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The cryptocurrency market has been affected this week by uncertainty surrounding the U.S. debt ceiling vote and potential interest rate hikes.
While legislation to raise the debt ceiling and cut government spending was introduced in the House of Representatives on Tuesday, the market remains on edge due to the bill's unclear fate until it is voted upon.
In light of the growing concerns regarding this macroeconomic development, what are the best cryptos to buy now
The debt ceiling vote and the prospect of Fed rate hikes led to a downturn in the cryptocurrency market today.
The leading cryptocurrencies, Bitcoin and Ethereum, are declining as investors grew cautious.
If the declines continue, Bitcoin could post its worst monthly performance since November 2022, and Ethereum may see its worst month since December 2022.
The debt ceiling bill moved to the House on Tuesday, with a vote scheduled for later today.
If approved, it will proceed to the Senate, where debate could continue over the weekend ahead of the June 5 deadline.
Despite general optimism that the bill will ultimately pass, some in Congress oppose it.
Unexpected growth in U.S. job openings points to a strong labor market, which could prompt the Fed to raise rates at its June meeting as well.
According to the CME FedWatch Tool, the markets forecast a 69.1% chance of a quarter-point rate hike in June as of writing.
Meanwhile, investors anxiously await the U.S. jobs report for May on Friday, too, which could provide insight into how well the economy is withstanding higher rates and inflation.
Facing the threat of a US default, market participants are diversifying into the cryptocurrency market.
WSM, SOL, ECOTERRA, GRT, DLANCE, FIL, and SWDTKN are some of the best cryptos to buy now in this precarious climate overshadowed by debt ceiling concerns.
Wall Street Memes' Successful Presale Launch Encourages Investors to Secure $WSM Tokens
The intersection of memes and finance has taken on a new form as Wall Street Memes launches its own cryptocurrency, the $WSM token.
The presale has already raised over $2 million so far in funding, indicating robust demand for this new meme coin.
Wall Street Memes is visibly changing direction to gain ground in the cryptocurrency market.
This strategic shift is evident in its presale of the $WSM token and the creation of Ordinals NFTs on Bitcoin.
Wall Street Memes has raised an impressive following, with more than 1 million members spread across various social platforms.
It has attracted interactions from high-profile people, including Elon Musk, who has responded to Wall Street Memes' tweets on multiple occasions. These interactions could potentially stimulate the $WSM presale.
It is widely anticipated that the $WSM token will make its presence on premier cryptocurrency exchanges, such as Binance, given the substantial community following Wall Street Memes boasts.
The listing on established crypto exchanges could potentially amplify the $WSM token's reach to a broader demographic of potential buyers and traders.
The Wall Street Memes project is allocating all of the token supply to the community, with no private sales or team allocation.
Of the total supply, 50% is available in the presale, while 30% is set aside for community rewards.
Given the social media presence and the engaged community supporting the $WSM token, there is a broad expectation of increased demand for the token. This, in turn, could potentially spur an upward trajectory in its price.
The $WSM token can be secured on the Ethereum blockchain and Binance Smart Chain using ETH, BNB, or USDT.
As society moves closer to a time when digital currencies reshape banking and finance, the Wall Street Memes initiative offers an interesting peek into how internet communities and meme culture could mesh with fintech.
Solana (SOL)
Solana (SOL) has been consolidating for the past few days, with the cryptocurrency trading sideways between the Fib 0.381 level at $20.28 and the 0.5 level at $21.58.
The 20-day EMA for Solana is currently at $20.51, while the 50-day EMA is slightly higher at $20.99.
The 100-day EMA is at $21.22, indicating that the short-term trend is slightly bearish, while the medium-term trend remains neutral.
Traders should keep an eye on these moving averages for potential crossovers, which could signal a shift in the trend.
The RSI for Solana has dropped to 50.36 from yesterday's 55.13. This indicates that the market is currently in a state of equilibrium, with neither the bears nor the bulls having a clear advantage.
The MACD histogram is currently at 0.18, unchanged from yesterday. This suggests that there is no clear momentum in the market, and traders should wait for a more definitive signal before making any moves.
Solana is currently trading at a price of $20.72, down by 2.49% so far today.
The immediate resistance level is the Fib 0.5 level at $21.58, while potential support can be found at the Fib 0.382 level at $20.28.
Considering the mixed signals from the technical indicators, traders should maintain a neutral stance for the time being.
It would be prudent to wait for a breakout from the current consolidation range before initiating any long or short positions.
