U.S. Job Market Exceeds Expectations, Influencing Crypto Market
According to the latest monthly employment report released by the Labor Department, U.S. employers added more jobs than expected in August. Nonfarm payrolls increased by 187,000, surpassing economists‘ consensus estimate of 170,000. The report also showed that the unemployment rate remained steady at 3.7%. The stronger-than-forecast job growth could have an impact on the Federal Reserve’s decision regarding interest rates at its upcoming policy meeting in September. The tightening labor market conditions may put pressure on the Fed to continue raising rates aggressively to combat high inflation.
Impact on the Cryptocurrency Market
In reaction to the positive jobs data, the price of Bitcoin has dipped below the $26,000 support level. The leading cryptocurrency is currently trading at $25,758, with a 0.69% decrease so far today. The Federal Reserve closely monitors employment and inflation as part of its dual mandate. While strong job growth is typically welcome news, some economists argue that the central bank needs to see a clear slowdown in order to ease up on rate hikes. The stronger August jobs numbers will likely keep the pressure on the Fed to continue its tightening path to restrain inflation, which is currently running near 40-year highs. The next rate decision will be made at the Federal Open Market Committee meeting on September 20-21.
Best Cryptos to Buy Now
Given the current economic situation, there are several cryptocurrencies that are considered to be good investment options due to their strong fundamentals and/or optimistic technical analysis. Some of these cryptos include Maker (MKR), Wall Street Memes (WSM), Toncoin (TON), Launchpad XYZ, and Tron.
Maker (MKR)
MKR is currently facing a challenging resistance zone between $1,153 and $1,187, with the Fib 0.786 level at $1,188. Despite a slight dip of 1.30% today, MKR is showing signs of a potential uptick in the near term, according to key technical indicators. The MACD histogram has recently demonstrated a bullish crossover, shifting from 0 to 5, indicating growing bullish momentum. Furthermore, the RSI is still in neutral territory, suggesting no clear signs of overbought or oversold conditions. MKR’s 20-day EMA is above the 50-day EMA and the 100-day EMA, which could be seen as a bullish sign indicating upward momentum. The immediate support for MKR is at the 20-day EMA of $1,102.
Wall Street Memes (WSM)
WSM has attracted significant interest since its launch, raising over $25 million in its presale. The project is set to conclude by the end of September. WSM offers investors the opportunity to invest in the WSM coin before it gets listed on exchanges and also provides potential rewards through a staking system. The coin is associated with the r/WallStreetBets subreddit and has built a strong online presence, with over one million followers across social media platforms. With its popular NFT collections and engaging content on crypto and stock investments, WSM offers a unique blend of community engagement and investment rewards.
Toncoin (TON)
TON has shown remarkable performance recently, gaining 35.38% in the past week. Today, TON is trading at $1.9070, with a 9.16% increase so far. It is currently trying to break out of a significant resistance area between $1.7742 and $1.8334. TON’s technical indicators indicate a bullish trend, with the shorter-term EMAs above the longer-term EMAs. Although the RSI is overbought, cryptocurrencies can remain overbought for extended periods in strong uptrends. Therefore, the high RSI does not rule out further gains. With an increasing market cap and trading volume, TON has attracted strong buying interest.
Launchpad XYZ
Launchpad XYZ is a platform that aims to fuel the future of crypto trading with AI-powered tools. The recently concluded presale raised $1.5 million. One of the anticipated tools on the platform is Launchpad Quotient, which will use AI to analyze 400 data points on various cryptocurrencies and help traders find promising opportunities in the market. Another tool, TradingEdge, will offer insights based on sentiment analysis and current news. The platform also plans to share trade setups from experienced traders. Early adopters who buy $LPX tokens will receive special perks on the platform in the form of NFT-based premium access passes.
Investors and traders should closely monitor the technical indicators and price action of these cryptocurrencies to make informed decisions. While they offer potential opportunities, it is important to stay updated on market trends and be prepared for possible short-term fluctuations.
