As the month of May approaches, the financial world finds itself at the crossroads of several pivotal economic events.
The decisions and data emerging from these events are expected to leave a lasting impact on both equity and cryptocurrency markets.
Given this uncertain macroeconomic backdrop, what are the best cryptos to buy now?
One of the most anticipated events is the meeting of the Federal Open Market Committee (FOMC), an essential arm of the Federal Reserve.
Scheduled for Tuesday and Wednesday, the FOMC will convene to determine the direction of interest rates.
The financial community is closely monitoring the developments, eager to understand the committee’s resolution.
In addition to the FOMC meeting, the U.S. Bureau of Labor Statistics is set to release data on job vacancies, followed by the latest unemployment figures.
The interpretation of the unemployment report presents a dilemma: whether unfavorable data is truly detrimental or whether it may have positive implications.
A strong labor market, though seemingly positive, could prompt the Fed to implement additional rate hikes to moderate economic activity—a development that may not be well-received by market participants.
The week will also see the release of further economic indicators, including data from the Institute of Supply Management, which sheds light on U.S. manufacturing activity.
The cryptocurrency market, exemplified by Bitcoin, is not immune to the effects of these macroeconomic events.
Bitcoin’s price has struggled to surpass the $30,000 mark, and the lack of upward momentum may be attributed to exhaustion following its strong performance in the first quarter of 2023.
As traders prepare for the Federal Reserve’s decisions and the release of job data, they are likely to position themselves based on the most probable outcomes.
Bitcoin’s technical indicators suggest potential consolidation or a gradual decline, with the possibility of revisiting the $25,000 level.
As these economic events unfold, the interplay between equity and cryptocurrency markets will be under close scrutiny.
The FOMC’s decisions on interest rates, along with jobs data and manufacturing activity reports, will play a key role in setting the tone for the financial market sentiment for the month of May.
Amid this backdrop, AiDoge, Cronos, LoveHateInu, Render, ecoterra, Internet Computer, DeeLance, and Swords of Blood are some of the best cryptos to buy now based on fundamentals and/or technical analysis.
AiDoge: One of the Best Cryptos to Buy Now with AI-Powered Memes
Memes have emerged as an influential medium for both communication and engagement, capturing the essence of the crypto world in a digestible and entertaining format.
AiDoge, the first AI-integrated meme platform, has stepped up to fill this niche by leveraging AI technology to produce high-quality, pertinent, and timely memes.
The AiDoge platform’s native token, $AI, plays a vital role in the system’s mechanics.
These tokens are used to purchase credits that enable users to generate memes.
This approach not only strengthens the platform’s sustainability but also fosters its ongoing growth.
$AI tokens are utilized in three primary ways within the AiDoge ecosystem: credit purchasing, staking, and voting.
By using advanced AI technology, AiDoge has made meme creation accessible to all.
The platform’s cutting-edge AI algorithms generate contextually relevant memes based on text prompts provided by users.
These algorithms have been trained on extensive meme datasets and crypto news.
Staking offers rewards and premium features to users.
Those who stake their $AI tokens receive daily credit rewards proportionate to the amount they have staked, and they may gain exclusive access to additional features or voting rights.
The AiDoge Initial Exchange Offering (IEO) is slated for the third quarter of 2023, and as the date draws near, anticipation is building.
This upcoming event is expected to bring increased marketing efforts and draw in new investors who may be unfamiliar with the platform or have only used centralized exchanges.
With the IEO on the horizon, a surge of new buyers may be attracted to AiDoge, potentially resulting in a significant increase in the coin’s value.
As part of the IEO, 50% of all $AI tokens are being made available during the presale.
The AiDoge team has earmarked 25% of the total token supply for the continued development of the project.
Additionally, 12.5% of the tokens are designated for listings and liquidity, while another 12.5% will be used for community rewards.
One thing that distinguishes AiDoge as a contender for the “best crypto to buy” title is the team’s allocation of 25% of the tokens to the project’s development, which follows a ten-year vesting schedule.
In contrast, many new presale coins typically adhere to a 12-18 month schedule. This extended timeline reflects the AiDoge team’s long-term vision and commitment to the project.
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The cryptocurrency market has witnessed a notable rebound for the past 3 days, and among the digital assets making significant strides is Cronos (CRO), which experienced a sharp price increase of almost 25% when it posted its multi-week high of $0.0835 yesterday.
Data derived from on-chain analysis indicates that the overall market sentiment toward CRO remains predominantly pessimistic.
In a noteworthy development, Crypto.com announced on Thursday, April 27, a significant collaboration with the global technology company Samsung.
This partnership will enable the blockchain entity to provide enhanced trading and analytical features for Samsung’s latest flip phone models.
This significant development has the potential to shift public perception of the Cronos network and contribute to further price appreciation.
If the positive scenario unfolds as anticipated, the price of CRO is likely to ascend to $0.085. Nonetheless, downward pressure could pose challenges at the primary resistance threshold of $0.083, followed by additional resistance points at $0.085 and $0.086, in that order.
