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The specter of a recession looms large as recent job openings and factory orders data fall short of expectations, casting a shadow over financial markets and opening up the possibility for a pause on further interest rate increases by the Fed.
How will these macroeconomic indicators impact the best cryptos to buy now?
The latest job data reveals a concerning trend, with job postings dropping to 9.931 million at the end of February, according to the Job Openings and Labor Turnover Survey (JOLTS) report.
This figure is the lowest in nearly two years and falls short of the anticipated 10.4 million.
Despite this, the number of job postings remains substantially higher than the 5 to 6 million individuals actively seeking employment.
However, this decline in job postings serves as the most tangible evidence thus far of a weakening labor market in the US.
In response to these developments, Treasury yields have taken a hit, prompting a sell-off of the dollar.
Stock markets also faltered today, with the S&P 500 and NASDAQ indices losing half a percent each.
Meanwhile, the bond market saw an injection of cash as investors sought safety amidst the uncertainty. Gold prices continued their upward trajectory as well, while crude oil prices remained stagnant.
As for the cryptocurrency market, Bitcoin has remained relatively stable as it continues to trade sideways. Bitcoin’s price is currently at $28,209 with an increase of 1.43% so far today. Meanwhile, the total market capitalization of cryptocurrencies is up by 1.63% today at $1.154 trillion as of writing.
As the week unfolds, more job-related data is slated for release, including the ADP private sector jobs report and weekly jobless claims.
The much-anticipated government monthly jobs report will also be published, with expectations of a drop in job creation from 311,000 in February to 240,000 in March.
Despite these figures, the unemployment rate is predicted to remain low at 3.6%, accompanied by a 4.3% year-on-year increase in average hourly earnings.
As financial markets brace themselves for the release of more data and potential global influences, the question remains: will the recent decline in job data be a harbinger of a more significant economic downturn?
Only time will tell, but the stage is set for a potentially dramatic twist in the economic narrative.
Amid the latest economic developments, investors are still putting money into the cryptocurrency market, where several digital assets have emerged as the best cryptos to buy now.
Specifically, SXP, LHINU, SHIB, DLANCE, MASK, ECOTERRA, and SWDTKN have garnered interest for their promising fundamental and/or technical analysis.
Solar (SXP)
Recently, South Korean cryptocurrency investors have exhibited a marked increase in interest in the Solar (SXP) token.
This heightened interest has led to a substantial rise in both the trading volume and price of the token on domestic cryptocurrency exchanges, making SXP one of the current favorites among South Korean digital asset investors.
The Solar Network represents the newly rebranded primary network of Swipe, a firm formerly recognized for its role as a provider of debit cards.
In 2020, Binance, the world’s largest cryptocurrency exchange by trading volume, acquired Swipe.
Binance recently announced its support for a token migration of SXP, which may have contributed to the increased interest in the token among investors.
SXP recently experienced a remarkable 31.34% surge in value, rebounding from the Fibonacci 0.382 level at $0.6765.
However, this upward momentum was met with resistance at $0.94—a level that previously served as support from April 30 to May 1 of the preceding year.
Following this resistance, SXP’s price underwent a retest of the Fibonacci 0.236 level at $0.7771.
As of now, the cryptocurrency is trading at $0.8177, reflecting a 12.31% decline so far today.
The immediate support for SXP lies at the Fibonacci 0.236 level.
Although the cryptocurrency seems to have bounced from this level, traders should exercise caution, as support is not confirmed until a green candle materializes above this area.
Therefore, traders are advised to await consolidation above this level and seek confirmation of support before considering entering a trade.
Stake, Vote, and Earn with Love Hate Inu’s V2E Platform
Love Hate Inu’s $LHINU token is gaining significant traction in the crypto market lately.
The token plays a critical role in Love Hate Inu’s first-of-its-kind decentralized vote-to-earn (V2E) platform, which leverages the power of blockchain technology and memes.
