May is shaping up to be a crucial month for both equity and cryptocurrency markets, with several pivotal economic events on the horizon. The outcomes of these events are expected to leave a lasting impact on both markets, making it essential to consider the best cryptos to buy now in light of the uncertain macroeconomic backdrop.
One of the most anticipated events is the meeting of the Federal Open Market Committee (FOMC), an essential arm of the Federal Reserve that will convene on Tuesday and Wednesday to determine the direction of interest rates. The financial community is closely monitoring the outcomes, eager to understand the committee’s resolution.
The U.S. Bureau of Labor Statistics is also set to release data on job vacancies, followed by the latest unemployment figures. The interpretation of the unemployment report is still uncertain, as a strong labor market could prompt the Fed to implement additional rate hikes to moderate economic activity, which may not be well-received by market participants.
Other economic indicators set for release this month include data from the Institute of Supply Management, which sheds light on U.S. manufacturing activity. All these events will have an impact on both equity and cryptocurrency markets.
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 2021. Traders are positioning themselves based on the most probable outcomes of the FOMC’s decisions and the release of job data. Bitcoin’s technical indicators suggest potential consolidation or a gradual decline, with the possibility of revisiting the $25,000 level.
Amidst 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 is the first AI-integrated meme platform that leverages AI technology to produce high-quality, pertinent, and timely memes. AiDoge’s native token, $AI, plays a vital role in the system’s mechanics. By using advanced AI technology, AiDoge has made meme creation accessible to all, and staking rewards and premium features are available to users.
Cronos (CRO) experienced a sharp price increase of almost 25% when it posted its multi-week high of $0.0835 last week. A significant development contributing to this rise is the collaboration between Crypto.com and Samsung, enabling the blockchain entity to provide enhanced trading and analytical features for Samsung’s latest flip phone models.
LoveHateInu (LHINU) is designed to provide a transparent and decentralized polling platform, making it a standout among the myriad of memecoins in the market. One of the most notable features is its anonymity-backed polling system, which assures users that their opinions can be shared safely, without fear of retribution. The vote-to-earn model has garnered significant interest, propelling the coin to be dubbed the number one vote-to-earn cryptocurrency.
Render Token (RNDR) allows GPU owners to contribute their idle processing power to a distributed network, earning passive income through the RNDR token. Content creators benefit from cost-effective rendering services, saving both time and resources. The proposal to transition to building the Render network using the Rust programming language on the Solana blockchain was overwhelmingly in favor of the transition, indicating interest and demand for Render’s offerings.
In conclusion, with pivotal economic events on the horizon, it’s essential to consider investing in the best cryptos to buy now that can outlast uncertain macroeconomic backdrops. 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.