also seeing higher trading volume, with the latest volume of over 1.16 million exceeding the volume moving average of 1.068 million.
The previous day saw 5.81% price growth with higher volume, signaling strong buying interest in Litecoin.
Meanwhile, the price action over the past few days has formed an ascending triangle pattern, which is evident from the formation of higher lows and the repeated rejections from the $85 price level since March 11.
Based on yesterday’s movement, there is a possibility that this pattern has been confirmed.
As of now, Litecoin is being traded at $89.67, indicating a 2.75% increase from the closing price of $87.27 on the previous day.
The current price is nearing the horizontal resistance range of $90.18 to $91.57.
If the bulls can push the price above this level, we could see further momentum to the upside to the $100 psychological level.
However, if the price gets rejected at the resistance, we could see a pullback to the nearest support at $85.50.
Overall, the technical indicators are looking good for Litecoin. The bulls seem to be in control, with increasing buying volume and momentum.
However, some consolidation or a minor pullback may also occur before the next move higher. Traders should watch for increasing volume and a close above the resistance to confirm the next upward move.
Fight Out’s Train-to-Earn Model: The Perfect Fitness Motivator
Fight Out is looking to disrupt the fitness and digital-asset industry with its train-to-earn model, which will reward gamers with in-game coins for exercising and completing challenges. This approach distinguishes it from other competitors.
Users will be able to reap several unique benefits from Fight Out, including the ability to exchange rewards tokens for discounted gym memberships, exercise equipment, and apparel.
Completing various challenges and leveling up a user’s in-game representation of themselves in the form of an NFT avatar can also earn rewards.
Acquiring FGHT tokens valued at more than $50,000 entitles investors to earn up to 67% in bonuses, while extended-term holders are eligible for 10% airdrops.
The price of FGHT tokens will rise by 28% weekly, with a ceiling price of $0.0333. With over $5.767 million in funding so far, the platform’s growth potential is evident.
Fight Out seamlessly merges fitness and gaming, inspiring players to maintain a healthy lifestyle while participating in activities like fantasy sports.
The increasing appeal of FGHT tokens to investors and the app’s dynamic features make it one of the best cryptos to buy now.
Visit Fight Out Now
Chainlink (LINK)
The price of Chainlink (LINK) is on the rise, jumping 5.52% so far today to reach $7.769 after falling 2.74% on Wednesday. Several technical indicators suggest LINK could be poised for a recovery after its recent decline.
The recent price increase may be related to Chainlink Labs partnering with consulting giant PwC to accelerate enterprise blockchain adoption.
The venture will offer expertise and infrastructure for companies to develop compliant blockchain smart contracts and operate secure blockchain nodes.
ChainLink Labs brings blockchain services, while PwC contributes technical and regulatory experience.
Moving averages for LINK are bullish at the moment, with the current price staying above the 20-day, 50-day, and 100-day EMAs.
The widening gap between the short-term 20-day EMA and the longer-term 100-day EMA also indicates strengthening momentum.
The RSI is approaching overbought territory at 58.71, suggesting buyers are returning to LINK. MACD histogram bars are increasing in size, another sign of growing bullish momentum.
LINK has experienced rejection from the Fib 0.236 level at $7.691, which now serves as immediate resistance. If LINK can break above this, the next resistance is at $8.
Support may be found at the Fib 0.382 level at $7.251. A further decline could see LINK test the Fib 0.5 level support zone at $6.896.
Higher-than-average volume during the recent rebound adds confidence to the uptrend. While volume has declined from the previous day’s higher levels, the volume moving average has been on an overall upward trend.
Technical indicators suggest LINK could be resuming its broader upward trend after shaking out weaker hands.
However, more volume and a decisive break above $7.691 is needed to confirm the start of a sustained recovery.
C+Charge Promotes Eco-Friendly Transportation with Its Blockchain Payment Platform
C+Charge, an EV charging station blockchain payment platform, is addressing the limited access to electric vehicle (EV) charging stations through its charging station search engine. The company’s goal is to make the EV charging and payment process easier, cheaper, and more environmentally friendly.
Through the use of blockchain technology, the platform streamlines payment transactions, enabling electric vehicle (EV) owners to effortlessly find and pay charging stations using the CCHG token for payment.
Users can also earn Goodness Nature Tokens (GNT) as incentives, which represent certified carbon credits that can be exchanged within the app.
C+Charge’s token presale, currently in its last few days before it closes, has raised over $3.268 million so far, indicating that the platform has significant potential.
Visit C+Charge Now
RobotEra Launches into Metaverse Gaming Scene
RobotEra, an upcoming metaverse gaming platform, promises to offer a unique gaming experience that combines entertainment, virtual world-building, cooperation, exploration, and decentralized governance.
One of RobotEra’s notable features is the use of cryptocurrency and NFT digital assets, which allow players to earn money from their in-game activities and trade items, giving a fresh perspective on gaming.
RobotEra will also provide both virtual and augmented reality experiences and user-friendly construction tools that encourage originality and creativity.
The primary objective of RobotEra is to create a collaborative community that promotes trade, enthusiastic player participation, and creativity.
RobotEra’s presale of TARO tokens has received substantial investor support, raising over $1.036 million so far.
With the presale’s first stage nearing completion, TARO is one of the best cryptos to buy now before its price raises in the next stage.
Visit RobotEra Now
Credit: Source link
