New data released Thursday showed U.S. inflation remained elevated in September, sending Bitcoin and other cryptocurrencies modestly lower.
The Consumer Price Index, which tracks costs for household goods and services, rose 0.4% last month, according to the Bureau of Labor Statistics. While that marked a slowdown from the 0.6% increase in August, it exceeded economist estimates.
With the latest CPI numbers in mind, what is the best crypto to buy now?
On an annual basis, prices were up 3.7% in September compared to a year earlier. That’s down from a recent peak of 9.1% in June but well above the Federal Reserve’s 2% target.
Following the report, Bitcoin is falling 0.60% to $26,713, according to TradingView. Meanwhile, Ethereum is dipping by a more significant 1.39% so far today to $1,545.
The drops mirrored a pullback across the broader crypto market amid concerns that persistent inflation will keep the Fed on an aggressive path of interest rate hikes
Thursday’s CPI report comes a month before the Fed’s next policy meeting. Another interest rate hike is widely expected at the December gathering.
Despite September’s concerning inflation data, the cryptocurrency market still offers ample buying opportunities.
Frax Share, TG.Casino, GALA, yPredict, and Cronos are asserting themselves as the best crypto to buy now thanks to their strong fundamentals and/or favorable technical analysis.
Frax Share (FXS) Price Action Remains Constructive, Favoring Upside
The Frax Share (FXS) price is showing impressive resilience so far today, bucking the overall bearish sentiment in the cryptocurrency market. FXS is currently in its third consecutive day of gains, up 7.25% so far today. This momentum signals growing enthusiasm among investors for the FXS token.
The FXS price retested the 100-day EMA of $5.849 earlier today when it set an intraday high of $5.940. Pushing above this level shows bullish sentiment, as it indicates the price is breaking out of longer-term moving average resistance.
The 20-day EMA is at $5.473, while the 50-day EMA stands slightly higher at $5.584. With the FXS price advancing above these short and mid-term moving averages, the path of least resistance appears to be to the upside.
The RSI for FXS is 54.32, up from yesterday’s 56.07 reading. This shows gathering upside momentum, with the indicator moving towards overbought territory above 70.
The MACD histogram is also trending higher at -0.005 from yesterday’s -0.032, reflecting building bullish trader sentiment as it trends closer to a potential MACD bullish crossover.
In terms of volume and market cap, the 24-hour volume for FXS is up a substantial 142.86% to $35.8 million. Meanwhile, the market cap has risen 5.48% to $422.5 million. The spike in trading activity underscores traders’ growing interest in FXS at current levels.
With the FXS price at $5.694, an initial resistance is seen at the Fib 0.5 level of $5.788, aligned with the 100-day EMA. A break above this would open the door for a continued move higher. On the downside, immediate support lies around $5.107 to $5.189, near the Fib 0.786 level.
However, given the bullish momentum, FXS could potentially break out above its 20-day EMA and 50-day EMA, turning these into support.
FXS price action remains constructive, with bulls asserting control. The path of least resistance appears higher, as long as the key exponential moving average support holds.
Traders may look to buy dips, targeting a breakout past $5.849 towards fresh highs. Upside appears the more likely direction, barring a sharp deterioration in broader market sentiment.
Investors Flock to TG.Casino: Presale Raises Over $815,000 – Is It the Best Crypto to Buy Now?
TG.Casino is pioneering a new era of online gambling with its cryptocurrency-backed platform built on Telegram. The project has fully integrated its native $TGC token, allowing users to start placing bets and wagers using their cryptocurrency.
As an incentive to drive adoption of the $TGC token, TG.Casino announced it will provide a 25% cashback on all net losses to users who bet with the token, with payouts made weekly.
The presale, launched in late September, has raised over $815,000 as investors seek exposure to the fast-growing crypto-gambling sector.
With the ability to now use $TGC in the casino and benefit from the generous cashback offer, interest in the token sale is expected to surge.
TG.Casino states that presale participants can earn yields of up to 617.09% APY by staking the $TGC. This high staking yield is enabled by the platform’s tokenomics, which see a portion of profits used to buy back and burn $TGC tokens.
While first-generation crypto casinos have seen tremendous growth in users, TG.Casino intends to further widen access to crypto gambling by leveraging Telegram’s platform and 700 million monthly active users.
The project views seamless integration with Telegram as a way to bring in mainstream users less familiar with crypto.
Citing data that 80% of online casino gaming happens on mobile, TG.Casino believes crypto-powered casinos like its platform will continue taking market share from traditional online gambling sites thanks to advantages like improved security, anonymity, and ease of access.
With the presale price at $0.125 per token, TG.Casino currently has a market capitalization of $12.5 million. Some crypto analysts think substantial upside potential remains from current levels. The presale has already sold 40% of the total token supply.
Bearish Sentiment Persists for GALA as Price Lingers Below EMAs
The GALA price has been under pressure for the past week, with the cryptocurrency briefly falling below its immediate support level yesterday. After posting a new year-to-date low of $0.01275 yesterday, the GALA price has rebounded slightly but remains stuck in a downtrend.
