Next Cryptocurrency to Explode Friday, 25 August - Wall Street Memes, Bone ShibaSwap, Monero

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After a short-lived high on Thursday, the crypto market returns to the lower swing. The market capitalization is currently down by 1.74%. The last 24-hour trading volume is also done by 14.49%. The ongoing inconsistency is reminiscent of every bear market. It is not known when the current trend will hit a permanent reversal.

The crypto market’s downtrend is closely connected with unpredictable trends on the global financial scene. In Europe, policymakers at the bloc’s central bank are concerned about the zone’s poor economic growth. There is ongoing discussion on whether there will be a pause to the central bank’s rake hike.

The European Central Bank raised interest rates at all its last nine policy meetings. The moves were necessary in an attempt to bring down the outrageous inflation. The latest rate hike was on the 27th of July. The bank is having a debate about whether it will raise rates in September or not.

Stocks in Asia sold off while the US Dollar rose to an 11-week high early on Friday. The Dollar gained against all its major competitors, and investors prepared for a hawkish move from the US Federal Reserve.

Treasury yields in the US have stabilized under the 14-year high. Crude oil is also under a month low but may be getting close to a second week of decline—the strength of the Dollar occasions the expected crude oil low and worries about China.

Next Cryptocurrency to Explode

Crypto investors will watch the financial and stock markets closely for signs of economic ease. The coming week may bring respite as the Jackson Hole conference looms.

1. Wall Street Memes (WSM)

The current year has been marked by a flurry of activity in the crypto market’s presale projects. Among the multitude of promising ventures emerging, one in particular stands out. Unveiling the distinct attributes that set WSM apart will show the reasons behind its notable significance for the future and why it’s the next cryptocurrency to explode.

Wall Street Memes (WSM) represents an intriguing amalgamation of elements from the financial realm, meme-fueled humor, and prevailing online trends within its community. As a central hub for meme coins, the Wall Street Memes project goes beyond merely promoting cryptocurrency investment; it playfully delves into critiquing and challenging conventional financial systems.

At the core of this movement lies the WSM token, brought to life by the dedicated Wall Street Memes team. This token empowers individuals to partake in whimsical and entertaining speculative endeavors reminiscent of those often seen on Wall Street. By engaging with the Wall Street Memes community and acquiring WSM tokens, participants support the cause and stand a chance to earn cryptocurrencies linked to memes.

In its final presale phase, the WSM token presents a closing window of opportunity for potential investors to get involved. With an impressive sum of over $25 million raised, the token carries substantial value and holds the potential for significant growth in the future. In this concluding presale stage, the price of WSM stands at $0.0337.

Moreover, the token is on the brink of debuting on several high-profile exchanges in just over a month, as confirmed by official announcements. This suggests a limited timeframe for potential price escalation. Additionally, the option to stake the WSM token presents an attractive opportunity, offering an estimated yield of around 119%. Notably, the volume of tokens staked has already surpassed 168 million, underscoring strong interest.

Given the palpable enthusiasm surrounding WSM, it’s foreseeable that the token will experience brisk sales during its initial offering phase. Investors are expected to actively engage in this venture in the coming weeks, further amplifying the growing excitement encircling WSM.

Visit Wall Street Memes.

2. Bone ShibaSwap (BONE)

In a surprising twist of events, the BONE token, based on Shiba Inu, has emerged as one of the standout performers in the current crypto market landscape. Despite the poor performance of the broader market, the BONE token has impressively surged by over 11% within the past 24 hours. The latest development put BONE in the limelight as the next cryptocurrency to explode.

The primary driving force behind BONE’s commendable price movement is a series of positive developments within the Shiba Inu ecosystem. A substantial boost was derived from the recent overhaul of the Shibarium testnet explorer, Puppyscan. Additionally, the ongoing process of releasing previously locked BONE tokens to users has significantly contributed to this upward trend.

The Shibarium layer-2 network encountered a notable technical glitch in its bridge contract. It resulted in approximately $1.7 million worth of Ethereum being trapped between Ethereum and the layer-2 solution after the Shibarium launch on August 16.

Renowned Shiba Inu influencer Lucie recently updated the community about the status of BONE on Shibarium. She confirmed that many users have now received their previously inaccessible BONE tokens, a claim corroborated by several other users.

Another driving factor behind the increasing popularity of BONE is the continuous enhancement and optimization of the Shibarium mainnet in anticipation of its public relaunch. Shytoshi Kusama unveiled a range of new features on Wednesday designed to elevate the user experience on the layer-2 scaling solution. Interestingly, Shibarium is still private and has yet to be relaunched for the public.

Since the announcement that the Bone ShibaSwap (BONE) token would become the gas token for the eagerly awaited scaling solution, Shibarium, the price has shown a solid upward trend. Although dampened by the unsuccessful launch of Shibarium, yesterday’s news has injected new momentum into the BONE token.

