Next Cryptocurrency to Explode Wednesday 30 August – Launchpad XYZ, Bitcoin Cash, Toncoin
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The crypto market capitalization jumped by an impressive 4.19% in the last 24 hours. Trading volumes in the same timeframe rose by 132.25% to $55.22 billion. Eased tensions in the stock markets are eventually yielding fruits from the crypto market. Crypto gainers are leading by a fair margin that has not been seen for over a month. Bitcoin’s market dominance is now at 48.84%, gaining 0.50% over the last day.
August is such a remarkable month in the financial space. It experienced one of the lowest points and also saw a recovery. Wednesday marked the third consecutive day of rise for Asian equities. It is becoming their highest day in the last two weeks.
The US Dollar is, however, weak. The weakness accompanied the weak data that came from the labor market. It intensified the feeling that the Federal Reserve may have ended its rate hike cycle.
The mood is set to continue in Europe. Eurostoxx 50 gained 0.39% in the last 24 hours. The FTSE and German DAX followed suit by 0.31% and 0.29%, respectively.
Next Cryptocurrency to Explode
The recent gains are highly impressive, given the protracted bearish experience. However, the crypto market is still far from its initial position. The momentum must stay consistent if traders are to recoup their losses. If the bullish momentum fails to be sustained, then the market capitalization may be on its way below $1 trillion.
1. Launchpad XYZ (LPX)
Launchpad XYZ is an innovative project that empowers users with a comprehensive suite of tools, positioning them to excel in the dynamic realm of Web3. The project has successfully raised over $1.5 million during its presale phase.
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This platform simplifies seizing opportunities within the upcoming crypto bull market. Its Launchpad Quotient feature assesses various crypto assets across 400 data points. It helps to ensure that users are well-equipped to identify the next potential stars like Pepe or Floki.
Equally impactful is the TradingEdge tool, which equips traders with well-informed choices and risk management strategies. Leveraging sentiment analysis and real-time news updates, this tool empowers decision-making and showcases optimal trade setups from seasoned traders, proving invaluable for newcomers.
Notably, the project has provided a limited-time opportunity for complimentary access to its alpha calls group on Telegram. This group has already yielded numerous successful trade setups, including the ELON 2.0 alpha call, which delivered remarkable profits of 29x.
The investment community has rapidly acknowledged the boundless potential within the Launchpad XYZ ecosystem. With the presale, LPX tokens have already been snapped up. The project has unveiled an enticing 20% bonus for existing presale token holders and prospective buyers to enhance user engagement. It’s important to note that this generous bonus will expire within a few hours.
Depending on the quantity of LPX tokens acquired, investors will also receive NFT-based premium access passes, unlocking many exclusive benefits and privileges.
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2. Stacks (STX)
In a notable rebound, the price of Stacks (STX) cryptocurrency surged as investors celebrated the latest setback faced by the Securities and Exchange Commission (SEC). The coin peaked at $0.5561 early Wednesday morning, marking its highest since August 15th. Impressively, it has surged by over 30% from its lowest point this month, with a significant 17.25% surge within the last 24 hours alone.
OVER THE PAST YEARS, the SEC has been an outspoken opponent of cryptocurrencies, initiating actions against key players like Binance and Coinbase in the industry. However, recent times have seen the regulator encounter more challenges than victories within the legal system. A few weeks ago, it suffered a loss in its case against Ripple’s XRP, contesting its classification as a financial security. The SEC has since appealed this ruling.
The most recent setback emerged on Tuesday when a US court ruled that the SEC was mistaken in denying the Grayscale Bitcoin Trust the ability to convert GBTC into an ETF. Consequently, GBTC is set to become the largest spot Bitcoin ETF, boasting almost $20 billion in assets. This ruling paves the way for other companies like Blackrock, Invesco, and WisdomTree to pursue their spot ETFs. The SEC has until the end of this week to decide whether to delay, accept, or reject these applications.
