Speaking at the Kansas City Fed’s annual Jackson Hole economic policy symposium on Friday, Federal Reserve Chair Jerome Powell signaled the central bank is willing to continue aggressive interest rate hikes to curb high inflation.
Powell put emphasis on the urgency of not letting up on bringing down inflation, currently at its highest in 40 years, while ensuring that rates remain low until inflation consistently reverts to the Federal Reserve’s 2% benchmark.
With these macroeconomic dynamics at play, what are the best cryptos to buy now?
“We are taking forceful and rapid steps to moderate demand so that it comes into better alignment with supply, and to keep inflation expectations anchored,” said Powell during his remarks. “We will keep at it until we are confident the job is done.”
Powell noted that while higher interest rates, slower growth, and softer labor market conditions will bring pain to households and businesses, allowing high inflation to persist would mean even greater pain.
Market participants currently see a 78% probability that the Fed’s next policy meeting in September will not result in another oversized rate hike, following back-to-back 75 basis point increases in June and July.
But Powell’s comments did indicate a willingness to keep raising rates if economic data indicates inflation is not yet on a sustainable downward path.
In the cryptocurrency market, Bitcoin’s price briefly rose following the speech but later declined to around $25,773. Bitcoin is currently trading at $26,074 down by 0.38% so far today.
Market participants caution that if the existing support level of around $25,800 is breached, it could trigger intense selling pressure. Data from CoinMarketCap indicates that Bitcoin’s trading volume is presently witnessing a 3.45% drop over the past 24 hours.
With uncertainty still lingering over the inflation outlook, investors will be closely parsing upcoming economic data for clues on how much further the Fed may need to raise rates to accomplish its goal of taming inflation.
But Powell made clear the central bank is resolved to use its tools forcefully until prices are under control.
In view of the current financial climate, Rollbit Coin, Wall Street Memes, Unus Sed Leo, Sonik Coin, and Livepeer are some of the best cryptos to buy now thanks to their solid fundamentals and/or positive technical analysis.
Rollbit Coin (RLB) Breaks Out: A Bullish Surge Signals Potential Upside
After a week-long consolidation between the 20-day Exponential Moving Average (EMA) and the Fib 0.382 level at $0.15645, RLB has finally shown signs of a bullish breakout with a hefty 13.97% surge to the upside so far today.
RLB is trading well above both its 20-day and 50-day EMAs, at $0.14726 and $0.11012, respectively. This indicates a strong bullish momentum in the short and medium term.
The 20-day EMA, which offers a more sensitive measure of recent price changes, suggests that buyers are currently in control of the market.
The RSI, a momentum oscillator that measures the speed and change of price movements, has risen to 61.04 from yesterday’s 54.96.
This significant increase in RSI signals that buying pressure is increasing and the coin is gaining strength. However, traders should be cautious as an RSI above 70 typically suggests overbought conditions.
Additionally, the MACD histogram has moved up to -0.00321 from yesterday’s -0.00467. This upward shift in the MACD histogram suggests that the bearish momentum is losing steam and a bullish cross may be on the horizon.
As of the current price of $0.17146, RLB is facing immediate resistance at the Fib 0.236 level of $0.17817. This was retested earlier today when RLB set an intraday high of $0.18338, which means that the bulls are testing the resistance level to push the price higher.
On the downside, the previous resistance turned support level at the Fib 0.382 level of $0.15645, followed by the 20-day EMA at $0.14726, which will act as immediate support levels.
These support levels, if held, could provide a safety net for a potential pullback or consolidation before the next upward move.
The technical indicators suggest that RLB is currently in a strong bullish phase. However, traders should keep an eye on the immediate resistance and support levels, as well as the key technical indicators like the RSI and MACD, to make informed trading decisions.
WSM: The Cryptocurrency Leading the Charge Against Traditional Finance
Wall Street Memes (WSM) has experienced explosive growth in recent months, raising over $25 million so far from early investors during its ongoing token presale. This presale funding positions WSM as one of the largest cryptocurrency presales of 2023 so far.
WSM taps into the anti-establishment investing philosophy popularized in recent years by the Reddit forum r/WallStreetBets. The project seeks to create a cryptocurrency that represents this movement and the power of online grassroots communities to challenge traditional finance.
WSM’s token presale has attracted significant interest thanks to its low price of just $0.0337 per token. In a short period of time, over 1 million people have joined WSM’s community channels on platforms like Twitter and Telegram.
Presale participants will also receive a +30% bonus when the $WSM token officially lists on crypto exchanges later this year.
In a clear sign of confidence, an unknown cryptocurrency whale recently purchased $1 million worth of WSM tokens across multiple transactions viewable on the blockchain explorer Etherscan.
The whale sent 553 ETH from a single wallet address to the WSM presale contract. Major investments like this highlight WSM’s potential for returns.
According to WSM, 30% of the total token supply will go to community rewards for active members. Another 20% is allocated to liquidity, while 50% is available during the ongoing presale event. Notably, the founders will not receive any tokens.
WSM is set on leveraging its strong early momentum by obtaining spots on prominent crypto exchanges and incorporating perks such as staking rewards and community token giveaways.