On the flip side, a bearish turn of events could challenge the positive outlook if Cronos’s price falls below the $0.077 support level.
Should the support level fail to hold, CRO holders may need to prepare for an additional price correction, potentially moving toward the $0.070 mark.
Love Hate Inu: A Winning Vote for One of the Best Crypto to Buy Now
With an impressive $8.2 million raised during its presale, the Love Hate Inu (LHINU) memecoin is capturing the attention of crypto industry veterans.
At its core, Love Hate Inu is designed to provide a transparent and decentralized polling platform, making it a standout among the myriad of other memecoins in the market.
The appointment of Charles Dawkins, a prominent figure in the cryptocurrency sphere and adviser to the UK All Party Parliamentary Group on Crypto and Digital Assets, as CEO has only served to bolster the reputation of Love Hate Inu.
This development has led many to consider it the best crypto to buy, as it continues to rise rapidly in the crypto charts.
One of the most notable features of Love Hate Inu is its anonymity-backed polling system.
By utilizing blockchain technology, this platform assures users that their opinions can be shared safely, without fear of retribution.
The vote-to-earn model employed by Love Hate Inu has garnered significant interest, transforming this cryptocurrency into an overnight success.
The community that has formed around this digital asset is both growing and supportive.
This enthusiasm has propelled the coin to be dubbed the number one vote-to-earn cryptocurrency.
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Render Token (RNDR)
Render Token (RNDR) has emerged as one of the standout performers in the cryptocurrency space recently.
Render’s unique value proposition lies in its ability to harness the power of high-performance graphics processing units (GPUs), which are now more prevalent than ever.
The Render platform allows GPU owners to contribute their idle processing power to a distributed network, earning passive income through the RNDR token.
In turn, content creators benefit from access to cost-effective rendering services, saving both time and resources.
The growing interest in the metaverse and the increasing demand for rendering across various sectors have brought Render into the spotlight.
The recent surge in the value of RNDR can be attributed to the community’s consensus on preparing for this anticipated demand.
To meet the scaling requirements of its network and to prepare for future demand, the Render development team recognized the need to move away from Solidity and the Ethereum network.
As a result, the developers proposed a transition to building the Render network using the Rust programming language on the Solana blockchain.
The proposal, known as “RNP-002,” was put to a vote within the Render community.
The outcome was overwhelmingly in favor of the transition, with approximately 4,800,000 votes in support and only around 36,000 votes against.
Experiencing growth-related challenges is a positive sign, indicating interest and demand for Render’s offerings.
The passing of proposals such as RNP-002 suggests that the project’s team is equipped to scale its services effectively.
The Render community appears to acknowledge this, as reflected in the trading performance of RNDR.
At the time of writing, RNDR has seen a 2.14% increase so far today and impressive gains of over 40% on the week.
Setting an intraday high of $2.60, RNDR has attempted to break out from the extended Fib 1.272 level at $2.454. This level is currently acting as RNDR’s resistance.
Immediate support may potentially be found at the previous swing high turned support area of $2.196.
The majority of RNDR trading volume is concentrated on two exchanges: Binance and Hotcoin Global.
Ecoterra: The Cryptocurrency for a Greener World
Ecoterra, a cryptocurrency focused on environmental impact, has recently made a splash in the digital asset market.
The project successfully amassed $2.63 million within a few weeks of its inception, solidifying its position as one of the best crypto to buy in the emerging altcoin space.
Built on the Ethereum blockchain, ecoterra’s primary objective is to encourage recycling among individuals, retailers, and institutional businesses worldwide.
The platform’s unique recycle-to-earn (R2E) mechanism offers users the opportunity to engage in waste management, reduce their carbon footprint, and earn cryptocurrency rewards.
A participant in ecoterra’s ecosystem can make a difference in their environment while simultaneously generating income through this decentralized platform.
The R2E application allows users to recycle waste materials such as plastic, glass bottles, and aluminum cans. Once these items are collected, users can scan them via the app to confirm their authenticity, and they will be promptly rewarded with ecoterra’s native token, $ECOTERRA.
The platform’s design encourages users to recycle more materials by offering limitless earning potential.
As a result, the R2E model will likely entice users to participate actively in waste management, contribute to the global fight against climate change, and enjoy financial benefits.
The presale of the $ECOTERRA token is currently underway, and early adopters have been quick to invest.
The platform’s success hinges on its ability to achieve widespread adoption, which would drive demand for its utility token.
This growth may attract even more users to participate in the R2E system, creating a virtuous cycle of environmental awareness and financial rewards.
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Internet Computer (ICP)
After trading sideways from April 21 to 26, ICP saw a significant 8% move to the upside on the previous day’s close, breaking out from key EMAs and the Fibonacci (Fib) 0.618 level.
This bullish momentum has been sustained heading into today, with a noticeable uptick in trading volume.
As of the time of writing, ICP is trading at $5.673, posting a gain of 5.17% so far today, and is currently attempting to break out from the Fib 0.5 level at $5.932.
