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The crypto market is a fast-paced, volatile environment, with price fluctuations a regular occurrence. Today June 28, the general crypto market cap is down by 1.85% at press time.
Despite this decline, crypto tokens are still among the top gainers in the market today. Bitcoin’s hold on the $30,000 price level seems to give the market a much-needed lift.
Today’s top crypto gainers are likely benefiting from several factors, such as investors’ sentiments and recent developments in their ecosystem.
Stellar (XLM)
Stellar is a decentralized peer-to-peer network aiming to connect financial systems worldwide effectively.
It prioritizes transaction speed for its users at a negligible cost. Also, Stellar uses distributed ledger technology for processing all payments.
It also serves as a decentralized exchange and marketplace for users eliminating high gas fees and increasing transaction rates.
The high cost of transactions is a major challenge in ecosystems such as Ethereum. However, transactions on Stellar attract a fee of 0.00001 XLM quite affordable for users.
The Stellar Consensus Protocol secures this ecosystem from external and internal attacks. XLM is the native crypto asset of utility that powers the Stellar ecosystem.
It traded at $0.091 on June 1 and $0.087 on June 5. However, bearish pressure led to a drop in its price to $0.079 on June 14.
The bulls rallied again to reclaim the $0.082 price level on June 20. By June 24, XLM returned to the $0.090 price level and increased further to $0.092 on June 26.
It is at the $0.099 price level, with an increase of over 4% in the last 24 hours. XLM’s trading volume is up by over 285% today, showing a massive spike in trading activity as the bulls target further price increases.
XLM Luring Sellers Into A Bear Trap
XLM is retracing slightly at the moment despite its recent gains. It is trading above its 50-day and 200-day Simple Moving Averages (SMA), a short and long-term bullish sentiment.
The slight retracement today seems like a bear trap making traders place sell orders. A bear trap is a bearish correction or price reversal in an uptrend. However, it is temporary and often leadtraders to losses.
Also, its Relative Strength Index (RSI) is 70.15 in the overbought region above 70. It implies that buyers have the majority share in the market today. However, the RSI indicator is moving downwards, hinting at a possible retracement close to the neutral zone.
XLM’s Moving Average Convergence/Divergence (MACD) is above its signal line, expressing a bullish sentiment. Also, the Histogram bars confirm the bullish sentiment with green bars at full strength.
XLM will likely shed some of its gains as the bears mount pressure before it resumes its uptrend in the coming days.
Compound (COMP)
Compound is a DeFi lending protocol that enables users to earn interest on crypto assets by moving their assets to pools backed by the platform.
Users that deposit tokens in a Compound pool receive cTokens representing their stake in the pool. These tokens serve as redemption tokens for their pool stakes at any time.
Also, borrowers can take a secure loan from any compound pool by depositing collateral. The maximum loan-to-value (LTV) ratio varies based on the collateral asset but is a range of 50 to 75%.
Compound has surpassed $800 million in its Total Locked Value (TVL). According to the developers, their goal is to provide financial security for users through loans and interest from lending pools.
COMP is the native governance token of this platform. Holders can propose changes in the ecosystem and vote to support other proposals.
COMP tokens are purchased from third-party exchanges or earned by interacting with the Compound protocol through activities such as depositing crypto assets.
Compound smart contracts that help mint cTokens after ETH and other ERC-20 assets are committed to the platform.
The protocol also protects its collateral, ensuring that it is sold to liquidators at a 5% discount if it falls below the minimum maintenance level.
This ensures borrowers sustain healthy collateral levels and safeguards the assets of lenders while creating earning opportunities for liquidators.
COMP traded at $35.41 on June 1, holding onto its gains until June 5, when it declined to $32.63.
It encountered price volatility dropping further to $26.67 on June 10, 2023. However, it rallied to $29.84 on June 21, returned to the $30 price level on June 23, and moved to $35.78 on June 26.
It is currently trading at $41.06 and, despite the slight retracement in its price today, still retains most of its gains in June 2023.
Notably, its trading volume is up by 19.14%, showing increased market activity among its holders.
COMP Still In The Green Despite Bearish Pressure Today
Despite forming a red candle on the daily chart, COMP is in an uptrend today. The long upper wick on the candle shows that the bulls are still intent on driving its price higher.
It is still trading in the upper region of the Donchian Channel (DC), a bullish sentiment for the asset.
COMP’s MACD is above its signal line and showing positive values, a bullish sentiment. Its Histogram bars are green, confirming that the bulls are still in charge of its price action today.
