The comments made by Federal Reserve Chair Jerome Powell on Wednesday caused cryptocurrencies to drop, and the total value of all cryptocurrencies on the market fell by $34.186 billion, or 3.09%.
At the time of writing, the crypto market is trying to make a comeback, with the total market cap going up by 4.46 percent to $1.17 trillion.
In this article, we’ll look at what this could mean for the best cryptocurrencies to buy right now.
The crypto markets pay close attention to the Nasdaq composite index, so Powell’s comments caused it to drop by 1.6% on Wednesday.
But futures went up before the market opened, which suggests that tech stocks and cryptocurrencies may be able to get back to where they were.
This week, the SEC went after Coinbase and Justin Sun, the founder of Tron, for possible violations of securities law. This made regulatory risks for cryptocurrencies worse.
The SEC sent Coinbase a Wells notice to warn them that they could be taken to court over several of their services.
The news sent the share price of Coinbase down by more than 8%, but after-hours trading brought it back up a bit.
The SEC also said that Sun and his companies sold and manipulated the markets for the TRX and BTT cryptocurrencies in a way that was against the law.
The price of TRX fell by more than 10%, but it has risen by about 6.32 % so far today.
Overall, the uncertainty in cryptocurrency markets is caused by the Fed’s policy, which points to higher interest rates and the attention of regulators.
The speed and effects of regulators’ actions are very hard to predict, as are the effects of rising rates on the economy.
But cryptocurrencies have survived regulatory and macroeconomic changes in the past, and many investors still think blockchain technology and digital assets have a lot of room to grow.
After getting hit by the Fed and the SEC, cryptocurrencies may find out in the next few days and weeks if they can keep getting better.
Given how the economy is doing right now, it is important to think about how recent events might affect investment decisions.
ALGO, LHINU, LTC, FGHT, LINK, CCHG, and TARO have been picked as some of the best cryptos to buy right now based on both fundamental and technical analysis.
Algorand (ALGO) (ALGO)
Algorand is stepping up its efforts to bring in developers and improve the value of its network.
Even though it has been hard for the network to break out of its current range, the recent rise in development activity could set the stage for a bullish rally.
Just like other top blockchain networks, Algorand is getting ready for the next big market rally by trying to get ahead of its competitors.
In order to do this, the network has started a video series to encourage developers to make more dApps and other projects that work with it.
As of this writing, the price of an Algorand coin is around $0.2152, but the technical indicators show mixed signals.
The important 20-day ($0.2184), 50-day ($0.2289), and 100-day ($0.2387) Exponential Moving Averages (EMAs) are all trading above ALGO’s price, which shows that the short-term to long-term trend for ALGO is currently bearish.
At 46.53, the RSI shows that the market is in a neutral state. This shows that neither buyers nor sellers have taken over the market completely.
The MACD histogram, which shows the difference between the MACD line and the signal line, has gone from 0.0025 to 0.0023, which is a small change from the day before.
This means that the rate of change in the price has slowed down.
Algorand had a lot less trading activity than the day before. The volume went down from 137.762 million to 28.126 million.
The average number of trades over the last 50 days is 50.831 million, which shows that the number of trades has been fairly stable over time.
Algorand’s price went up by 0.8% from the previous day’s close of $0.2134, based on how the price of the coin changed.
At $0.2247, the Fib 0.382 level of resistance is right in front of the coin. On the other hand, it could find support at Fib 0.236 at $0.2071.
Technical indicators for Algorand show mixed signals. The RSI shows that the market is indifferent, but the MACD histogram shows that the rate of price change has slowed.
Simply there are so many coins that have been introduced every day but some of the coins that can make a great impact in the industry of cryptocurrency, here are some of them ALGO, LHINU, LTC, FGHT, LINK, CCHG, TARO but remember to make your own research.
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