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Besides Bitcoin (BTC) and Ethereum (ETH), which are slightly in the green mid-through this week’s trading, the majority of cryptos in the top 100 are in the red. Traders are boxed between a rock and a hard place since Monday with most investors contemplating the latest banking unrest in the United States. Nevertheless, tokens like STX, RPL, OP, and SNX make up the top crypto gainers list on Wednesday, with some posting double-digit gains in 24 hours.
Crypto Market Overview As Bitcoin Climbs Above $28,500
Bitcoin price tested support at $28,000 again on Tuesday increasing anxiety among investors in other global markets like stocks, as the banking unrest continued in the US. The largest cryptocurrency and Ethereum stood firm during the collapse of three banks in March, which increased interest in crypto and gave way to a sustainable rally.
According to a market update published by CoinDesk, “BTC’s price had hovered around $28,000 for most of the past day before jumping early Tuesday after shares of two regional banks, Los Angeles-based PacWest Bancorp (PACW) and Phoenix-based Western Alliance Bank (WAL), tumbled 27% and 15%, respectively.”
Moreover, the most recent Job Openings and Labor Turnover Survey (JOLTS) was weaker than what market watchers expected.
The US has now experienced the failure of four banks with First Republic Bank imploding earlier in the week – now sold to JP Morgan Chase & Co. With the cool jobs data hinting at the economy weakening and reducing inflationary pressure, cryptos might seize the moment to strengthen their positions ahead of another possible boon.
According to a recent newsletter by Greg Magadini, who is the director of derivatives at the crypto analytics firm Amberdata, in case the economy weakens further (risk-off), it may have a negative impact on ETH causing it to underperform.
On the other hand, if there is a recession, it might lead to the Federal Reserve cutting rates later this year, which would be beneficial for Gold and BTC.
That said, it would be imperative for investors to prepare for the possibility of a swing north, especially in Bitcoin price, which generally dictates market conditions for other digital assets.
In addition, investors would want to diversify their positions in the market with some of the best-rated crypto presales.
Investing in crypto presales can be a good way to diversify your portfolio for a few reasons, starting with access to new coins. Participating in presales gives you early access to new projects that aren’t yet available on public exchanges.
This can give you an edge in securing tokens at a lower price before they become more widely available and is the main reason why investors are buying the best crypto presales like AiDoge, DLANCE, ECOTERRA, and LHINU.
Stacks Price Climbs 14% To $0.77
Stacks, a blockchain project that aims to bring smart contracts and decentralized applications to Bitcoin, has performed tremendously well this week. The token retested support at $0.67 for the second time in two weeks on Monday, allowing bulls to regain control of the trend.
The initial step above the 50-day Exponential Moving Average (EMA) (the line in red) is likely to have confirmed to traders that STX is ready to substantially reverse the trend. Stacks price later stepped above the 100-day EMA (line in blue) as well as the descending trendline, as illustrated on the four-hour chart.
However, the 200-day EMA (line in purple) together with the falling trendline has formed a confluence resistance at $0.7875. Having said that, bulls have an equally challenging task—to push above the confluence hurdle for Stacks price to commence the next phase of the recovery move targeting March highs at $1.3.
It is also paramount for traders to be cautious as the Relative Strength Index (RSI) struggles to enter the overbought region. In case the RSI reverses into to neutral area, Stacks price may trim some of the gains while seeking fresh liquidity at the 100-day EMA around $0.75. If declines intensify, STX may be forced to settle for support between $0.67 and $0.7.
Rocket Pool Price Jumps 5% Despite Waning Investor Interest
Rocket Pool (RPL) is an innovative ETH2 staking protocol that grants users access to a decentralized node operator network or enables them to operate their nodes with only 16 ETH, compared to the 32 ETH required on the primary Ethereum blockchain.
The successful completion of the Shapella Upgrade led to RPL reaching a new high in 2023 at $65 on April 16.
However, waning enthusiasm from cryptocurrency investors and a general decline in altcoin markets have contributed to a more pessimistic outlook for Rocket Pool in recent weeks.
On-chain data reveals that investors started shifting away from Rocket Pool roughly a week after the Shapella Upgrade. As depicted in the chart below, RPL Network Growth began to diminish around April 17, with no signs of recovery since then.
From April 17 to May 2, Rocket Pool experienced an 86% decrease in network growth. The chart’s red line demonstrates how network traction fell from 316 to a mere 45 new addresses created on May 2.
Network growth assesses the addition of new participants to a blockchain network by examining the daily creation of new wallet addresses.
