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The crypto market added 0.16% to its capitalization early on Tuesday morning. The 24-hour trading volume is also up by 36.79%, adding $24.22 billion. The market’s Fear & Greed Index stands at 35, showing that the market is yet to get out of the predominant fear. The result so far is a vast difference from the losses made early on Monday as the week began.
Events in the crypto market are not isolated from what is going on in other markets. The Chinese stock market led an Asian rally on Tuesday. The development followed Beijing’s decision to support the struggling economy with stimulus packages.
Investors welcomed the move in hopes that the market would recover quickly. In the US, on the other hand, the Dollar dipped while bonds rallied as the market expected data.
The Chinese stimulus entails halving stamp duty on stock trading and loosening margin loan rules. It also entails halting new listings for the time being and approving new retail funds. The stimulus shows readiness to stabilize the market, although the economy still struggles.
In a meeting with her Chinese counterpart, Wang Wentao, US Commerce Secretary Gina Raimondo agreed that both countries begin to exchange information on export control.
If the stock market continues to gather momentum and lasts for another 24 hours, the crypto market should follow suit. Traders’ appetite is almost always directly proportional to stock market trends.
In a remarkable show of enthusiasm and backing, the Sonik Coin presale has soared beyond the $600,000 threshold in less than two weeks since its initiation. With an allocation of 50% of the total 300 billion SONIK supply for early investors, this presale phase extends an invitation to meme coin enthusiasts to become early participants in a burgeoning venture.
Priced affordably at $0.000014 per token, entry into the SONIK ecosystem is attainable for a broad spectrum of investors. The tokenomics strategy also includes a deliberate 10% allocation for exchange liquidity to foster price stability post-launch.
Go ahead, underestimate us. We dare ya. pic.twitter.com/4IILliVmtg
— SONIK COIN (@Sonikcoin) August 28, 2023
A notable aspect of Sonik Coin’s inception lies in its community-centric approach, forgoing private funding rounds in favor of a more inclusive model. The presale boasts a restrained hard cap of $2 million, ensuring accessibility and nurturing a sense of community involvement.
As the presale gathers steam, the question arises: Is there a ceiling to Sonik token’s trajectory? With its impending listing on Uniswap upon reaching the hard cap, Sonik Coin’s journey seems poised to capture attention and potentially reap gains within the dynamic cryptocurrency market.
The presale’s initial success, amassing $20,000 within 24 hours, suggests the mounting interest and anticipation surrounding Sonik Coin’s promising trajectory.
Engaging with the cryptocurrency space mandates a paramount focus on security, a principle that Sonik Coin holds in high regard. Diverging from the prevailing trend where numerous emerging meme coins omit comprehensive smart contract audits, Sonik Coin remains steadfast in its emphasis on security.
Setting itself apart, Sonik Coin proactively subjects its smart contract to a rigorous audit process, deviating from the norm. This dedication ensures alignment with the highest security standards, establishing a robust foundation for the project.
Even as the presale advances, Sonik Coin’s commitment to security remains unwavering. The coin’s imminent introduction on the Uniswap decentralized exchange further underscores the emphasis on transparency and secure transactions. This unyielding commitment to security and transparency accentuates its potential as a noteworthy addition to cryptocurrencies.
Beyond merely offering a promising presale opportunity, Sonik Coin introduces an alluring staking protocol that distinguishes it from the crowd. Challenging the trend of speculative tokens, Sonik Coin dedicates a substantial 40% of its total token supply to staking rewards, heralding a fresh era of utility.
Through SONIK staking, holders open the door to substantial Annual Percentage Yield (APY) returns. Significantly, the current staking APY stands at an impressive 4,300%, showcasing the potential for rewarding passive income.
Approximately 555 million SONIK tokens are already staked, demonstrating the community’s enthusiasm and endorsement of this innovative feature. Beyond generating passive earnings, Sonik Coin’s staking mechanism plays a pivotal role in fostering long-term holding, thereby contributing to price stability.
Holders actively contribute to the development team’s objectives by engaging in SONIK staking, embodying the project’s community-driven ethos.
Seize the opportunity today and witness SONIK’s trajectory surging toward a $100 million market capitalization. Embrace innovation, harness potential, and join the ranks of those who dare to envision grand possibilities and the rise of the next cryptocurrency to explode.
Avalanche (AVAX) experienced a notable uptick of 4.25% in the last 24 hours, elevating the current trading price to $10.45. The native token of the layer 1 blockchain network commands a market capitalization of $3.71 billion, while the trading volume reached $123 million within the last 24 hours.
But AVAX has witnessed a minor 0.76% drop in the past hour yet maintained a 3.75% gain for the day. It is showing signs to be the next cryptocurrency to explode. Over the previous week, the token has demonstrated an upward trend, amassing a 2.12% increase. However, challenges persist when zooming out to the monthly view, as AVAX recorded a 21.22% decline over the past 30 days. The reduction over the past 6 months has been even more substantial, plummeting by 38.89% compared to its value six months ago.
