Best Crypto to Buy Now 2 June – The Sandbox, Injective, The Graph
Cryptocurrency markets are choppy in wake of a mixed US labor market report that saw a beat on the headline non-farm payrolls number (i.e. the number of jobs added in May), but also a larger than expected rise in the unemployment rate and a slowdown in the MoM pace of average hourly earnings growth.
Bitcoin was last changing hands close to but just below $27,000, with its recent technical downtrend seemingly still intact, while Ethereum was last trading in the upper-$1,800s.
As crypto investors mull the outlook for the Fed’s interest rate policy (key policymakers have signaled a pause in rate hikes is likely) and major cryptocurrencies remain rangebound, here are some of the best altcoins to consider buying today.
SAND is currently consolidating just below its 50-Day Moving Average (DMA) in the $0.55 area.
SAND is the Ethereum blockchain-issued ERC-20 crypto token that powers The Sandbox Metaverse, which describes itself as an “immersive” online gaming experience that offers users the opportunity to monetize their NFTs.
If the cryptocurrency can get above its 50DMA and recent highs in the $0.575 area, this could open up the door to a retest of a downtrend from the 2023 highs and the 100 and 200DMAs, which currently all reside in the $0.60 area.
A break above this key area of resistance could reignite the bull market that likely began back when SAND broke out of its 2021/2022 downtrend earlier this year.
With much potential for upside, SAND could be a great crypto to buy today.
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