Keep a close eye on the moving averages, RSI, and MACD for any changes that may signal a shift in the market sentiment.
ecoterra: One of the Best Cryptos to Buy Now for Eco-Conscious Investors
ecoterra has onboarded major beverage companies like Coca-Cola, Carlsberg, and Evian onto its eco-friendly blockchain platform that rewards users for recycling.
This integration of prominent brands signifies ecoterra's rising importance in promoting sustainability through cryptocurrencies and web3 initiatives.
The integration of these prominent brands into ecoterra's project signifies a significant progression for the platform, highlighting the rising importance of eco-conscious web3 initiatives in an environment that increasingly embraces cryptocurrencies.
ecoterra's Whitepaper defines the platform's unique approach to promoting eco-consciousness through its $ECOTERRA-backed web3 ecosystem.
By incentivizing recycling behavior, facilitating the trade of recycled goods, and supporting carbon offsetting, ecoterra will stimulate sustainable practices and reduces carbon emissions.
The fundraising initiative for ecoterra's platform development is progressing steadily.
Within two months, the presale of $ECOTERRA has completed seven stages and amassed over $4.58 million so far.
As the platform attracts more attention on social media, it is anticipated that its momentum will increase.
ecoterra's native token $ECOTERRA has an inherent utility due to its use within the ecoterra platform.
Future prospects include the development team launching a staking protocol that would allow $ECOTERRA holders to generate passive income, giving them further reason to hold the token.
ecoterra's green web3 project is contributing to global efforts against climate change, highlighting the potential of blockchain technology in a green future.
The Graph (GRT)
The Graph (GRT) has been in the green for the fifth consecutive day, currently experiencing a modest 0.46% gain so far today despite a significant amount of trading volume.
This state of equilibrium may indicate that GRT is trying to find its direction, with several key technical indicators painting a clearer picture.
The 20-day EMA for GRT stands at $0.1238, while the 50-day EMA is at $0.1267, and the 100-day EMA is at $0.1293.
The EMA values show that the short-term trend is bullish, with the 20-day EMA above the 50-day and the 100-day EMA.
Despite the price trading above significant EMA levels, caution should be exercised due to the bearish alignment of the EMAs, with the 20-day EMA situated below both the 50-day and 100-day EMA. This suggests that the overall trend may still be bearish.
The RSI has risen to 59.13 from yesterday's 58.38, indicating a slight increase in buying pressure.
This level is still below the overbought threshold (70), suggesting that there could be room for further growth before the price becomes overextended.
The MACD histogram has also increased to 0.0023 from yesterday's 0.0020. This uptick implies a growing bullish momentum, adding further evidence to a potential strengthening trend.
In terms of volume, GRT has seen a significant uptick, with 191.626 million traded today compared to the previous day's volume of 81.864 million.
This is well above the volume moving average of 64.325 million, indicating that interest and liquidity in GRT are increasing.
The Graph's current price of $0.1322 has experienced an upward movement of 0.46% so far today.
The immediate resistance to watch is the Fib 0.382 level at $0.1338. A break above this level could signal a continuation of the bullish trend.
On the downside, immediate potential support can be found at the Fib 0.236 level at $0.1241, which is in confluence with the 20-day EMA.
This level could provide a cushion for any potential retracement in the short term.
The Graph (GRT) is showing signs of steady growth with strong support levels in place.
Traders should keep an eye on the key resistance and support levels, as well as the technical indicators mentioned above, in order to make informed decisions on their next move in the crypto market.
Bitgert Ventures Endorsement Boosts DeeLance's Institutional Financing Prospects
Venture capital heavyweight Bitgert Ventures has invested $1.12 million in DeeLance, a pioneering web3 freelancing and remote work metaverse platform.
This major backing of DeeLance's blockchain-enhanced metaverse has the potential to introduce the gig economy and freelance work to a new era of decentralization.
Bitgert Ventures is known for injecting funds into decentralized infrastructure, ecosystems, and applications with transformative potential.
This significant endorsement in DeeLance could potentially encourage additional institutional financing.
Bitgert’s history of wide-ranging investments in the Web3 domain will lend DeeLance the benefit of a wealth of expertise and business opportunities, priming the team for robust progress in the forthcoming project milestones.
As evidence of public interest, the presale of DeeLance's native token, $DEELANCE, has crossed the $1.2 million mark within a mere two-month timeframe.
