According to an October 6 report from The Daily Hodl, several cities and organizations in the United States are getting ready to initiate basic income pilot programs.
These programs, which will distribute millions of dollars in unconditional cash handouts, have some speculating about a possible increase in cryptocurrency trading.
In light of these upcoming guaranteed income trials, what is the best crypto to buy now?
A 2020 study titled “Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks” found a significant increase in Bitcoin buy trades after the U.S. government sent out economic impact payments of $1,200 per individual in April 2020.
The study estimated that the stimulus program had a modest but measurable effect on Bitcoin trading volume and prices.
In Sacramento, California, the United Way California Capital Region recently announced a new guaranteed income trial that will give $500 per month to 130 low-income families for one year, for a total of $780,000.
The goal is to study how unconditional cash transfers impact housing stability and food security. Applications will be open until October 31.
The Arthur M. Blank Family Foundation has dedicated $6.2 million towards a two-year basic income initiative, targeting 650 Black women in three different communities within Georgia. The program, named “In Her Hands,” will distribute around $850 monthly to each participant, assisting them in covering their basic needs.
These two initiatives join several other upcoming guaranteed income pilots funded by governments, nonprofits, and philanthropists across the US.
Other pilots include those Fairfax County, Virginia, where they’re launching a $2 million basic income trial, and Ann Arbor, Michigan, which has funded a $1.2 million program.
Austin, Texas, and Philadelphia, Pennsylvania have also approved $1.3 million and $449,400 in basic income funding, respectively. Meanwhile, Santa Clara County, California previously approved $12 million for a large-scale guaranteed income campaign.
In total, over $23 million is expected to be distributed through no-strings-attached cash programs in these regions in the near future, according to the report by The Daily Hodl. Proponents argue basic income can lift people out of poverty, while critics question its costs and effects.
However, early results from a pilot in Denver found reduced rates of homelessness, food insecurity, and increased employment among recipients after six months. The upcoming programs will provide more data on the impacts of guaranteed income policies.
As cities get set to inject millions through direct cash transfers, Avax, Bitcoin Minetrix, Rollbit Coin, Meme Kombat, and Cardano are making their case as the best crypto to buy now thanks to their solid fundamentals and/or positive technical indicators.
Avalance (AVAX) Price Faces Significant Resistance: Can Bulls Break Through?
The AVAX price is up over 5% today as it trades around $10.74, extending its rally that began after bouncing from the September 25 swing low of $8.61. With AVAX approaching major resistance levels, will the uptrend continue or a retracement is imminent?
The 20-day EMA for AVAX stands at $9.57 while the 50-day EMA is at $10.01. With the short-term EMA above the long-term, this is typically a bullish sign. However, the close proximity suggests some uncertainty and volatility may be ahead for AVAX.
The RSI is approaching overbought levels at 69, up from 61.91 yesterday. This indicates slowing momentum that could precede a correction. The MACD histogram increased slightly to 0.22 from 0.18, reflecting the bullishness has some room to run before exhausting itself.
While the AVAX market cap has risen over 8% to $3.81 billion, the 24-hour volume has declined nearly 11% to $193.4 million. Decreasing volume amidst an uptrend often foreshadows waning enthusiasm and the potential for a reversal.
AVAX faces resistance at the $10.22 and $10.66 Fib levels along with the previous swing high of $11.21. Beyond that sits the 100-day EMA at $11.09. Breaking decisively above these thresholds could accelerate the uptrend.
Support lies at the $9.72 to $10.05 zone along with the 50-day EMA at $10.01. Further down sits the $9.92 Fib level. Failure to hold support could lead to a retest of the recent swing lows around $8.60.
With AVAX at an inflection point, caution and defined risk limits are warranted. The decreasing volume underscores the chance of rejection at resistance. Yet holding key support could fuel a breakout and extension of the uptrend. The coming sessions should determine the next significant move.
Earn Passive Income With Bitcoin Minetrix’s Stake-To-Mine Model, One of the Best Crypto to Buy Now
Already surpassing the $610,000 mark in its presale, Bitcoin Minetrix is turning heads among influential crypto enthusiasts who are positioning it as one of the best cryptos to buy now.
Bitcoin Minetrix seeks to disrupt crypto mining by allowing everyday investors to earn passive income through Bitcoin cloud mining.
The project is implementing a “Stake-to-Mine” system, where users can stake the platform’s ERC-20 token $BTCMTX to earn yield.
Once staking ends, stakers will be able to use their tokens to gain exposure to Bitcoin mining profits. This eliminates the need for individuals to purchase expensive mining equipment or join capital-intensive mining pools.
Several prominent YouTube crypto analysts see big potential in Bitcoin Minetrix’s stake-to-mine model. Crypto Gains calls it a “Bitcoin mining disruptor” that helps decentralize mining power. Cilinix praises the project’s Eastern European roots, noting the region is crypto-friendly.
Staking BTCMTX offers yields up to 1,046% APY. With mining Bitcoin becoming nearly impossible for most using graphics cards, staking presents a more viable option to earn passive income.
Other influencers point to Bitcoin Minetrix’s value for maintaining Bitcoin’s decentralization.
