Crypto Market Growth Stalls As Bitcoin & Ethereum Set Monthly Lows, But Traders Are Still Bullish On These Tokens
Bitcoin ($BTC) and Ethereum ($ETH) are undergoing a notable dip today after both coins break beneath the July lows, setting an ugly start to August.
$BTC dropped beneath support at $29,000 this morning, reaching as low as $28,725 at the time of writing. At the same time, $ETH fell beneath its support at $1,850, reaching as low as $1,815.
Although the price drop was relatively minor, the move breaks major support for both coins and indicates further declines might occur during the week.
Despite the rocky crypto market conditions, several lesser-known tokens are starting to turn heads in the industry – with Wall Street Memes ($WSM) and yPredict ($YPRED) attracting a wave of investment as investors position for short-term gains during the market downturn.
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Crypto Market Growth Stalls: BTC & ETH Set New Monthly Lows
Since breaking consolidation last week, both Bitcoin and Ethereum are selling off as they break the July lows and head lower.
Bitcoin had been trading in a tight consolidation range between $31,650 (June 2021 low-day closing price – LDC) and $29,900 (July 2021 LDC) for 30 days between mid-August and mid-July.
However, toward the end of July, $BTC broke beneath the support at $29,900 to reach as low as $28,840.
Over the past week, $BTC attempted to recover but couldn’t overcome the $29,350 resistance provided by the July 2021 lows.
After multiple attempts at breaking $29,350, $BTC finally rolled over and broke beneath the July 2023 lows today.
Looking ahead, if $BTC continues to tank, the first level of support lies at $28,655 – provided by the June 2021 lows.
This is followed by support at $28,140 (.5 Fib Retracement), $28,000, $27,750 (Jan 2021 lows), and $27,350 (.618 Fib Retracement).
Ethereum is experiencing a similar struggle after falling beneath support at $1,830 today.
A short-term .5 Fib Retracement provides the support, and $ETH managed to hold this level through the entire period of July.
Unfortunately, with the recent $BTC drop, $ETH also followed suit and dipped below the support today;
Looking ahead, if the bears continue to push $ETH lower, the first level of support lies at $1,790 (Sep 2022 highs), $1,735 (May 2023 lows), $1,700 (July 2021 highs), and $1,650 (June 2021 lows).
What Tokens Are Traders Still Bullish On?
As Bitcoin and Ethereum continue to trade through rocky territory, lesser-known tokens are starting to gain momentum.
Innovative projects like Wall Street Memes ($WSM), yPredict ($YPRED), and Chimpzee ($CHMPZ) are starting to turn heads as investors believe they are presenting a path to higher returns while the rest of the market begins to see a downturn.
Wall Street Memes Raises $19 Million in Incredible Presale – Is it the Next Big Meme Coin?
Wall Street Memes recently crossed $19 million in its presale, demonstrating the incredible hype surrounding this project.
Investors are scurrying to get positioned at presale prices for $WSM as they’re fascinated by its meme-based humor, ability to cultivate an enormous community, and notable attention received from Elon Musk.
Wall Street Memes seeks to expose the traditional financial system and the greedy capitalists on Wall Street through a series of memes on its social media account.
The project represents the internet’s triumph over capitalism, stemming from the GameStop fiasco in 2020, where the armchair investors sent Melvin Capital into bankruptcy for their failed attempt to short the $GME stock.
Now, Wall Street Memes are tokenizing that movement through $WSM, allowing continued speculation with an added dose of humor.
The project has struck an incredible balance between hype and FOMO, causing its presale to surge past $19 million.
The hype has allowed the Wall Street Memes’ social media profiles to cultivate a cult-like community of over 1.1 million followers.
Its colossal community has caused its memes to become incredibly viral, generating over 40 million monthly impressions – making it the internet’s source for finance and trading-related memes.
The memes were so popular that they attracted the attention of Elon Musk, who has repeatedly left comments;
🤣
— Elon Musk (@elonmusk) April 22, 2023
The interest from Elon Musk sparked a wave of investment as investors rushed to get positioned as they speculated about his involvement with the project.
In addition, the fact that Wall Street Memes have such a vast following is leading analysts to believe that major tier-1 exchanges like Binance or OKX will list the token, as they would benefit from the enormous trading volume.
The presale is selling 50% of the total 2 billion $WSM supply, with the other half dedicated to adding liquidity to exchanges and providing community airdrops.
