The crypto market is going through a turbulent period after Bitcoin ($BTC) was dragged beneath the $29,000 support, sending Ethereum ($ETH) and other major altcoins lower.
The industry has reached a new level of uncertainty as the move caused Bitcoin and Ethereum to break the July lows, setting the stage for further future declines.
Despite the downside industry action, traders are still very bullish on emerging tokens that can protect funds from downside market movements.
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Crypto Market Reaches New Uncertainty as Bitcoin Slides Beneath July 2023 Lows – Here’s Why
The price of Bitcoin fell by a small 2% today, causing the price to drop beneath the coveted $29,000 support and reach as low as $28,300.
Although today’s price drop was small, traders are growing cautious as it caused $BTC to set a fresh low not seen since June 21, 2023.
In addition, today’s break of $29,000 sets the stage for further declines throughout the week as the coin trades inside a descending price channel;
Looking ahead, the first strong support level lies at $28,150 (.5 Fib Retracement). This is followed by support at $27,750 (Jan 2021 lows), $27,350 (.618 Fib Retracement), $27,000, and $26,222 (.786 Fib).
Although the move is a technical break that signals further downside action, the catalyst for the fall was largely a result of the US Federal Reserve hinting that interest rate hikes could soon be starting again.
The US FED recently released hawkish meeting minutes, hinting that they believe that inflation is still too high and additional rate hikes might be needed.
It’s not just crypto that’s suffering. The Nasdaq 100 hit a level not seen since June, and the S&P 500 also hit the early July lows.
Ethereum is Also on Rocky Territory and Follows Bitcoin – Where’s the Support?
Ethereum is also on rocky territory as it follows the path of Bitcoin and sets new lows not seen since June 20, 2023.
$ETH fell by a small 1.7% but was dragged beneath $1,800 and broke below the previously formed descending triangle pattern;
The triangle’s downside break also hints that further price declines are imminent for ETH as traders grow cautious in the altcoin market.
Looking ahead, the first support lies at $1,790 (September 2022 highs). This is followed by $1,7600, $1,735 (May 2023 lows), $1,700 (July 2021 lows), and $1,650 (June 2021 lows).
What Tokens Are Traders Still Bullish On?
While Bitcoin and Ethereum set the stage for further price declines over the coming weeks, traders are starting to turn their attention to lesser-known tokens that are beginning to gain momentum.
They’re rushing to these tokens because their presales provide closed trading environments that aren’t correlated with the market movements and have the potential to provide 10-50x returns once the fundraising ends.
In particular, emerging projects like Sonik Coin ($SONIK), Wall Street Memes ($WSM), and Launchpad.xyz ($LPX) are turning heads due to their ability to provide speedy returns and the growing hype behind their potential.
Sonik Coin ($SONIK) Sees Traction as Traders Intrigued By Stake-2-Speed Mechanism.
Sonik Coin ($SONIK) is one of the newest meme coins gaining traction in the sector as it introduces a unique Stake-2-Speed earning mechanism with a fun theme.
Sonik, the character behind the meme coin, is described as the moronic meme recreation of one of SEGA’s most beloved and best-selling franchise characters – Sonic the Hedgehog.
The meme coin has the potential to go viral after being inspired by the most likable and well-known gaming characters in the world.
The project intends to become one of the fastest-growing meme coins, and Sonik wants to use his deceptive speed to pump $SONIK coin to be the quickest meme coin to go from a $0 to $100 million market cap.
Sonik Coin introduces a new and innovative Stake-2-Speed mechanism to help the market cap reach $100 million in record time.
The mechanism allows $SONIK holders to earn additional tokens for staking their holdings for at least seven days.
In addition, presale buyers can transfer their holdings to the staking contract – even before the token is claimable.
The APY returns for staking are extremely impressive. At the time of writing, 2 million $SONIK have already been staked – providing 1,100% APY for stakers.
The Stake-2-Earn mechanism is one of the reasons that popular YouTube analysts are hinting that $SONIK has the potential for a quick 10x return;
The presale is quickly gaining momentum as traders rush to get positioned at the lowest possible prices.
To ensure a fair and transparent launch for everybody involved, the presale and launch prices are set at $0.000014.
The tokenomics pay homage to Sonik’s speed, estimated to be the speed of light at 299,792,458,000 m/s. Therefore, there are 299,792,458,000 $SONIK tokens in circulation.
Of the supply, 50% is sold in the presale, and 40% is locked in the staking contract to provide rewards over the next four years.
The final 10% is reserved to add liquidity to DEXs – providing a smooth environment for trading.
With the presale price set low, Sonik aims to raise a small $2.1 million – meaning the presale isn’t expected to last more than two weeks.
Therefore, it’s essential to get positioned as early as possible or face the pain of paying higher prices once the token launches and starts to trend across the industry.
Wall Street Memes Crosses $24.5 Million Fundraising Milestone.
Another popular meme coin is Wall Street Memes ($WSM), which recently crossed an enormous $24.5 fundraising milestone.
Wall Street Memes is on a mission to make satire out of the greedy capitalists on Wall Street and expose the traditional financial system through meme-based humor on social media.
The memes they’ve posted have become the internet’s go-to source for trading and finance-related memes, generating over 40 million monthly impressions.
Traders are rushing to this token due to its colossal community, meme-based humor, and interest from whales.
With the presale in its final stages, whales are starting to experience FOMO, with one whale buying $850,000 $WSM in one purchase;
Elon Musk has also been paying attention to the project, commenting on the memes on several occasions – sparking speculation about his involvement and interest in the project;
Furthermore, analysts expect enormous returns from this project as they believe the colossal community, which has over 1.1 million followers, will help get $WSM listed on a major tier-1 exchange.
Exchanges like Binance and OKX would rush to list the token as the huge community would generate enormous trading volume;
Overall, the unique fusion of internet culture, meme-based humor, and decentralized finance has created the perfect blend of hype and FOMO for Wall Street Memes – setting the foundation to turn it into the next meme coin sensation on the market.
However, with the majority of the presale allocation already sold, investors must hurry to have the opportunity to snap up the remaining $WSM available or pay higher prices once the token launches on major tier-1 exchanges across the industry.
Launchpad.xyz Helping Make Web3 Investment More Accessible
The final token traders are still bullish on is a utility project designed to provide all the tools a user would need to succeed in Web3 investing.
Launchpad.xyz ($LPX) is gaining momentum as traders believe its utility will attract a huge audience looking to find the next best Web3 project to invest in.
In addition, with all the scams floating around in crypto, investors are comfortable with $LPX as the team behind the project is fully doxxed – preventing any type of rug-pull attempt.
On the platform, investors can find the next best NFT, fractionalized assets, utility tokens, presales, or metaverse ecosystems to buy into before the herd catches onto them.
The entire idea of Launchpad.xyz is to create a portal that provides easy access to the best projects in these sectors while allowing users to invest and retain self-custody.
It offers smart data, analytics, and insights on crypto and NFT investments in one place, simplifying the entire process.
Furthermore, the project cleverly integrates AI into the ecosystem through Launchpad Quotient.
This AI mechanism helps rank the potential of all the projects by providing a single value to denote the risk and reward opportunity.
The best part about it is that users of the platform will require the $LPX token in a stake-to-access subscription service, providing demand for the native token.
Launchpad.xyz has already raised $1.3 million in its presale as investors continue to pile in.
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