Experts anticipate that the ETF decision could drive increased inflows into Bitcoin, leading to higher altcoin prices. However, the excitement following the ETF gains may be short-lived as the initial hype subsides. As highlighted earlier, investors have various ways to invest in Bitcoin, including the BITO ETF.
Stacks’ price ascent can be attributed to its close association with Bitcoin. Functioning as a blockchain project, Stacks enables the creation of dApps powered by Bitcoin. Developers can leverage this platform to build applications within DeFi, NFTs, and the metaverse sectors. Stacks perform well when Bitcoin experiences a rise.
The 4-hour chart reveals that STX’s price closely aligns with Bitcoin’s movement. Similar to BTC, STX experienced a drop to $0.4040 on August 17th before trading sideways for over a week. A bullish breakout occurred on Tuesday, leading Stacks to transform the pivotal resistance at $0.50 (August 19 high) into a new support level. The chart also indicates that Stacks has moved above the Ichimoku cloud and witnessed a bullish crossover between the 25-period and 50-period moving averages.
3. Bitcoin Cash (BCH)
Bitcoin Cash (BCH) appears poised to conclude the day as a top gainer in the crypto market. The announcement of Grayscale ETF approval sparked a widespread surge in the value of major assets, breathing life into the entire cryptocurrency landscape.
BCH is riding the wave of positive sentiment prevailing across the market. Consequently, it successfully retested and breached multiple resistance levels, reaching its highest point in the past ten days. This impressive performance marks one of its most substantial upward moves in nearly two months.
Data provided by Coinstat sheds light on the developments of the last 24 hours. The altcoin remained relatively subdued during the early hours of the current intraday session. However, notable movements began at 14:00 (UTC), propelling the trading candle within two hours to reach a peak of $214 after commencing trading at $193. Although a correction followed, the asset is on track to conclude the day with an almost 8% increase.
This shift in trajectory propelled the asset to overcome its most formidable resistance within the past ten days. The $200 barrier yielded to the higher buying pressure, breaking for the first time within this timeframe. It’s important to note that this is not the first instance of BCH testing at this critical level. For instance, on the previous Sunday, it initiated trading at $190, surged to a high of $201, experienced corrections, and closed at $197, ultimately registering gains of over 4%.
Chart indicators bolster the optimistic outlook, with several factors trending positively. The 12-day exponential moving average (EMA) has crossed above the 26-day EMA shortly before the time of writing. This signals a bullish divergence on the Moving Average Convergence Divergence (MACD) and suggests the potential for further price increases.
Likewise, the relative strength index (RSI) spiked in response to the sudden surge in buying volume. Starting the day at 36, it may conclude near 58. While not an absolute gauge of an incoming uptrend, this reflects the current market trends, which could persist in the days ahead.
Looking ahead to the next five days, the $215 support level holds particular significance. During the preceding bull run, numerous downtrends rebounded from this mark, making it a crucial level to monitor.
4. Toncoin (TON)
Despite a lack of substantial whale activity, Toncoin (TON) has demonstrated a consistent upward trajectory over the last ten days, primarily driven by small-scale investors.
Data from Santiment reveals a notable decline of 100% in TON whale transactions within the past month. Transactions involving at least $100,000 worth of the asset have ceased since August 26th.
In contrast, there has been a noteworthy surge in TON’s supply on various exchanges during the last two weeks. The data from the market intelligence platform indicates a 15% increase in the total Toncoin available on exchanges, rising from 1.28 million coins on August 14th to 1.47 million tokens.
Toncoin’s social volume has experienced fluctuations in the past month. On August 24th, discussions surrounding the asset on social media almost doubled; however, this engagement has steadily declined over the last five days. Santiment’s data highlights an 88% drop in TON’s social volume since August 25th.
In the past week, TON has stood out as the top gainer among the leading 100 cryptocurrencies, boasting an impressive 23.74% surge. Over the past 24 hours, the asset has also recorded an 11.03% increase, currently trading at $1.72.
Furthermore, Toncoin’s market capitalization presently rests at $5.9 billion, while its 24-hour trading volume has witnessed an 86.71% increase, settling at $20 million.
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