As the month of May comes to an end, Bitcoin and Ether are struggling to gain momentum and are at risk of closing out the month lower. Bitcoin has plateaued this week and may post its first monthly loss of 2023. Ether has ticked slightly higher but could also end May down from its open. Given the recent slow movements in the cryptocurrency market, what are the best cryptos to buy now? Investor sentiment is fluctuating in response to uncertainty around the U.S. debt ceiling and rising inflation.
Markets are awaiting an agreement between President Biden and House Speaker McCarthy to raise the debt ceiling before the June 1 deadline. However, as the Memorial Day weekend began, despite optimism that a deal will be made, no deal had yet been announced. Inflation concerns also intensified following Friday’s Personal Consumption Expenditure report, which showed consumer prices rose 0.4% in April, higher than the 0.3% forecast.
The increase reduces the chances the Federal Reserve will pause interest rate hikes at its June 14 meeting. According to the CME Fedwatch tool, the odds of rates holding at 5-5.25% dropped from 83% to 28.9% in a week. The odds of a 25 basis point increase jumped from 17% to 71.1%. Even as inflation concerns weigh on the overall market, certain cryptocurrencies stand out as opportunistic buys. Below are some of the best cryptos to buy now due to favorable technical analysis and/or strong fundamentals.
SingularityNET (AGIX)
SingularityNET (AGIX) is exhibiting bullish momentum in recent trading days, seemingly heralding a positive outlook for investors. After a notable recovery, bouncing from the Fib 0.618 level at $0.26429, AGIX moved upwards by an impressive 8.40% — a trend suggesting bullish sentiment amongst traders. The cryptocurrency has maintained a green streak, marking its second consecutive day of positive price action. Today’s trading has seen AGIX retesting the Fib 0.236 level at $0.30229, following an intraday high of $0.30372. Currently, AGIX is staging an attempt to surpass the Fib 0.382 level at $0.28776, and is trading at $0.29713.
Examining the technical indicators, the 20-day exponential moving average (EMA) stands at $0.28151, suggesting a potential shift in sentiment favoring the bulls in the short term. The 50-day EMA, however, is at $0.31771, which is above the current price and could act as a potential resistance level. The RSI is at 51.96, up from 49.49 the previous day. This rise in the RSI signifies an increasing bullish momentum, indicating that the buyers are gaining control. The MACD histogram has increased to 0.00726 from 0.00639. This upward shift in the MACD histogram signifies increasing bullish momentum.
Given the current price of $0.29713 and a gain of 3.57% so far today, traders may be encouraged by this bullish momentum. However, they should note that the Fib 0.236 level at $0.30229 could pose a significant resistance, followed by the 50-day EMA at $0.31771, then the horizontal resistance area between $0.32555 to $0.34154. Traders should keep a close eye on the Fib 0.382 level at $0.28776, which could act as immediate support should a downturn occur. Overall, AGIX is showing significant bullish momentum according to the technical indicators. Traders should be aware of the upcoming resistance levels and monitor the price action closely for potential breakout or reversal signals.
Axie Infinity (AXS)
Axie Infinity (AXS) has remained in the spotlight recently as well, with traders intently watching its attempt to break past the Fib 0.786 level, currently positioned at $6.92. It’s a significant point of resistance, in confluence with the horizontal resistance range of $6.91 to $7.04. However, it seems that AXS fell short of a breakout, closing yesterday’s candle slightly beneath this resistance zone at $6.91. As of writing, AXS is currently trading at $6.88.
Taking a look at the EMAs, a downward trend becomes more evident. The 20-day EMA stands at $7.04, just above the resistance level. More notably, the 50-day EMA at $7.54 and the 100-day EMA at $8.10 underline a longer-term bearish sentiment in the market. This suggests that AXS has been gradually trending downwards and these EMA levels serve as potential resistance points if the token begins an uptrend.
The RSI is currently hovering around 42.84, slightly lower than yesterday’s 43.26. This is below the median level of 50, indicating that the market may be somewhat slightly toward the oversold category. While this might hint at a potential price recovery, it’s important to remember that prolonged periods of oversold conditions are possible, and therefore, this signal should be complemented by other indicators. The MACD histogram remains unchanged at 0.04. The histogram’s proximity to the zero line illustrates the ongoing tussle between bulls and bears, as neither side is significantly overpowering the other.
As AXS faces bearish market conditions, the horizontal support range of $6.49 to $6.64 represents a significant line of defense that the cryptocurrency must navigate. If this support holds, traders may use this opportunity to accumulate and push for another attempt at breaking the resistance. If it fails, we could see AXS’ price descend further. Despite the current bearish indicators, AXS’s position near the Fib 0.786 level represents a potentially pivotal point. Traders should keep a close eye on whether the $6.91 to $7.04 resistance range is breached. A convincing break could signal a bullish reversal, while repeated failures may further entrench the ongoing bearish sentiment.
AiDoge.com
Following the successful conclusion of its presale, AiDoge.com is gearing up to disrupt the cryptocurrency meme coin space with its blend of AI, Web3, and meme creation. The project’s unique “Meme-to-Earn” model has captured the attention of cryptocurrency enthusiasts and investors alike, with the presale raising an impressive $14.9 million in just a month.
The presale may be over, but for AiDoge.com, the real work is just beginning as the project sets its sights on creating a vibrant community and achieving its goals. The increasing popularity of meme coins may be behind the enthusiasm for AiDoge’s presale, as indicated by the success of early investors in Pepe coin ($PEPE) in April.
AiDoge’s emphasis on AI technologies is resonating with investors, particularly in light of the hype generated by the recent introduction of new AI products by major tech companies. Experts predict a promising future for AiDoge, given its AI and meme coin aspects. Unlike most meme coins, the $AI token has real utility.
At the intersection of memes and AI, AiDoge will enable users to design memes with its advanced AI-backed meme generation platform. Users will provide text prompts, which the AI processes to generate memes. The best memes can potentially earn $AI tokens, rewarding the best meme creators.
Entering exchanges at $0.0000336, the $AI token has a $33.6 million fully diluted market cap, based on its one billion total supply. AIDoge.com’s roadmap and community-building efforts have the potential to propel the crypto project to new heights, with market capitalization numbers that could rival even the largest of meme coins.
ecoterra
With a focus on sustainability and a dedication to making a positive ecological impact, ecoterra has integrated major global brands Coca-Cola, Carlsberg, and Evian into its platform. This move will enhance ecoterra’s Recycle-to-Earn (R2E) system, further incentivizing recycling and promoting a more sustainable future.
ecoterra’s presale has seen impressive success, surpassing $4.35 million in sales so far as investors are eager to capitalize ahead of its next price increase. The impressive investment rate in ecoterra’s presale underscores the growing recognition that green crypto projects can play a vital role in promoting a more sustainable future.
ecoterra’s recent recognition at the Istanbul Blockchain Summit has propelled the start-up to new heights in the sustainability industry. The company will offer a carbon offset and recycled materials marketplace, as well as an Impact Trackable Profile feature that is expected to be popular among environmentally-conscious brands.
ecoterra also plans to list its token across major crypto exchanges later this year, with its presale already halfway complete. As ecoterra continues to make strides in promoting sustainability through its Recycle-to-Earn (R2E) system, partnerships with major global brands, and unique features, the start-up is well-positioned for a bright future in the green crypto space.