BONE has now completed its retracement to the 61.8% Fibonacci retracement level at $1.10. Over the past two days, BONE has surpassed the 200-day EMA (blue line). The 50% and 38.2% Fibonacci retracement levels were breached yesterday, with particular significance attached to the latter at $1.3792, as it previously served as a crucial support level from February to mid-March this year.

There is a retest of the 38.2% Fibonacci retracement level at $1.3792. If the BONE bulls can successfully defend this level, conditions favor another upward push. The next target would be the 23.6% Fibonacci retracement level at $1.4052 before potentially aiming for the early August high at $1.8155. This would mark a 29% increase. Surpassing the August high could open the door to challenge the all-time high at $2.10, representing a substantial 48% price rise.

BONE would enter a price discovery phase, with the 1.618 Fibonacci extension at $2.25 as a potential target.

3. Monero (XMR)

Monero (XMR) is one of the foremost cryptocurrencies emphasizing privacy, security, and un-traceability. Originating in 2014, Monero operates on the Proof-of-Work (PoW) consensus mechanism, appealing to investors seeking confidentiality in their transactions. Throughout the year, the value of Monero crypto has fluctuated within the range of $140 to $155 until recently.

This suggests that the upcoming price milestone to surpass is $160. Presently holding a market capitalization of $2.6 million and a 24-hour trading volume of $75.4 million, Monero crypto ranks as the 27th largest in the market. According to Monero’s price predictions, it has the potential to reach a value of $206.60.

In the past 24 hours, Monero’s valuation has risen by only 0.75%, placing its price at $138. Nonetheless, trading activity within the token’s network remained positive during the same period, boasting a significant change of over 38%. This surge in activity has led to its trading volume.

Taking a broader view over a week, Monero has encountered notable challenges, marking a decrease of 9.16%. Monero’s price has experienced a substantial downturn of 14.34%, causing a reduction of $23 from its previous value of $161.

Further exploration of the trajectory spanning the last three months reveals that Monero’s value has dipped by 8.44%, resulting in a decrease of $12 from its former price of $150.

It’s worth noting that historical patterns often see steep declines followed by potential upswings, creating opportunities for market participants seeking to capitalize on buying opportunities in anticipation of a rally toward new highs.

With the Fear & Greed Index at a reading 41, a noticeable sense of fear prevails within the broader crypto market. This sentiment aligns with various technical indicators, suggesting the possibility of ongoing selling activity.

Today, a prominent red candle formation is evident, underscoring sellers’ persistent efforts to drive XMR’s price closer to the $135 mark.

This consistent selling pressure has caused the token’s price to slip below the Exponential Moving Averages (EMAs), increasing the potential for further price declines.

Despite this bearish perspective, the Relative Strength Index (RSI) reading of 27.25 indicates the potential for a bullish reversal in the upcoming days, given that the asset has reached an undervalued or oversold condition.

If bearish momentum continues, XMR could reach the support level at $135, which would signify a 2.24% decrease in price, posing a notable risk to investors’ holdings.

Interestingly, the robust support level at $135 might deter further price drops, signaling the onset of a buying trend. Many prospective investors eyeing the market entry might focus on this level, recognizing its potential to initiate a bullish trend.

4. WOO Network (WOO)

Just last week, Rekt Capital, a crypto trading firm, delved deep into the complexities of the triangular market structure that has been taking shape in WOO’s price chart. According to Rekt Capital’s analysis, this structure holds more significance than just being a pattern. It is a historical indicator that often hints about forthcoming price movements. The trader highlighted the potential of a downside wick breaking below the triangle’s base. It is a phenomenon that has historically signaled substantial shifts in the market.

Moving to the current scenario, Rekt Capital points out that WOO has followed the projected path. The asset exhibited a noticeable downside wick, extending notably beneath the triangular pattern. As emphasized by Rekt Capital, this action closely aligns with the lows witnessed in past price reversals, solidifying its importance within the market.

Following this downward movement, WOO is staging a recovery. At this pivotal moment, Rekt Capital outlines WOO’s primary objective as maintaining price stability at these lower levels. The trader observes a distinct difference between the previous week’s significant downside wick and the ongoing week. WOO has successfully formed a Higher Low, achieved by retesting the lower boundary of the triangular pattern.

This Higher Low, Rekt Capital emphasizes, holds substantial significance. It is a foundational element for WOO to establish a robust support level, paving the way for potential upward movements. As Rekt Capital outlined, the ultimate objective is for WOO to revisit the Wedge Top and strategically attempt a breakout.

Rekt Capital asserts that WOO’s recent behavior in the market is a classic example of how historical patterns can offer invaluable insights for trading. The asset has demonstrated resilience and strategic adaptability—crucial for any cryptocurrency with long-term aspirations. Rekt Capital advises traders and investors to closely monitor WOO’s progress as it navigates its triangular market structure, indicating that a noteworthy breakout might be on the horizon.