The robust 3.75% daily surge coupled with the 2.12% weekly gain signals the accumulation of positive momentum in the near term. AVAX has established a short-term foundation and support, setting the stage for potential price advancements. AVAX could target resistance levels around $15 if this momentum persists.
With the ongoing upward momentum, AVAX might be in the early stages of a short-term trend reversal. The price would need to break through overhead resistance for confirmation, but the current bullish momentum is an optimistic indicator. Traders should monitor trading volume closely, as more robust trading volume could bolster the signal of emerging strength.
AVAX faces substantial technical resistance on higher timeframes despite the renewed near-term vigor. The monthly and 6-month downtrends remain firmly entrenched. AVAX must surpass resistance in the $20-$25 zone from its previous price range to regain control.
With AVAX recovering from oversold conditions, long-term investors could consider entering the market. A cost-averaging strategy over time enables the gradual accumulation of exposure at discounted levels. Exercising patience remains paramount.
For short-term traders, the nascent near-term uptrend allows opportunities for long positions during pullbacks while employing tight stop losses. If momentum falters, a swift exit is recommended over trying to predict precise tops and bottoms. The ability to enter and exit with precision is pivotal.
Although short-term momentum is strengthening, the substantial downtrend on higher timeframes warrants caution against current highly leveraged long positions. Employing options strategies to define and limit risk, rather than excessive leverage, is prudent. Exercise leverage judiciously until longer-term resistance is overcome.
As renewed upside momentum gains traction, whether Avalanche is poised for a sustained trend reversal arises. While the bullish momentum suggests a potential shift, the technical impact of the prolonged downtrend raises doubts. Traders should await AVAX’s reclamation of crucial levels before confidently declaring a significant trend reversal.
For long-term AVAX investors, the considerable price decline prompts contemplation on the attractiveness of current levels for accumulating a position. Dollar-cost averaging can enhance entry prices, yet further downside remains plausible. Despite indications of a potential bottom, assuming the exact low is risky. Long-term investors should employ a disciplined approach while averaging in.
Avalanche displays signs of bottoming and near-term upward momentum. However, the technical obstacles posed by its prolonged downtrend endure. Employing a measured strategy that prioritizes careful risk management remains prudent until more definitive confirmation of a trend reversal emerges. While short-term swings can be capitalized upon, caution is warranted for those with longer time horizons at current levels.
The XDC Network price has been gradually ascending over the past few days, with investors closely observing the recent onXDC Live event last week. It surged by more than 7% in the early hours of Tuesday, emerging as the top-performing cryptocurrency, as per CoinMarketCap data. Its value reached a peak of $0.057, marking its highest level since August 21st.
XDC Network stands as a blockchain network aspiring to become a prominent contender in the industry. Positioned as a solid alternative to Ethereum, Hedera Hashgraph, and Cardano, it aims to provide a cost-effective, speedy, and dependable network for enterprises. Being EVM-compatible, XDC can seamlessly interact with the Ethereum ecosystem.
The recent catalyst behind the XDC Network’s price surge was the onXDC event held last week, during which the network’s creators and developers discussed its progress. They also highlighted the forthcoming XDPoS 2.0 upgrade, which promises further enhancements to the network. Often, significant events and upgrades trigger rallies in the cryptocurrency market.
Notably, the XDC Network price gained momentum despite declining trading volume on exchanges. CoinMarketCap data indicates that the total 24-hour trading volume dropped by over 8%, amounting to just $9.2 million. This volume appears small, considering the network’s market capitalization surpassing $784 million.
Analyzing the 4-hour chart provides insights into the recent resurgence of the XDC Network price. This rebound corresponds to the formation of a falling wedge pattern, depicted in black. The upper boundary of the wedge connects the highest swings since August 10th with the lowest points since August 6th.
The falling wedge ranks among the most accurate bullish reversal patterns regarding price action analysis. Consequently, the token rebounded once the two lines of the wedge pattern converged.
Further enhancing the bullish sentiment, the XDC Network has crossed above the 25-period and 50-period moving averages. This development adds another layer of optimism. Consequently, it’s plausible that the token will continue its upward trajectory in the coming days, with buyers eyeing the next key resistance level at $0.060. However, it’s essential to factor in the token’s low trading volume as a potential risk.
Algorand, the next cryptocurrency to explode, has entered a new partnership with Ripio, which offers electronic payment solutions to businesses across Latin America. This partnership enables users of Ripio Wallet and Ripio Trade to harness Algorand’s high-performance blockchain for sending and receiving stablecoins and purchasing ALGO tokens directly on their respective platforms.
