The Best Cryptos to Buy Now Amid the Fed’s Commitment to Taming Inflation
Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole economic policy symposium indicate that the central bank is willing to continue aggressive interest rate hikes to curb high inflation. Here are the key takeaways:
1. Powell emphasized the urgency of not letting up on bringing down inflation while keeping rates low until it consistently reverts to the Federal Reserve’s 2% benchmark.
2. The market sees a 78% probability that the Fed’s next policy meeting in September will not result in another large rate hike, but Powell’s comments suggest a willingness to keep raising rates if inflation doesn’t decrease.
3. Bitcoin’s price briefly rose after the speech but later declined. If the support level of around $25,800 is breached, it could trigger intense selling pressure.
4. Rollbit Coin, Wall Street Memes, Unus Sed Leo, Sonik Coin, and Livepeer are mentioned as some of the best cryptos to buy now due to their solid fundamentals and positive technical analysis.
5. Technical analysis is provided for Rollbit Coin (RLB), Wall Street Memes (WSM), and Unus Sed Leo (LEO) to help traders make informed decisions.
Hot Take:
While the Federal Reserve’s commitment to taming inflation may create uncertainty in the market, it also provides an opportunity for crypto investors. The recommended cryptos have shown positive momentum and have the potential for growth in the current financial climate. However, traders should closely monitor support and resistance levels as well as key technical indicators to navigate the market effectively.
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