This makes Wall Street Memes an entirely community-driven token, so investors won’t have to worry about huge sales on the market from team tokens.
The community-driven aspect of $WSM has YouTube analysts believing it will be at the forefront of the next crypto bull run;
Overall, the internet culture, meme-based humor, and decentralized finance ethos behind $WSM have turned it into the most sought-after meme coin in the space.
With most of the presale already sold out, investors will need to be quick to get positioned in this project before it hits major tier-1 exchanges.
yPredict Generating Traction With Groundbreaking Artificial Intelligence Suite
Another project generating traction during the $BTC downturn is yPredict, a groundbreaking artificial intelligence suite designed to help traders become more consistently profitable.
The platform comprises several products that help traders make better decisions to become consistently profitable. It also has AI-based products to help SEO developers and content creators improve their results.
The primary feature of yPredict is its marketplace, which allows AI/Ml developers to list their financial prediction models in a results-as-a-service economy.
Traders will be able to subscribe to the highest-performing prediction models suited to their trading styles on a monthly basis.
They’ll pay for the subscription in $YPRED tokens, which will have incredible utility as the platform gains adoption.
The yPredict ecosystem also includes an analytics suite that uses cutting-edge trading tools entirely powered by AI.
The tools can alert traders about potential market breakouts and newly forming trends through pattern recognition, sentiment, and indicator analysis.
Furthermore, the AI provides confidence scores so traders know the likelihood of the trade playing out.
Traders would need to be staking $YPRED tokens to access this product.
Besides the trading tools, yPredict also has a backlink estimator to allow SEO experts to accurately predict backlink count and authority metrics to help improve their site’s web traffic.
A content creation suite also helps streamline workflows for editors through NLP-driven keyword suggestions and comprehensive scoring.
All of these products will require users to hold, spend, or stake $YPRED tokens for access – providing it with enormous utility.
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Show more +Overall, yPredict will be at the forefront of the next AI-based crypto bull wave, which is why investors are rushing to get involved as its presale raises $3.2 million.
The final stage of the presale is nearly here, so investors will need to be quick to research and invest in $YPRED if they want to take advantage of the presale prices.
Eventually, once the ecosystem gains adoption, the utility behind the token will likely cause it to explode much higher.
Chimpzee Changing How We Contribute to Charity – Elephants and Black Jaguars Already Saved
The final project turning heads is Chimpzee ($CHMPZ), a revolutionary Web3 project that seeks to raise financial contributions for charity while providing all holders with passive income streams.
The project aims to increase public awareness and provide financial contributions to organizations that help endangered species and fight deforestation.
Chimpzee has already raised over $1 million in its presale as investors rush to get involved in this Web3 ecosystem built to help the world.
The project has already impacted the world through notable financial contributions, even during its presale.
For example, upon hitting its previous fundraising milestone, Chimpzee donated an enormous $20,000 to WILD Foundation through The Giving Block.
The donation was to help save the majestic black jaguar in South America – which has seen dwindling numbers over the past decade;
Hey #ChimpzeeArmy! 🐵🌟
— Official Chimpzee Project (@RealChimpzee) July 14, 2023
🎉We have just made a $20,000 donation to the @wildfoundation to support their remarkable efforts in saving and protecting the majestic black jaguar!🐆❤️
Join our #Presale and help us achieve our next donation!✨🌍https://t.co/Geog3EVuMC#EcoCrypto
Before this, Chimpzee also made another $15,000 donation to WILD Foundation to help protect one of the last desert-adapted elephant herds in Africa. They also contributed to One Tree Planted to plant 20,000 trees;
🎉We achieved our 3rd Raise Goal and will plant 20,000 trees with One Tree Planted!
— Official Chimpzee Project (@RealChimpzee) June 6, 2023
👏Thank you Chimpzee Army for coming together to help make a real world impact toward helping fight climate change! 🌲🌲
Lookout for our next raise goal to help the WILD Foundation save animals! pic.twitter.com/iu7QiXgL63
The project provides passive income streams through shop-to-earn, trade-to-earn, and play-to-earn.
For example, those that own the NFT Diamond Passport earn a portion of all the trading fees generated on its NFT Marketplace. In addition, the play-to-earn game will provide rewards to high-scorers in the ecosystem.
Overall, besides the incredible pump that’s incoming after the presale – investing in $CHMPZ means you’re actively contributing to help the world become more sustainable and save animals.
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