U.S. Inflation Metrics Rise, Cryptocurrencies Remain Lackluster
The U.S. Bureau of Labor Statistics released data showing a 3.2% increase in the Consumer Price Index (CPI) over the past year leading up to July. Despite this, Bitcoin and Ethereum both experienced modest declines in value. The Federal Reserve is strategizing how to address inflation without causing a recession, and these inflation numbers will be discussed in the upcoming September session. Rising energy costs and the Personal Consumption Index are factors that could impact future CPI figures. While major cryptocurrencies show limited response to inflation, Aptos, yPredict, Rocket Pool, Launchpad XYZ, and Maker are considered some of the best cryptos to buy now.
Aptos (APT) saw a 10.52% upside move, but technical indicators show a complex situation. The cryptocurrency is sandwiched between the 20-day and 50-day Exponential Moving Averages (EMA), and faces critical resistance at the Fib 0.618 level, 100-day EMA, and horizontal resistance zone. The RSI and MACD histogram suggest a potential slowdown or consolidation phase. Volume and market cap dynamics also hint at uncertainty. Immediate resistance lies at the 50-day EMA, while immediate support is at the 20-day EMA. Traders should remain vigilant and watch for confirmation through price actions at these levels.
yPredict: AI-Powered Crypto Trading Insights
yPredict is an AI-powered crypto platform that provides traders with valuable data-driven insights. The platform uses AI-driven analytical tools to identify chart configurations, analyze sentiment, and evaluate technical indicators. Its goal is to give traders a rounded market view and enhance the probability of strategic crypto trading. The platform’s utility token, YPRED, grants access to its analytical arsenal. yPredict’s Marketplace allows developers to monetize their quantitative models, while traders can explore algorithmic trading strategies. The platform also offers analytics and free price projections for various crypto assets.
Rocket Pool (RPL): Bullish Momentum Building Up
Rocket Pool (RPL) has shown signs of potential recovery after a significant upside move. The cryptocurrency found support at its swing low and is currently trading at a higher value. Technical indicators suggest bullish momentum building up. Traders should closely monitor price actions to determine the next significant move.
Hot Take: Cryptocurrencies remain relatively unaffected by U.S. inflation metrics. Aptos, yPredict, and Rocket Pool are among the best cryptos to buy now due to their strong fundamentals and promising technical analysis.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.