With the presale in full swing, many investors have set their sights on WSM, mulling over its chances to secure its place as the leading meme coin project of 2023, backed by its strong ties to the influential WallStreetBets movement.
Visit Wall Street Memes Now
Unus Sed Leo (LEO): Navigating a Consolidation Phase
Recent price action for Unus Sed Leo (LEO) is revealing a consolidation phase that could signify a potential change in the cryptocurrency’s trend.
The current price of LEO, at $3.8382, is down by 0.33% so far today. This places LEO within a consolidation range, specifically between the Fib 0.5 level at $3.7974 and the Fib 0.382 level at $3.8873.
The 100-day EMA stands as an immediate support level at $3.8371, slightly below the current price. This EMA has been serving as a critical support level, with LEO attempting to mount it successfully.
However, the downward trajectory of the 20-day and 50-day EMAs, currently positioned at $3.9111 and $3.9149 respectively, indicates a potential bearish crossover, a sign that selling pressure may intensify in the short term.
The RSI currently sits at 39.53, down from yesterday’s 40.71. This drop in RSI suggests an increase in selling momentum.
However, given that the RSI is still above the commonly used oversold threshold of 30, it indicates that while sellers are gaining ground, LEO is not yet in oversold territory.
The MACD histogram also supports the prevailing bearish sentiment with a value of -0.0123, a slight improvement from yesterday’s -0.0134. This negative value shows that the short-term momentum is less than the long-term momentum, implying a potential bearish crossover.
The immediate resistance for LEO is at the Fib 0.382 level at $3.8873. A breakthrough above this level may signal a bullish shift. However, the current technical setup suggests a potential downward trend continuation, with the next significant support at the Fib 0.5 level at $3.7974.
The technical indicators suggest an ongoing consolidation phase for Unus Sed Leo (LEO). The bearish sentiment appears to be gaining strength, but the asset is not yet oversold.
Traders should watch closely for a potential bearish crossover from the EMAs and the MACD, along with further declines in the RSI. Any breach of the immediate resistance or support levels could signal a new directional trend.
Sonik Coin: Ride the Meme Coin Craze with One of the Best Cryptos to Buy Now
The presale for the new meme coin Sonik Coin is gaining significant momentum, raising over $500,000 so far from investor participation.
With the presale set to close once it hits its hard cap of $2.1 million, interested parties likely have 11 more days to get involved according to the countdown on the project’s website.
The project strategizes to harness the power of the meme coin craze that swept the crypto world in 2022, with grand plans to quickly attain a market capitalization of $100 million.
A standout feature that differentiates Sonik Coin is its staking system which will enable token holders to earn sizable annual percentage yields of 145%. This provides a way for investors to generate passive income from the meme token.
In preparation for the launch, 10% of the total token supply will be allocated to liquidity pools on decentralized exchanges like Uniswap. Importantly, this liquidity will also be locked, as explicitly stated on the project’s website and whitepaper.
Sonik Coin is running an aggressive marketing campaign across crypto news outlets, social media influencers, and online communities to build awareness and hype.
While the future of many meme coins remains uncertain, Sonik Coin’s unique combination of a stake-to-earn model, a dedicated marketing team, and a connection to a popular gaming character could potentially set it apart in the crowded field of cryptocurrencies.
Sonik Coin has no affiliation with Sonic The Hedgehog, SEGA, or any of its associated projects.
Visit Sonik Coin Now
Livepeer (LPT): Bullish Sentiment Persists Amid Retesting Of Support
LPT recently made strides past the Fib 0.5 level at $6.55. Now, it’s in a period of retracement, exploring this level for potential support. This activity could be hinting at a consolidation phase.
Livepeer’s bullish sentiment remains intact, despite the 3.22% downturn so far today, as its current price of $6.61 is still trading significantly higher than its 20-day, 50-day, and 100-day EMAs at $6.05, $5.38, and $5.20, respectively.
These EMAs point to an underlying bullish trend, indicating a strong potential for the continuation of the price uptrend after the current consolidation phase.
The RSI, despite a subtle drop to 58.44 from yesterday’s 61.13, still suggests a bullish bias. Typically, an RSI above 50 hints at more buyers in the market than sellers, and although it has slightly cooled off, it still indicates a predominantly bullish sentiment.
Supporting this view is the MACD histogram, sitting at -0.04, slightly improved from yesterday’s -0.05. This indicates that the selling pressure might be waning, offering another hint at the solid potential for a bullish continuation.
It’s also worth noting that the market cap is down by 2.80% to $190.6 million, and the 24-hour volume has also substantially dropped by 52.37% to $48.5 million.
This suggests that today’s downturn isn’t supported by substantial trading volume, implying that it could be a temporary pullback rather than a trend reversal.
Looking ahead, traders should watch closely the key Fib 0.5 level at $6.55. If LPT can hold strong and bounce off this level, we will likely see further bullish action, potentially testing the immediate resistance at the Fib 0.382 level at $7.19.
Despite the slight downturn today, the technical indicators suggest the bullish sentiment in Livepeer remains intact. Given the current situation, traders might consider this as an opportunity to prepare for the potential next leg up.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here
