The general crypto market is recovering today, with a 4.0% gain in the past 24 hours. The total market cap stands at $1.13 trillion. This rally is partly due to the gains recorded by Bitcoin as it reclaimed the $27,000 price level.
According to a news report by Investors.com, BTC’s rally is connected to a U.S. court favoring Grayscale Investment against the U.S. Security and Exchange Commission (SEC) in its application for Bitcoin ETF.
Bitcoin’s rally and other interesting developments are responsible for the price gains noticed among the top gainers, TON, FTM, WSM, BCH, and XDC.
Toncoin (TON) – The Decentralized Layer 1 Blockchain
TON’s price trends at $1.73, with an 8.9% increase in the last 24 hours. Also, the asset is up by 22.3% in the last seven days, suggesting a bullish revival.
Toncoin announced a Society Tact Boot camp in Seoul where developers will build projects for 800 million Telegram users. The event will take place between August 30 and September 1, 2023.
Developers will compete for a share in the $10,000 TON prize pool. This event will boost the adoption of TON and its price action.
TON Testing $1.3 Resistance Level
TON is trading close to the $1.3 resistance level as the bulls seek to force a rally for the asset. It found critical support at $1.1, and the buyers are slowly re-entering the market.
Despite the effort from the buyers, the small-sized candles suggest that there is limited buying pressure to support the rally. Also, TON is trading in the lower region of the Donchian Channel (D.C.), indicating that the sellers are still active in the market.
The Relative Strength Index (RSI) value is 41.11 in the neutral zone and rising, indicating that the buyers are forcing a break above its nearest resistance level.
The Moving Average Convergence/Divergence (MACD) has crossed over its signal line, confirming the bullish sentiment as the Histogram bars on green suggest more buyers are active.
TON will likely rally in the coming days once it breaks above the $1.3 resistance level.
Fantom (FTM) – The Innovative Smart Contract Platform
FTM trades at $0.21, with a 0.4% increase in its price in the last 24 hours. Also, its price is up by 4.9% in the past seven days, showing a positive price outlook for the token.
Fantom developers posted an ecosystem update to keep their community well-informed. On August 22, the Ecosystems Vault’s first community funding round opened for projects to apply and receive a share of the 750,000 FTM.
According to the announcement, to begin the process, a dApp submits its project to the vault round, and once the application is approved, the Fantom Foundation provides Gitcoin Vote (GcV) tokens to the dApp team.
750,000 $FTM from the Ecosystem Vault distributed to dApps = Vault Round
How does the Vault Round work?
Let’s break it down, from beginning to end 🧵
— Fantom Foundation (@FantomFDN) August 23, 2023
Next, the team rallies community support and distributes these GcV to their community members. To support the project, a user must vote by submitting the GcV tokens.
Once the users receive the GcV tokens in their wallet, they can vote with it in the Vault round to declare their support for projects that applied in the application period.
Additionally, no matter how many GcV tokens a user possesses, it represents $100 voting power to prevent Sybil attacks. Also, wallets must set up their Gitcoim ID. Wallets that set up this voting system are allowed to participate in the process.
Also, the top 12 gas-earning projects on the Fantom network were given 550,000 FTM in the quarterly Gas Monetization bonus. Also, several launches and integrations in the ecosystem made FTM tokens record positive price action this week.
FTM Price Trend Suggests Traders’ Indecision
FTM is trading in a sideways trend as the bulls and the bears battle for control. It has found support at the $0.1 price level as the buyers attempt to force a break above the $0.2 resistance level.
The MACD is above its signal line, and the green Histogram bars suggest that the buyers are gaining momentum today. However, FTM trades below its 50-day and 200-day Simple Moving Averages (SMA), suggesting a possible retracement ahead when the sellers force a re-entry at the $0.2 resistance level.
The RSI shows a value of 44.03 but shares this bearish sentiment dropping as it approaches the oversold region. FTM will likely retrace in the coming days before the bulls force a recovery if they can overcome the bears at the $0.2 resistance level.
Wall Street Memes (WSM) –The Retail Trader Revolution
Wall Street Memes is an exciting crypto project that started as a meme coin but has gathered a viral following in the crypto community. It aims to conquer the rampant capitalism in society today by rewarding retail traders through investment in meme coins.
Wall Street Memes draws inspiration from Wall Street Traders determined to take advantage of the memecoin season to reward early investors. Interestingly, no special tokens are reserved for the team, making the project transparent and creating equal opportunities for all investors.
It aims to transform normal-looking meme coins into valuable tokens, relying on the power of its large and expanding crypto community to achieve this goal.
Wall Street Memes has a community of over 1 million followers, with its physical office located in Panama and various social media channels for interaction.
Some analysts view this project as the next big thing in crypto, potentially yielding massive user rewards. Up Next Crypto, a YouTube crypto channel with over 530,000 subscribers, shared their thoughts on the project in a video, calling it the number one crypto meme community in 2023.
WSM Staking Adds Utility to The Ecosystem
WSM is the utility token of the platform. It runs on Ethereum; therefore, it is ERC-20 compliant. Also, Wall Street Memes support token staking similar to Ethereum, its host network. Users can make passive income by staking their $WSM tokens and contributing to inflation control in the ecosystem.
WSM users can buy and stake their tokens immediately in a staking pool to earn rewards calculated based on their percentage in the staking pool and APY at the time of staking. Over 244.2 million tokens are already staked at an APY of 82%. This APY is an impressive
The return rate for investors is likely one factor driving the massive accumulation of the tokens. Also, staking prevents whales from engaging in massive shorting of tokens after listing, reserving the value of WSM tokens in the long term.