Also, its RSI value is 68.85, close to the oversold region of 70, also a bullish signal implying that most traders are in long positions today.
However, the RSI is moving downwards, hinting at a possible retracement and reflecting bearish pressure. COMP will likely retrace to the upside to form a higher high on the daily chart as the bulls continue on their charge.
VeChain (VET)
VeChain is a Layer-1 (L1) smart contract platform versatile in its practical applications. It aims to use distributed governance combined with Internet of Things (IoT) technology to create its ecosystem.
Also, it aims to solve data problems for several global industries in various sectors. It relies on the power of trustless data sharing between multiple participants. VeChain uses two tokens, VET and VTHO, to manage activities on its VeChain Thor public blockchain.
VTHO is used for Gas fee payments and stabilizing the cost of the network operations. Vechain hopes to give users an edge over traditional business models and is efficient in supply chain operations.
VeChains’s ecosystem uses its optimized blockchain called Thor. VeChainThor is a business platform that backs smart contracts and data audits. Also, this blockchain simplified supply chain management making inventory tracking transparent.
It is based on a distributed ledger technology to control operations and properly process information. It uses a Proof-of-Authority (PoA) consensus mechanism reliant on masternodes.
Proof-of-Authority is a system where authority master node operates are selected independently by a Steering Committee, enabling them to run a masternode.
VET traded at $0.01974 on June 1 before declining after a few days to $0.01854 on June 5. It dropped further to $0.01775 on June 7 and continued its descent to $0.01558 on June 10.
June 15 confirmed the downtrend as VET traded at $0.01498. However, it rallied to $0.01869 on June 23 as the bulls regained control.
It is currently trading at $0.01904, with an increase of over 1% in its price within 24 hours. Also, its trading volume is up by 68.8% as the bulls seek to continue their rally.
VET Finds Critical Support At 61.8% Fib Level
VET is in the green today, finding critical support at the 61.8% ($0.01803) Fibonacci level. It faces resistance at the 78.6% Fib level ($0.01933) as it attempts to shake off the bears for another rally.
VET was in a sideways trend for the past few days. However, it seems to progress positively on the price charts today.
Its RSI value is 61.32, close to the overbought region of 70 and a bullish signal. However, the indicator is moving sideways, indicating that the bears and the bulls are evenly matched in the market today.
VET’s MACD is above its signal line, showing positive values. This bullish signal is confirmed by the green Histogram bars, indicating a potential uptrend. VET will likely resume its uptrend in the short term if the bulls persist.
Bitcoin Cash (BCH)
Bitcoin Cash is a peer-to-peer electronic cash ecosystem that prioritizes fast payments at affordable rates. It is a decentralized crypto network created as an alternative to Bitcoin.
Bitcoin Cash is a hard fork from the original Bitcoin blockchain formed due to disagreements in the community over scaling and other vital issues.
Bitcoin Cash has a larger block size than Bitcoin, making it faster and cheaper to transact on. It supports smart contracts and other apps within its ecosystem.
Notably, its supply is capped at 21 million coins making it scarce and increasing its value. These BCH tokens help to execute financial transactions with ease and privacy on the network.
In June, BCH traded at $113 on June 2023 before increasing to $115 on June 4. However, the bears pushed it down to $103.62 on June 10, causing volatility in its price.
BCH rallied again on June 21 to $136 and moved to $213 on June 24. It is currently trading at $232, increasing over 1% in the last 24 hours. However, its trading volume is down by 23%, showing a decline in trading activity.
BCH In Overbought Territory
BCH is in an uptrend today, forming a higher high on the daily chart and a third consecutive green candle.
Its RSI value is 82.13 in the overbought region above 70, showing massive trading activity in the market for the asset. This value is a strong bullish sentiment indicating that the bulls are in charge in the market.
Also, its MACD is above its signal line and shows positive values, also confirming the bullish trend. However, the MACD’s Histogram bars are fading off, hinting at a possible retracement ahead for consolidation.
Since BCH is in the overbought zone, based on past price behavior, it will likely drop to consolidate before resuming its uptrend to claim higher highs.
Ecoterra (ECOTERRA)
Ecoterra is an environmentally friendly crypto project promoting the recycle-to-earn initiative where users earn rewards for recycling waste.
Waste is a major challenge causing environmental and health hazards for human, plant, and animal populations. Indiscriminate waste dumping causes pollution, creating more complex problems in several ecosystems.
Ecoterra’s Recycle-to-Earn (R2E) program seeks to provide a lasting solution to this global pollution problem. This is a reward-based system where users earn rewards proportional to the size and environmental impact of the waste material recycled.