As Bitcoin mining becomes more centralized in places like China and the U.S., there is an increased risk of single entities gaining too much control. Bitcoin Minetrix’s cloud mining model allows a wider range of users to participate in verifying transactions.
Several YouTubers are also excited about Bitcoin Minetrix’s potential to benefit from the upcoming Bitcoin halving in 2024.
Previous halvings where mining rewards are cut in half have preceded major bull runs. Bitcoin Minetrix provides exposure to this while eliminating the capital risks of purchasing mining hardware.
The $BTCMTX token presale is currently in phase one. Once mining infrastructure is built out in phases two and three, users can begin staking their tokens to earn from Bitcoin mining.
The token is available for purchase with ETH, USDT, BNB, or credit card on the project’s website.
Rollbit Coin (RLB) Price Analysis: Consolidation and Potential Breakout Ahead
The RLB price remains rangebound following its uptrend between September 27 to October 3.
RLB trades around $0.146466, down 1.06% so far today as it consolidates just under its immediate resistance zone. With bullish EMA alignment, RLB appears geared up for a potential breakout.
The 20-day EMA for RLB currently stands at $0.132046 while the 50-day EMA resides at $0.130644. With the faster EMA above the slower EMA, this signals bullish alignment. However, RLB has yet to gain upside conviction during its period of consolidation for the past 3 days.
The RSI has pulled back slightly to 56.49 from yesterday’s 57.27. This highlights fading momentum as RLB entered this period of indecision in the past few sessions. The MACD histogram also ticked down to 0.005261 from 0.005407, underscoring the slowdown in bullish strength.
RLB faces immediate resistance between $0.149556 and $0.157733. Clearing resistance decisively could pave the way to retest the September highs around $0.18.
Support sits at the $0.138776 Fib level along with the 20-day EMA of $0.132046. Failure to hold support exposes the downside back towards the 50-day EMA at $0.130644. This area also lines up with the $0.13 to $0.135 zone of prior resistance now turned support.
RLB remains at a critical juncture at current levels. While bullish EMA alignment favors upside potential, fading momentum and overhead resistance highlight the challenges ahead.
Waiting for a directional catalyst above $0.16 resistance or a break below $0.138 support may signal the next major move. Risk management given the uncertainty is key.
Meme Kombat: Where AI Meets Memes in an Epic Battle for Crypto Gains
Meme Kombat, a new play-to-earn meme coin project, has raised over $310,000 so far in an ongoing initial coin offering according to data from the platform’s website. The presale offers 50% of the total supply of Meme Kombat’s ERC-20 token $MK.
The project intends to capitalize on the recent resurgence of interest in meme coins by integrating features like P2E gaming and staking rewards.
Users will be able to bet $MK tokens on AI-powered battles between popular meme characters. There will also be options for staking $MK to earn additional rewards over time.
Meme Kombat is led by CEO Matt Whiteman, previously COO of blockchain startup Phat Loot. The project’s smart contract code has undergone an audit by blockchain security firm Coinsult.
If successful, Meme Kombat seeks to achieve similar viral popularity as predecessors like Dogecoin and Shiba Inu. Crypto industry influencers have noted Meme Kombat’s potential, with YouTuber Michael Wrubel stating that the project “could fill a gap in the market.”
According to the roadmap on Meme Kombat’s website, the platform is slated to launch in late Q3 2023. Each subsequent season will add new characters and gameplay features to incentivize long-term community growth.
The developers plan for $MK to eventually list on major DEXs like Uniswap after the presale concludes.
Should the project continue to cultivate an engaged user base as envisioned, it possesses the significant potential to attain viral popularity and assert itself as one of the best crypto to buy in 2023.
Cardano (ADA) Price Analysis: Building Momentum Amidst Resistance
The ADA price has seen a positive turnaround so far today, trading up 1.96% at $0.2653 as of writing. This comes after several failed attempts to break past the 50-day EMA over the last four days.
With the ADA price crossing above the 20-day EMA of $0.2552, the bullish sentiment appears to be gaining momentum. The narrowing gap between the 20-day EMA and the 50-day EMA of $0.2605 hints at a growing bullish conviction.
The RSI has also trended higher to 61.06 from yesterday’s 56.48. This uptick towards the overbought zone indicates the building up of positive momentum. If the RSI can maintain above 60, it would reinforce the bullish potential for the ADA price.
The MACD histogram has printed a positive reading of 0.0024, up from 0.0022 yesterday. This growing positive value aligns with the strengthening bullish momentum.
However, traders should be wary as the indicator still remains largely range-bound. A decisive breakout from the histogram could signal the next potential trend move for the ADA price.
With the ADA price now pushing against the resistance of the 50-day EMA, a successful close above $0.2605 could turn this into immediate support. In that event, the ADA price could next target the horizontal resistance between $0.2728 to $0.2812 in confluence with the 100-day EMA of $0.2765.
On the downside, the consolidating base between $0.2574 to $0.2592 could provide initial support. Failure to hold this level could see the ADA price dropping toward the zone between $0.2521 to $0.2551.
The technical outlook seems to be improving for the ADA price after multiple failed breakout attempts. Sustaining above the 50-day EMA could pave the way for further gains.
However, low trading volumes remain a concern. Traders may want to wait for stronger confirmation before entering fresh positions.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