Love Hate Inu aims to revolutionize the $6.8 billion polling and survey industry by allowing users to stake and vote on a wide range of topics while receiving $LHINU tokens as compensation.
A noteworthy feature of the project is that 90% of the 100 billion tokens will be sold during the presale phase, while the remaining 10% will be used to fund exchange listings, community incentives, and liquidity.
This approach is designed to prevent rug-pull incidents where project developers hold onto a significant amount of tokens and later sell them once the token is listed on exchanges.
Currently, the LHINU token is priced at $0.000105 per token, and stage 4 of the presale will conclude in less than 10 days.
Stage 5 will commence following this, with the token price increasing to $0.000115.
Love Hate Inu has raised over $2.8 million in a few weeks since its launch, thanks to its innovative V2E model and reward system that has attracted investors and the public.
The team behind the project aims to disrupt the polling and survey industry with their groundbreaking platform and has already made significant progress toward this goal.
Visit Love Hate Inu Now
Shiba Inu (SHIB)
Shiba Inu (SHIB) experienced a price increase of over 4% on Tuesday, amid a broader positive trend observed among meme cryptocurrencies. But can SHIB sustain this upward momentum?
On April 4, SHIB’s price reached $0.00001165, marking an 11.06% increase from its intra-day low of $0.00001049.
Despite this positive movement, the meme token’s performance lagged behind that of its peers, including Dogecoin (DOGE), which saw a substantial jump of over 30% during the same time frame.
The recent price rally for SHIB was seemingly influenced by Twitter’s decision to replace its iconic blue bird logo with Dogecoin’s Shiba Inu symbol.
Twitter is owned by Elon Musk, a well-known Dogecoin advocate.
In the past, SHIB has experienced similar rallies in response to Musk’s mentions of Dogecoin on the social media platform.
It is worth noting that in October 2021, Musk explicitly stated that he does not own any Shiba Inu tokens.
From a technical analysis perspective, SHIB appears to be experiencing a breakout from a symmetrical triangle pattern as observed from the increased trading volume and breakout from its upper trendline. SHIB is currently trading at $0.00001130, with a gain of 0.62% so far today.
SHIB’s price will likely confront resistance within the approximate range of $0.00001160 to $0.00001174. A successful breakout beyond this threshold could pave the way for the next resistance zone, situated between $0.00001223 and $0.00001250.
Simultaneously, a supportive floor for the price can be identified in the vicinity of $0.00001083 to $0.00001095.
DeeLance: Bridging Freelancers and Employers in the Web3 World
DeeLance has successfully initiated its presale, garnering significant attention and investment from the global crypto community.
DeeLance (DLANCE), as a groundbreaking Web 3 network, facilitates connections and collaborations between freelancers and prospective employers.
DeeLance allows freelancers and clients to collaborate directly, creating an equitable system that benefits all parties involved.
Additionally, payments can be made using both cryptocurrency and traditional fiat currencies, effectively eliminating the need for foreign exchange fees.
DeeLance was thoughtfully developed to be the premier decentralized Web 3 platform, offering users enhanced security through blockchain technology.
To fully understand the investment potential of DeeLance, it’s important to recognize the sheer size of the recruitment industry.
Estimates suggest that the global gig economy is on track to reach $450 billion in 2023, with the freelance sector projected to hit a staggering 12 billion by 2028.
As the world gradually embraces Web 3 technology, DeeLance is uniquely positioned to be a trailblazer in this domain, tapping into a multi-billion-dollar industry with substantial growth potential.
DLANCE, the platform’s native cryptocurrency, will power the entire Metaverse.
Although the platform accepts payments in fiat and other cryptocurrencies, all purchases and transactions within the DeeLance Metaverse must be made using DLANCE coins.
Therefore, interested investors are encouraged to act quickly to seize this opportunity.
Visit DeeLance Now
Mask Network (MASK)
MASK has consistently traded lower for the past five days. Yesterday, the cryptocurrency found support at EMA-20.