Wall Street Memes stakers contribute to the ecosystem’s growth and confirm the platform’s long-term approach.
WSM presales Ending in A Few Weeks
WSM presale is coming to a conclusion in less than 28 days as the Tier-1 exchange listings approach.
This listing will likely translate to a potential price surge for the token, rewarding early investors. The presale is already a massive success, with over $25 million raised due to rising interest from buyers as it enters a late accumulation phase.
Each $WSM token is worth $0.0337 and can be purchased using crypto options (ETH, BNB, USDT) or bank cards. Additionally, WSM is giving back to its community an $50,000 airdrop for five lucky participants.
The contestants will complete certain tasks, which include purchasing some $WSM tokens and following their social media channels. Also, there is an ongoing NFT project called Wall St Bulls with an impressive collection, another driving force behind the project’s massive adoption.
NFTs are a lucrative niche in the crypto space, and this Wall St Bulls collection boosts the overall value of the ecosystem, giving investors items to trade and hold for more rewards.
Based on its affiliation with the project, the Wall St. Bulls collection will likely become one of the more successful NFT collections.
Wall Street Memes will launch an exclusive merchandise collection for its community to boost unity and fun. This collection will feature caps, mugs, T-shirts, and sweatshirts, all branded with exciting memes inspired by the community.
Users will exchange memes and grab merchandise that the developers refer to as symbols of a new era in finance. After listing, Wall Street Memes will focus on community empowerment and attaining a market cap goal of 1 billion tokens.
Early investors will earn massive returns if this market cap goal is achieved.
Wall Street Meme users can exchange these merchandise and share the fun side of the project. The exciting roadmap shows that Wall Street Memes is committed to building a thriving ecosystem that will last for the long term.
Bitcoin Cash (BCH) – The P2P Electronic Cash System
BCH trends at $214, with a 2.3% increase in the last 24 hours. Also, its price gains in the past week are 14.2%, suggesting dominance from the buyers.
Bitcoin Cash Benefitting from Grayscale’s Victory over the SEC
1/ Grayscale’s victory over the SEC is *massive.*
It’s very rare for a federal circuit court to find that an agency has violated the APA by acting arbitrarily and capriciously.
The DC Circuit just delivered a huge embarrassment for the SEC.
But the ETF isn’t approved yet 🧵
— Jake Chervinsky (@jchervinsky) August 29, 2023
On August 29, Chief policy of the Blockchain Association, Jake Chervinsky, described Grayscale’s victory over the U.S. Security and Exchange Commission as massive. According to Chervinsky, it is rare for a federal circuit court to find that an agency acted irresponsibly.
This ruling set a positive tone for the crypto market, causing Bitcoin to rally and lead a revival for the altcoins. Bitcoin Cash is a fork of the Bitcoin blockchain, and events in the Bitcoin ecosystem also affect BCH’s price action.
BCH’s MACD Shows Rising Interest from Buyers
BCH is trading close to the $223 resistance level after finding support at $189. It is approaching the upper band of the Bollinger Band (B.B.), and the expanding bands suggest a bullish sentiment ahead for the token.
Also, the MACD has crossed above the signal line, displaying a buy signal confirmed by the green Histogram bars. The RSI shows that the bears are still active, retracing slightly, although it is still in the neutral zone with a value of 52.07.
The indicators suggest price gains ahead for BCH. However, it will only move into an uptrend if the bulls overcome the $223 resistance level.
XDC Network (XDC) – The Hybrid Blockchain
XDC’s price trades at $0.06, with a 14.6% surge in the past 24 hours. Its seven-day gains stand at 22.4%, indicating a bullish sentiment for the token this week.
XDC Network announced on August 29 that Tradeteq, a U.K.-based debt and asset marketplace, rolled out a tokenized U.S. Treasury offering on XDC Network.
The market for tokenized U.S. Treasuries has grown to $622M this year, which is why we’re excited to be working with @Tradeteq on the launch of USTY tokens using @XDCFoundation’s trade finance-focused blockchain. More from @sndr_krisztian in @CoinDesk: https://t.co/YSRwXlJBUQ
— Securitize (@Securitize) August 29, 2023
Tokenization is one of the trending niches in the digital asset industry. According to the announcement, the tokenized U.S. treasuries have grown to $622 million in 2023. They are a game changer for trade finance and financial inclusion.
This tokenization is the big news driving XDC’s price gains noticed in the past 24 hours alongside the crypto market recovery.
XDC Approaching The $0.068 Resistance Level
XDC is trading close to the $0.068 resistance level after turning the $0.060 resistance to support. The Parabolic SAR indicator has moved under the candles, indicating a price increase ahead for the token.
Also, the RSI value is 57.14, rising from the neutral zone and approaching the overbought region of 70. The Slight retracement of the RSI indicates that the sellers are still actively seeking a price decline to make a profit.
The MACD is above the signal line, and the green Histogram bars suggest that the bulls are back in control of the token price. XDC will likely maintain its price level and move into an uptrend once it breaks above the $0.068 resistance level.
Today’s top crypto gainers benefit most from positive investor sentiment within their ecosystem. Also, the general recovery of the crypto market catalyzed the overall recovery of tokens.
A token’s utility drives buyer accumulation. But all markets operate in cycles, and buyers often sell to make a profit, leading to a price decline.
Also, the crypto market is infamously volatile. It often reacts to external factors such as inflation rates, causing a rapid price decline. Overall, investors are advised to conduct proper research before investing and engage in risk management techniques to prevent portfolio liquidation.
Additionally, presales offer low-risk opportunities to risk-averse investors to join projects early ahead of a potential price surge.