The 20-day EMA currently stands at $5.609, the 50-day EMA at $5.486, and the 100-day EMA at $5.402.
The recent price action has allowed ICP to break out above all of these significant EMAs, suggesting a shift in the short-term trend to the upside.
The 20-day EMA, in particular, is acting as potential support at $5.609, which is in confluence with the Fib 0.618 level at $5.624, further reinforcing the strength of this support zone.
The RSI has risen to 58.17 from yesterday’s 53.88, indicating increasing buying pressure and momentum.
The RSI is approaching overbought territory, but there is still room for further upside before reaching that threshold.
The MACD histogram has improved to -0.015 from yesterday’s -0.047, signaling a reduction in bearish momentum and a potential bullish crossover in the near future.
This could provide additional confirmation of the bullish trend.
Trading volume has seen a substantial increase, with 4.118 million ICP tokens traded so far today, compared to the previous day’s volume of 1.667 million.
The volume moving average stands at 1.732 million, indicating that the current volume is more than double the average, suggesting strong interest and participation in the current price move.
Looking ahead, ICP faces immediate resistance at the Fib 0.382 level at $6.24.
The technical indicators for ICP point to a bullish shift in momentum, supported by increasing volume and a breakout above key EMAs.
Traders should keep an eye on the Fib 0.382 resistance level at $6.24 and the confluence of support at the Fib 0.618 level and the 20-day EMA.
Deelance Is the One of the Best Cryptos to Buy Now for Freelancers
DeeLance, a decentralized platform for freelancers, has managed to raise $500,000 in its initial presale stages so far, indicating a possible shift in the freelancing landscape.
As the nature of work continues to change, freelancing is emerging as a crucial component of the contemporary workforce.
DeeLance, labeling itself as the “Web3 Space Where the World Works Together Smartly,” is a next-generation freelancing and recruitment platform that takes advantage of decentralized Web3 technology.
The platform is committed to combining the freelancing world with advanced tech developments, including the metaverse, NFTs, and Web3.
The platform’s goal is to provide a fully distributed environment that puts the end user first, enabling both clients and freelancers to have direct control over their projects within a transparent and secure framework.
Low transaction fees and immediate payment solutions using cryptocurrency enhance the overall experience.
DeeLance’s mission is to contribute to a secure and sustainable gig economy that eliminates barriers affecting freelancers’ livelihoods.
The platform aims to tackle issues of corporate greed and high commissions that plague current platforms by using state-of-the-art technology and the metaverse.
The DeeLance ecosystem is based on three main components: a cutting-edge NFT marketplace, the metaverse, and an advanced freelancing and recruitment platform.
These core elements offer a comprehensive range of resources and solutions that streamline the freelancing journey and provide a seamless experience for users.
DeeLance’s decentralized ecosystem is crucial for maintaining freelancing accessibility for everyone, regardless of their location or skill level.
The platform aspires to create micro-communities in the metaverse, which will serve as meeting spaces where clients and freelancers can interact, establish connections, and collaborate.
DeeLance’s Web3 freelancing platform will feature numerous advantages, including an easy signup process, transparency, instant cryptocurrency payments, AI chatbots for customer care, low commission fees, and on-chain KYC to prevent malicious actors.
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Swords of Blood’s Successful Presale Cuts Through Competition
In just 20 days, Swords of Blood’s presale has sliced through the competition, raising a staggering $1.2 million.
As investors scramble to buy the native token SWDTKN at the lowest possible price, it’s clear that the hack-and-slash thriller RPG is expected to be one of the best crypto to buy and a top gaming contender in 2023.
The presale is currently in its second stage, with the native token priced at 0.07 USDT.
The pricing strategy involves incrementally increasing the cost of the token throughout each stage, culminating in a higher price at the conclusion of the presale.
As a result, early investors stand to make the most profit, as they’ll acquire the SWDTKN at a lower cost, increasing their potential unrealized gains when the token reaches exchanges.
Described as a possible “Diablo killer,” Swords of Blood boasts an AAA-quality, fast-paced hack-and-slash RPG built on the Polygon blockchain. The game, which will be available on both mobile and PC platforms, offers stunning graphics and an array of game modes to appeal to a wide variety of players.
A recently released trailer showcases the visually impressive gameplay.
Players can expect over 250 hours of campaign excitement, exploring diverse environments and battling monsters while mastering a range of weapons and abilities.
With its isometric gameplay, the game invites players to take on the roles of dungeon crawlers, battle-mages, or powerful warriors as they seek out loot and craft magical gear.
In May 2023, the Web3 MVP version of the game is slated for release, granting presale investors exclusive access to the closed beta.
This MVP will feature a main campaign mode with three difficulty levels, a monster hunt dungeon, and various player-vs-player modes for multiplayer action.
Building on the success of its predecessor, Bladebound, Swords of Blood aims to be the best crypto to buy for investors looking for the ultimate GameFi experience in 2023.
With 4 million downloads and $6.5 million in in-game purchases, the popularity of the original game bodes well for the future of Swords of Blood.
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