Ripio currently serves a user base of over 8 million individuals. Algorand Foundation’s recent announcement emphasizes that this integration “strengthens Ripio’s commitment to contribute innovatively to crypto adoption in Latin America.”
Algorand’s collaboration with Ripio arrives amidst a prolonged downtrend for its native token, ALGO. Having peaked at $2.99 in November 2021, ALGO has experienced a nearly two-year-long downtrend, resulting in a staggering 97.37% value erosion.
While the overall crypto market cap (TCAP) has surged more than 40% year-to-date in 2023, ALGO’s performance has declined by 45% within the same period.
The ongoing developments, including the recent partnership with Ripio, hold the potential to boost demand for ALGO. However, whether ALGO can rebound from its recent decline by year-end remains to be determined.
Despite these developments, the CoinCodex price prediction algorithm anticipates further downside for ALGO. Over the next 30 days, the algorithm projects a 17.35% decline, potentially taking ALGO’s price to $0.077034 by September 27, 2023.
ALGO’s recent poor price performance could raise concerns for early backers, given that the token has plummeted more than 95% from its initial ICO price. Additionally, around 21.73% of its total supply remains to be unlocked, potentially impacting the price further if early investors decide to sell.
On a more optimistic note, there is a possibility that the multi-year downtrend for ALGO is nearing its conclusion. The CoinCodex price prediction algorithm indicates a 2.31% price increase over the next 12 months, suggesting a potential bottom may be in sight.
Algorand, recognized as a high-performance, Turing complete blockchain, offers rapid and cost-effective transactions. It is an early example of solving ‘The Blockchain Trilemma,’ combining scalability, security, and decentralization while boasting a low carbon footprint through its proof-of-stake consensus protocol.
Despite its technical merits, Algorand has faced challenges maintaining user engagement since its inception. As of August 27, 2023, the Algorand blockchain had only 20,458 active wallet addresses, whereas Ethereum, the original Turing complete chain of Web3, boasted 500,557 active wallet addresses on the same day.
Algorand’s active wallet addresses have exhibited a consistent decline, with the total on August 27 being 70.55% lower than a year prior.
The Algorand Foundation aims to rejuvenate the ecosystem through ongoing enhancements to network infrastructure and strategic partnerships with prominent Web3 enterprises like Ripio. Successful developments could attract external investment and foster organic daily trading volume for ALGO, potentially sparking positive price movement.
Astar Network’s (ASTR) token has demonstrated remarkable resilience recently, defying market forces as its open interest experiences a surge. According to CoinMarketCap data, the ASTR token is trading at $0.061, reaching its highest point since April 30th. The token has surged by over 103% this year from its lowest point.
As a leading blockchain network within the Polkadot ecosystem, Astar Network operates as a para chain with the primary goal of facilitating the creation of high-quality and interoperable decentralized applications (dApps). A distinctive feature of Astar is its support for both Wasm and Ethereum Virtual Machine (EVM), along with the capability to connect with other blockchains such as Cosmos and Polygon.
Originating from Japanese developers, Astar Network has been instrumental in creating several decentralized apps. Notable DeFi dApps within its ecosystem include Avault Finance, AstridDAO, InsureDAO, and DAM Finance.
DeFi Llama data showcases Astar Network’s total value locked (TVL) surpassing $53.99 million. While it peaked at over $600 million in 2022, Astar still maintains a strong position. Key DeFi projects ranked by TVL in its ecosystem include ArthSwap, Algem, and AstridDAO.
The recent surge in the Astar Network token’s value must be clarified. Still, it could be linked to its growing popularity in South Korea, a prominent market within the industry. This is evident from the increased trading volume on platforms like Upbit.
Another notable development is Astar Network’s integration with FireBlocks, granting access to over 650 banks and institutions. This integration enhances users’ ability to trade various financial assets and access DeFi dApps.
Notably, open interest in the futures market has remained elevated over the past few weeks, currently at $11.44 million, up from this month’s low of $6.93 million.
Examining the daily chart, ASTR’s price has been in a robust upward trajectory, forming an ascending channel depicted in green. It has also surpassed the 50-day exponential moving average.
Astar Network’s price has also successfully converted the significant resistance level at $0.057 into a support level. This price point marked the highest level on May 24th. Consequently, the token will likely maintain its upward trajectory as buyers target the key resistance level at $0.09, the highest point on April 16th.
Wall Street Memes – Next Big Crypto
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Kamsi is an experienced writer in the blockchain space with a number of published articles on Cryptopolitan, Dogecoin News Hub, and other cryptocurrency news outlets. Previously Kamsi was a senior technical writer with Web Impactor, a firm managing SEO for brokers and exchanges. Outside of producing news and evergreen content, he can be found networking on crypto forums. Connect with…
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