The ambitious platform's plans include the introduction of a blockchain-supported workspace, designed to forge a stronger bond between freelancers and employers while making a significant dent in the $761 billion recruitment sector.
In an attempt to address the long-standing issues faced by digital freelancers, such as copyright violations and payment fraud, DeeLance is employing the pioneering approach of tokenizing freelance work products into NFTs.
This strategy promises to afford stakeholders unparalleled security and peace of mind. On top of this, the platform will also offer a transparent and secure payment system, which requires no third-party apps or credit card details and features remarkably low fees.
On the social media front, DeeLance has made significant strides, amassing over 28,000 Twitter followers, with their Telegram and Discord channels boasting over 13,000 and 4,000 members, respectively.
As more people become aware of the platform's vision and plans, the community continues to grow, fostering high expectations for the $DLANCE token in the coming months.
Filecoin (FIL)
Despite a strong 4.14% gain yesterday, Filecoin's attempt to break out from the Fib 0.236 resistance level at $4.727 seems to have failed, with FIL currently trading 4.59% below this level.
The 20-day EMA is currently at $4.621, while the 50-day EMA and 100-day EMA are at $4.927 and $5.167, respectively.
These EMAs suggest that FIL is trading below both the short-term and long-term moving averages, indicating a potential bearish trend.
The RSI has also dropped from yesterday's 55.54 to 48.55 today, signaling a potential failed breakout from the significant RSI 50 level.
This drop in RSI, combined with the failed breakout in price, may indicate weakening bullish momentum and a possible trend continuation towards a bearish bias.
The MACD histogram has also slightly decreased from yesterday's 0.076 to 0.072 today, further supporting the idea that bullish momentum is waning.
FIL is currently trading at $4.653, down 3.59% so far today. The immediate resistance remains at the Fib 0.236 level at $4.727, which FIL failed to break out from.
On the downside, potential support can be found at the 20-day EMA of $4.621, followed by the next swing low support area ranging from $4.196 to $4.353.
Given the failed breakout from the Fib 0.236 level and the weakening bullish momentum indicated by the RSI and MACD, traders should be cautious and consider the possibility of a bearish continuation.
Keep an eye on the 20-day EMA for immediate support and the Fib 0.236 level for potential resistance.
Traders are advised to adjust their trading strategy based on the market's reaction to these key levels in the immediate future.
SWDTKN: One of the Best Cryptos to Buy Now for Play-to-Earn Gaming
Swords of Blood, a play-to-earn RPG, focuses on player experience over profit. Using Polygon blockchain technology, this free cross-play game on PC and mobile provides an immersive world, polished gameplay, and a compelling story.
Now playable, Swords of Blood has been downloaded over 4 million times from iOS and Google Play stores, indicating a sizeable player base as further supported by $6 million in in-app revenue.
The game features abundant content, promising more than 250 hours of campaign gameplay along with multiple modes, including PvP for up to 16 players.
Employing the Polygon blockchain technology, Swords of Blood provides a high-quality RPG gaming experience.
An alluring narrative set in the turbulent World of Ezura distinguishes it within the cryptocurrency gaming sector.
This complex storyline captivates players as they assume various roles and embark on gripping quests.
This user-centric game boasts an intuitive interface, with many opportunities for players to acquire potent weapons and armor, engage in crafting, and devise their own unique strategies.
A PvP mode is also available for those with a competitive streak, challenging players to test their finest builds against others.
The game, free to play on both PC and mobile platforms, facilitates interaction among players via its cross-play functionality.
Reflecting typical action RPGs, Swords of Blood values player progression and presents challenging gameplay.
Its balanced difficulty level tempts players with the promise of superior loot, creating an engaging gameplay loop.
Here, players undertake perilous dungeon explorations, battling monsters and overcoming traps.
Successful missions reward them with valuable loot which they can use for upgrading equipment or creating new ones. Players can also trade their gear and weapons as non-fungible tokens (NFTs).
The presale 3 of SWDTKN, the game's ecosystem token, is still underway, offering tiers that unlock unique rewards.
Currently, the token price stands at $0.012, with an impending listing at $0.015. Payment options include USDT, USDC, ETH, and DAI.
Combining an immersive environment, polished gameplay, and a compelling storyline, Swords of Blood is charting a potential course of significant impact on the Play-to-Earn (P2E) market.
With a pledge of ongoing support and content updates, this game could be on the brink of successfully bridging the cryptocurrency market and the broader gaming industry.