The significant decline observed above suggests that the Rocket Pool ecosystem might be losing momentum and market share to competing protocols.
Consequently, the native RPL token could face difficulties in generating new demand to rebound from the current bearish trend.
Attempts by bulls to break out of a bearish rectangle pattern on the four-hour chart over the last 24 hours faded with a 5% move to resistance at $49. Failure to weaken this seller congestion means that bears may return with a harsher revenge that could see RPL drop 9% below the rectangle to $40.50.
Before such a breakdown occurs, bulls will try to hold RPL above the moving average, starting with the 100-day EMA at $47.45. The rectangle support at $44.5 is also in place to provide the much-needed support.
AiDoge – Using AI to Power Meme Generation
AiDoge is a new crypto ecosystem harnessing the power of artificial intelligence to create memes and is piquing the interest of many meme coin investors in Q2 2023.
The project is in its second presale stage and has raised $921,000 thus far. The team has planned 20 presale stages, and with the demand for AI tokens on the rise, they are likely to sweep through the rounds faster than market participants could be predicting.
What sets AiDoge apart from other AI cryptocurrencies is its innovative automated meme generator, which gives investors an advantage. By combining AI and meme trends, AiDoge has the potential to revolutionize the cryptocurrency space.
One of the coolest features of #AIDoge is the ability to earn passive income through staking 😎
Just hold your $AI in your wallet and watch it grow📈💰
— aidogecrypto (@aidogecrypto) May 1, 2023
The rising prices of cryptocurrencies like Conflux and Pepe Coin, which belong to both the meme and AI categories, serve as further validation of AiDoge’s promising prospects.
Additionally, AiDoge has real-world utility, which assures investors of significant returns on investment as the coin could soon become mainstream.
Unlike other meme coins that lack utility, AiDoge uses artificial intelligence to create memes that reflect current trends and news.
DeeLance: The Alternative Marketplace Freelancers Have Been Waiting For
DeeLance is at the forefront of advancing the freelancing industry with the use of state-of-the-art Web3 technology. The platform strives to develop a decentralized, innovative, and dynamic freelance marketplace that goes beyond the limitations of conventional freelancing platforms.
DeeLance’s fast-selling presale has raised over $580,000, implying growing investor confidence in the utility token, $DLANCE, and its potential to revolutionize the freelancing economy.
The platform’s commitment to transparency, safety, and efficiency, combined with its unique integration of NFTs and the metaverse, distinguishes it from other freelancing markets.
Want to stand out in the crowd?
In the #DeeLance Metaverse get digital avatars that are unique, customizable, & represent your professional brand 👩🏻💼👨🏻🎤
— DeeLance (@deelance_com) April 30, 2023
DeeLance aims to tackle the issues faced by current freelancing platforms, such as the lack of user and data ownership controls, targeted advertising, and high commission fees.
This new Web3 ecosystem provides a straightforward way to conduct business, with no need for browser tools, third-party apps, credit card information, or wallet links.
Furthermore, DeeLance applies a modest 10% commission fee and features immediate cryptocurrency payouts.
By incorporating NFTs and the metaverse, DeeLance empowers freelancers to establish digital ownership through NFT creation and facilitates a virtual environment for engagement and teamwork.
Ecoterra – An Ecosystem where Crypto Rewards Meet Recycling
Ecoterra is an innovative recycle-to-earn (R2E) cryptocurrency designed to foster and encourage recycling among individuals and businesses through a unique web3 platform.
— ecoterra (@ecoterraio) May 2, 2023
The groundbreaking all-in-one Ecoterra application aims to incentivize users with ECOTERRA crypto tokens every time they recycle, provide a carbon offset marketplace to simplify the carbon footprint reduction process for people and companies and establish a recycled materials marketplace to facilitate the purchase of recycled goods using ECOTERRA or other digital currencies.
Moreover, the application enables users to monitor their eco-friendly initiatives, which may assist businesses in enhancing their brand image and fostering customer loyalty.
To finance the development of this groundbreaking platform, Ecoterra is hosting a presale of its ECOTERRA tokens that will be essential to its application.
Out of the 2 billion total supply, 50% will be made available during the presale, while 20% will be allocated for ecosystem liquidity, 10% for listings, 10% for marketing, 5% for the development team, and 5% for corporate adoption.
Within just a few weeks since the presale launch, the project has already raised an impressive $2.8 million, and its momentum is likely to continue as the project gains further attention on social media.
ECOTERRA tokens are presently priced at $0.007 each, but prospective investors should act swiftly, as the price will increase to $0.00775 in under three days.