Are things finally turning around for MASK? Or is this just a reflexive bounce that will see the price head lower?
The 20-day EMA for MASK currently stands at $5.602, the 50-day EMA is at $4.802, and the 100-day EMA is at $4.120.
The 20-day EMA is the most significant short-term indicator, providing dynamic support for the token’s price.
With the current price at $5.856, MASK is trading above its 20-day EMA, suggesting a bullish trend in the short term.
The token is also trading above the 50 and 100-day EMAs, indicating a strong bullish momentum in the medium to long term.
The RSI for MASK is currently at 55.81. This value suggests that the token is in a neutral zone, as it is not oversold (below 30) or overbought (above 70).
This indicates that there is room for the price to move in either direction without triggering extreme market conditions.
The trading volume for MASK, according to CoinMarketCap, is $206,480,824, representing a 41.06% decrease.
This decline in volume could indicate a temporary consolidation phase or weakening interest in the token.
Investors should monitor volume changes in the coming days to better understand the market’s sentiment.
MASK is currently trading at $5.856 with a gain of 1.40% so far today. The immediate resistance range for MASK is between $6.19 and $6.52.
A break above this resistance zone could signal further bullish momentum and potentially higher price levels.
On the other hand, immediate support is provided by the dynamic support of 20-day EMA at $5.602, followed by the Fibonacci 0.382 level at $5.330.
If the price breaks below these support levels, it could indicate a bearish trend reversal or further consolidation.
Based on the current technical indicators, Mask Network (MASK) is experiencing a short-term bullish trend, supported by its position above the 20, 50, and 100-day EMAs.
The RSI is in a neutral zone, indicating room for price movement in either direction and the MACD suggests that a reversal could be forthcoming.
As always, traders should closely monitor these indicators, as well as any news or fundamental developments, to make informed decisions about their positions.
ecoterra Launches Presale: A Sustainable Cryptocurrency with a Focus on Recycling
ecoterra, a new cryptocurrency project with a focus on environmental sustainability, has officially launched its presale.
To promote eco-friendly practices, the project aims to leverage blockchain technology to encourage and incentivize recycling efforts among individuals and businesses.
Central to ecoterra’s approach to sustainability is its innovative Recycle2Earn concept, which rewards users for recycling materials such as plastic and glass bottles.
The project’s Recycle2Earn reward system is designed to motivate individuals to become more environmentally conscious and reduce their carbon footprint.
By offering rewards in the form of ecoterra tokens, the project aims to create tangible incentives for adopting sustainable behaviors.
The presale is being conducted in several stages, with early investors receiving tokens at a discounted price of $0.004.
Ultimately, ecoterra’s commitment to sustainability and its innovative approach to incentivizing recycling make it a noteworthy addition to the cryptocurrency landscape.
By integrating blockchain technology with environmental initiatives, ecoterra seeks to create a platform that benefits both investors and the planet.
Visit ecoterra Now
Epic Adventures Await: Swords of Blood One of Best Cryptos to Buy Now in Crypto Gaming
Swords of Blood, a unique P2E RPG, has garnered attention with its superb mechanics and features, promising an unparalleled gaming experience akin to AAA titles.
Experienced developers recognize the importance of harmoniously integrating visuals, mechanics, plot, and storyline to create an extraordinary experience.
Swords of Blood will not let gamers down in this regard. The game will boast striking battle mechanics, stunning graphics, engaging gameplay, and diverse modes.
Its rich narrative unfolds in the troubled World of Ezura, where the goddess Sentinel revives the Bladebound lineage to restore the land.
Players can assume roles like warriors or battle mages, embark on quests with elaborate storylines, and obtain coveted loot.
The game will also offer player-versus-player mode for competitive gameplay.
Swords of Blood will be free on PC and mobile platforms, supporting cross-play for player interaction across platforms.
Its ongoing presale offers the SWDTKN token at $0.054, with benefits including early beta access and physical merchandise, making it an attractive investment opportunity.
Visit Swords of Blood Now
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