Notably, Ecoterra focuses on reducing carbon emissions and their environmental impact. Carbon generated by burning fossil fuels, especially by vehicles, is a major air pollutant and has long-lasting devastating effects.
Ecoterra’s Carbon offset system rewards users with $ECOTERRA tokens for processing carbon offsets. Also, according to their roadmap, plans are underway to launch an app that monitors recycling activities and enables rewards.
ECOTERRA’s presale is close to its conclusion, billed for June 29, 2023. ECOTERRA is above the $5.6 million benchmark and close to its $5.7 million target.
The presales conclude in a few hours, and each token is worth $$0.00925. However, its value will rise to $0.01 after its listing on June 29.
ECOTERRA tokens are acquired with ETH or USDT, or bank cards. Its environmental preservation plan makes it a project with great future potential since the world is focused on a green and clean environmental roadmap.
DeeLance (DLANCE)
Deelance is a blockchain job marketplace for freelancers to connect with quality employers using secured blockchain technology. It is a solution to the unending job hunt of freelancers in recruitment and offers outstanding features to its freelancers.
DeeLance hinges on three core concepts: quality recruitment, a competitive NFT marketplace, and its Metaverse revolution. Also, it offers privacy for its users with highly encrypted security measures based on blockchain technology.
DeeLance helps to eliminate a major problem on regular freelance sites, scammers, and bot accounts. Some traditional job search sites are overpopulated. This makes users go through rigorous procedures at their own expense to search for a job with no guarantees.
Additionally, DeeLance offers a secure payment framework to its users. Its Escrow protection feature facilitates secure payment solutions and protects freelancers’ funds from scams and hacks suffered on regular sites.
Freelancing is a vast niche, and invariably, some genuine freelancers have lost their earnings to scams and fake accounts. However, the escrow protection ensures payment is verified and accurately dispensed when the job is complete and both parties are completely satisfied.
DeeLance users enjoy free access to its responsive customer care channels from various locations worldwide. Also, DeeLance eliminates the payment threshold problem on most sites, as there are no minimum withdrawals. Also, withdrawals are fast and easy to process.
$DLANCE is the native token that powers activities such as governance land purchases and more on the platform. The $DLANCE token also finds utility in its NFT marketplace for office leasing and land purchases within the Metaverse.
DLANCE presales are still ongoing and have exceeded the $1.44 million milestone showing massive investors’ interest as its listing date approaches.
1 DLANCE token is worth 0.043 USDT. However, it will increase to 0.057 USDT when it lists on exchanges. These tokens can be purchased with ETH, BNB, or USDT.
Wall Street Memes
Wall Street Memes (WSM) stands as the latest memecoin project in the crypto world. The project was created to celebrate the triumph of ordinary individuals against capitalist society.
It embraces the revolutionary notion that seemingly valueless meme coins can pave the way for wealth accumulation among regular investors.
Surprisingly, these meme coins have been rewarding investors handsomely throughout 2023. The crypto asset community is currently witnessing a surge of interest in memecoin projects, leading to the birth of the $WSM token.
This token embodies a community-oriented approach, enabling users to engage in meme trading and earn rewards.
Drawing inspiration from Gordon Gekko’s iconic phrase “greed is good” from the 80s, WSM investors hold high hopes that their holdings will eventually yield substantial investment returns.
In the face of market uncertainties, investors diversify their portfolios to seize potential price surges, creating a favorable environment for projects like WSM to gain attention.
Notably, the regulatory landscape seems to favor the rally of meme coins, even though the project’s utility remains an important consideration.
While awaiting the claim period, the Wall Street Memes Airdrop is active on the official token website. Five fortunate winners will be rewarded with $50,000 worth of $WSM tokens, each receiving $10,000 worth $WSM tokens.
The airdrop aims to give back to the community by rewarding participants who complete specific tasks.
To be eligible for the airdrop, participants must diligently follow WSM’s social media accounts, acquire $WSM tokens, provide proof of purchase, and fulfill other specified tasks.
Participants can win substantial token rewards and contribute to the vibrant and supportive WSM community by engaging in these activities.
As of the time of writing, the $WSM token is valued at $0.0304, and the presale stage has already amassed over $11,014,013.51, inching closer to the new benchmark of $11,724,000.
This significant amount reflects the growing interest in the token and the strong belief in its potential for success. The next presale stage is priced at $0.0307, and it’s kicking off in 18 hours. At the rate investors are trooping in, the coin’s target could be reached quickly.
To buy, simply log into the official site of the token and begin purchasing using any of these, ETH, BNB, or USDT.
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