The 20-day EMA for the GALA price stands at $0.01418, above the 50-day EMA of $0.01579. Typically, the price trading above these short and long-term EMAs is seen as a bullish indicator.
However, with the current GALA price at $0.01337, it remains below both these levels which signals a bearish sentiment.
The RSI is currently at 38.51, up from yesterday’s oversold reading of 36.78. While the uptick suggests selling pressure may be easing, the RSI remains far from overbought territory. This implies there is still room for the GALA price to fall further if the bearish momentum continues.
The developing negative MACD crossover with the histogram at -0.00001 down from 0.00000 yesterday is a concerning technical development. The change from positive to negative in the MACD indicates building downside momentum which could foreshadow more losses for the GALA price.
The GALA price faces immediate resistance at $0.01367 to $0.01393, near the 20-day EMA. Unless bulls can push the price decisively above this zone, the path of least resistance remains to the downside.
On the flipside, GALA has thus far managed to hold the support zone between $0.01297 to $0.01314. A clean break below this area could accelerate declines and send the GALA price into price discovery mode to the downside.
The technical picture remains decidedly bearish for GALA in the near term. Traders may look to sell rallies, with tight risk management above $0.01393 resistance. Alternatively, a confirmed break below $0.01297 support could signal a resumption of the downtrend.
yPredict: AI-Driven Crypto Trading Platform Raises Over $4.23 Million in Presale
yPredict is an artificial intelligence-based crypto trading platform that is steadily advancing through its token presale stages. They have successfully accumulated over $4.23 million so far, with the current focus on reaching the $4,582,551.25 mark.
yPredict distinguishes itself from the crowd by offering a suite of AI-driven trading tools. These tools range from trading signals to price prediction and technical analysis. Expanding its service range, yPredict is also venturing into content generation with the WriteMingle Beta Testing Program.
The presale is currently in Stage 7, with the company needing to raise an additional $350,000 before the token price ascends from $0.10 to $0.11. With a total supply of 100 million YPRED tokens, 80 million are allocated for the presale.
Once Stage 8 is initiated, 17,500,000 tokens will be available for purchase. These tokens represent 21.875% of the total supply, with a value pegged at $1,925,000.
The presale’s objective is to reach a market cap of $6,507,551. Internal estimates from the platform suggest potential returns of 45% per annum.
Staking rewards represent another feature of the yPredict platform. The company has committed to diverting 10% of subscription revenues into a staking pool, from which rewards will be distributed to YPRED token holders.
yPredict’s service suite revolves around AI trading, which extends beyond simple trading signals. They’re developing numerous products including yPredict Predictions, yPredict Analytics, yPredict Repository, yPredict Terminal, and yPredict Marketplace.
On the application front, yPredict Analytics plans to use models designed to forecast cryptocurrency prices. These models, developed by AI specialists, will be accessible to users holding a minimum of $500 in YPRED tokens.
With a diverse suite of AI trading products and the WriteMingle beta underway, yPredict is pushing boundaries. The presale inches closer to completion, bringing the platform’s plans to fruition. All eyes are on yPredict as it cements itself as one of the best crypto presales of 2023.
Rising Volume and Market Cap: CRO Faces Conflicting Market Conditions
The CRO price continues its slow descent as selling pressure at key resistance levels overwhelms buyers. CRO set an intraday high of $0.05212 where it retested its immediate resistance level before retreating to $0.05044, up 2.88% so far today.
For any bullishness to remain, CRO must now at least mount the 20-day EMA of $0.05034.
Technical analysis of the CRO price reveals mixed signals. The 20-day EMA stands at $0.05034, slightly below the 50-day EMA of $0.05140. Typically a bullish indicator is when the short-term EMA is above the long-term EMA, the small difference here signals volatility and uncertainty.
The RSI currently sits at 49.26, up from 35.78 yesterday. While not yet in oversold territory, the increase suggests a potential rebound for the CRO price.
On the other hand, the improving but still negative MACD histogram at -0.00004 from -0.00011 implies bearish momentum is gathering steam which could further impact CRO.
At the same time, the market cap is up 2.14% to $1.27 billion but volume has surged 225.24% to $18 million over 24 hours. While the cap increase is positive, sharply rising volume typically highlights panic selling and decreased confidence. This combination could lead to further CRO declines without a decisive catalyst.
With CRO attempting to stabilize above key support, indicators remain conflicted. The oversold RSI signals bounce potential but volume spikes paint a negative picture. Trading within defined risk limits while awaiting a clear breakout may be wise.
A breach below immediate support at $0.04942 could trigger a steeper drop toward the previous swing low zone around $0.06282. Alternatively, a breakout past resistance at $0.05170 could signal an upward trend reversal.
Close monitoring of the CRO price around these critical levels can provide valuable insight into its next potential move.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