Optimism Struggles as DeFi TVL Flops, Here’s What May Come Next
Enthusiasm for Optimism (OP) has waned due to Arbitrum’s latest AirDrop. Revenue generated by Optimism (OP) has experienced a downturn, resulting in reduced value locked within the network’s smart contracts.
This reduction in value is notable, especially when compared to other solutions like Polygon and Arbitrum, which continue to prosper.
The diminishing TVL of Optimism (OP) has played a role in the decline of revenue generation, exacerbating the issue further.
Despite Coinbase’s recent collaboration and allocation of a portion of its sequencing fees gathered by Base to Optimism’s (OP) Retroactive Public Goods Funding, Optimism’s revenue generation has continued to decrease.
The ongoing downward trend and growing rivalry from other L2 chains do not augur well for Optimism (OP).
In the last 24 hours, Optimism gained slightly over 2% to trade at $2.15. Based on the four-hour chart, OP is pivoting between a rock and hard ground, with support at $2 holding firmly while a confluence resistance caps movement to the upside at the 50-day EMA (line in red) and the upper boundary of the descending channel.
With the Moving Average Convergence Divergence (MACD) indicator presenting a buy signal, there’s a chance for OP to break above the channel and uphold recovery to $2.30 close to the 200-day EMA (in purple) and the highs in April at $2.8.
Failure to disperse the seller congestion at the channel’s upper boundary could complicate things for the bulls, as OP may suffer another blow and keep dropping within the confines of the channel.
Love Hate Inu – Transforming The Polling Industry with Crypto
Love Hate Inu (LHINU) has gained remarkable recognition from Anonymous, an internet activist group, which has identified the coin as a possible successor to the second-largest meme coin SHIB.
Anonymous shared with its 11.8 million Facebook followers that LHINU has the potential to replicate SHIB’s success where an $8,000 investment resulted in $5.7 billion.
— Love Hate Inu (@LoveHateInu) May 1, 2023
LHINU’s platform offers users the ability to vote on a range of topics, including celebrities and trending subjects, using a secure and transparent voting mechanism, which is a significant selling point.
Additionally, the project provides staking incentives, premium features, and rewards for top-ranking meme creators.
LHINU’s presale structure is ultra-fair and ensures equal opportunities for investors, with 90% of the total supply of 100 billion tokens available to the public. There is no vesting period, no private sale and the minimum purchase amount is 10 LHINU.
The CEO of LHINU, Carl Dawkins, expressed his enthusiasm for the endorsement from Anonymous, stating that it has elevated Love Hate Inu to the top rank of crypto assets.
Good morning #LoveHateInu Gang!🌞
If you haven’t already, make sure you watch the latest videos on our #Youtube channel! 📺
Don’t miss it!⏰https://t.co/O2B2TvXdrF pic.twitter.com/lhOKVdv6EH
— Love Hate Inu (@LoveHateInu) May 3, 2023
With its strong utility, secure voting, and community-driven approach, Love Hate Inu is destined to become one of the hottest meme coins of the year.
Love Hate Inu presale successfully concluded raising over $10.6 thus surpassing the presale target of $10.2. The $LHINU token is now available for purchase at its listing price of $0.000145.
Synthetix Price Downtrend Over as SNX Climbs 4%
Synthetix, a decentralized platform that enables the creation of on-chain synthetic assets able to track the value of real-world assets such as stocks, commodities, and currencies, is up 4.4% on Wednesday and trading at $2.4.
SNX rebounded from a demand area between $2.244 and $2.319 after a big drop from April highs roughly at $3. After bulls arrested the bearish situation, Synthetix could breathe again with the upswing move closing in on $2.5.
The MACD dons a buy signal and is almost crossing into the positive region. Traders may have increased their exposure to SNX as the MACD line in blue flipped above the signal line in red.
Now that bulls were not able to successfully break resistance at $2.5, the market may turn bearish due to possible profit-booking activities. Support at the 50-day EMA has already been lost although the next buyer congestion area has been highlighted at $2.4.
It is probable to see Synthetix revisiting the demand area between $2.244 and $2.319 ahead of another recovery attempt, but this time bulls may have enough momentum to push to $3.
Love Hate Inu – Newest Meme Coin
- Decentralized Polling – Vote to Earn
- Early Access Presale Live Now – Ends Soon
- $7 Million Raised
- Featured in Yahoo Finance, Bitcoinist
- Mint Memes of Survey Results as NFTs
- Staking Rewards
- Viral Potential, Growing Community
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