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Investors wait for CPI data release with bated breath with data pointing to decreasing inflation over the next few months. Bets are on how Bitcoin and major altcoins will react to the latest consumer prices data slated for May 10.
Bitcoin has taken a breather after retreating toward the $27,800 while Ethereum holds above the $1,800 support level. The global crypto market cap remains at $1.14 trillion after dropping 0.14% on the day with the overall trading volume declining 21.3% to $30.63 billion over the same period.
Consumer Price Index (CPI) is one of the most significant metrics which the United States Federal Reserve considers when making a decision on interest rates.
It is expected that the CPI will show that consumer prices remained inflated in April, consistent with the levels seen the month before.
As such, April’s CPI is expected to rise by about 5% year-on-year (YoY), reflecting the annual increase seen in March. If the CPI comes in month-over-month (MoM), the regular index, then an 0.4% rise is expected.
Nevertheless, even if the data comes out as expected, the rise would still be above the central bank’s 2% target. It should be remembered that this has fueled recent moves to raise interest rates in efforts to control increasing inflation rates.
Last week, during the Federal Open Market Committee (FOMC) meeting, the Fed hinted at a possible pause in interest rate hikes, citing intentions to evaluate incoming data before the June meeting.
Note that, there will be one more CPI data release before the FOMC meets in June, with next month’s consumer price report released a day before the Fed makes a decision on inflation rates.
Historically, the relationship between actual and forecasted CPI has a more significant influence on the price of Bitcoin, rather than the reading itself.
Last month’s rally in crypto prices will be put to the test after the CPI data is released, as it will determine the magnitude of the next Fed rate increase.
Therefore, a lower-than-expected increase in monthly CPI will see the market position for a dovish Fed policy shift, putting the crypto market under renewed buying pressure.
Conversely, a higher-than-forecasted rise in monthly CPI will likely make the Fed reconsider its monetary policy, triggering massive U.S. Dollar buying across the board. This would be detrimental and therefore, bearish for the crypto market.
Despite this uncertainty, there are cryptos performing well in a drab environment that investors may want to consider as they wait to see which direction the market takes.
Some of these make our list of top crypto gainers today led by Bitcoin SV, Kava, Luna Classic and SpongeBob with amazing price actions as well as AiDoge, Deelance, yPredict, Deelance, Launchpad and Ecoterra which are performing well in presale.
Top Crypto Gainers Today, May 10
Bitcoin SV ($BSV) Price Analysis
Setting the stage for top crypto gainers today is Bitcoin SV, which exploded 51% on Tuesday. This explosion saw the coin rise above all the major moving averages as it set a swing high at $44.
BSV’s latest rally could be attributed to the news that Ledger Wallet was now providing support for the Bitcoin scalability token.
https://twitter.com/BitcoinAssn/status/1656021702789275656?s=20
This means that Bitcoin SV holders can now store, buy, swap and stake their coins on Ledgers mobile and online wallets.
Nevertheless, the excitement seems to have faded away as the Bitcoin SV price is currently retracing, down 3.13% on the day to $39 at the time of writing.
If selling intensifies, BSV may drop further to tag the 100-day simple moving average (SMA) at $37. Additional lines of defense may emerge from the 50% Fibonacci retracement level at $36, the 50-day SMA at $35, and the 78.6% retracement level at $32.
Lower than that, the next logical move would be toward Tuesday’s low at $28, completing the full retracement.
BSV/USD Daily Chart
The SMAs and the Relative Strength Index (RSI) were facing down, an indication that the sellers were booking profits on the recent rally.
Conversely, the price strength at $60 suggested that there were still more buyers than sellers in the market. These buyers may push the price higher from the current levels to confront resistance from the $40 psychological level, embraced by both the 200-day SMA and the 23.6% Fibonacci level.
A move higher would see Bitcoin SV climb to revisit the $44 swing high. This would represent a 14% uptick from the current price.
Kava ($KAVA) Price Analysis
Coming second on our list of top crypto gainers today is KAVA, the Layer 1 token that recorded double digits gains on Wednesday. The Kava price is hovering at $0.8583 with a bullish bias after rising 12.97% over the last 24 hours. The crypto has a 24-hour trading volume of approximately $240 million and a live market cap of $441 million, booking itself the #89 position on the CoinMarketCap ranking.
This points to growing investor interest in the token which may fuel the ongoing recovery. KAVA trades in a fourth straight bullish session within a significant demand zone stretching from $0.844 to $0.914, where all the major Simple Moving Averages (SMAs) sit.
KAVA needed to overcome this barrier to clear the path for a rise toward the $1.22 range high. Such a move would mark a 65% uptick from the current price.
KAVA/USD Daily Chart
The Relative Strength Index (RSI) was positioned in the positive region. The price strength at 57 suggested that the market conditions still favored the upside.
On the other hand, a daily candlestick close below $0.844 would spell doom for the altcoin bringing declines to the $0.0700 and $0.50 psychological levels into the picture.
AiDoge ($AI) – Introducing AI-Powered Meme Generation
AiDoge is among top crypto gainers today because of its impressive presale performance.
The presale garnered a remarkable $1 million in just under 24 hours on Tuesday, showcasing the substantial interest in this meme coin with utility.
AiDoge, one of the best AI crypto projects at the moment, is a meme coin with a twist that leveraged artificial intelligence in creating and sharing viral memes.
The presale of its $AI token has already raised over $5 million from early investors, marking a promising start for this crypto project. The presale has advanced rapidly, moving from stage 4 to stage 7 in less than 48 hours.
Amazing news, #AiDogeArmy! 🎉
We have raised over $5 Million in our #Presale! 🤯💰
🙏Thank you to our entire community, you guys are the best!
Get your $AI tokens today before stage 8 runs out! 😎
👉 https://t.co/5j5tt4smcs#MemeCoin #AiDoge $PEPE $SPONGE $JEFF $BEN $FLOKI pic.twitter.com/PSfG8sSPbh— aidogecrypto (@aidogecrypto) May 10, 2023
In the current climate, where meme coins such as Sponge, Pepe, and Floki meme coin prices have seen significant price increases, investors are on the lookout for the next promising meme coin.
The recent surge in $AI sales indicates has led many to believe AiDoge could also increase in price exponentially once it is listed on exchanges.
As interest in AiDoge continues to grow, investors are encouraged to secure their $AI tokens.
The price is set to rise to $0.0000288 once the presale total reaches $4.760 million in the next three days
Given the current pace of $AI token sales, this price increase could happen sooner rather than later.
Visit AiDoge here for details on how to participate in the presale.
Launchpad ($LPX)- Over $280,000 Raise In Presale
$LXP, the native token of Launchpad XYZ, is another top crypto gainer for investors to consider for portfolio diversification.
This innovative crypto project has gotten off to a great start, raising more than $280,000 just a few days after its presale launch.
At press time, each $LPX token is auctioning for $0.035 in the first presale stage. However, the price rises as each presale stage is completed.
Launchpad, as the name implies, is creating the most user-friendly gateway for individuals and businesses into the Web3 decentralized goods and services world.
The platform is designed to help users to navigate and comprehend the complicated Web3 ecosystem using market sentiment, news, in-depth analytics, and insights.
At the centre of the Launchpad ecosystem is the Web3 wallet, which prioritizes usability by allowing users to easily sign up using their email address or phone number.
https://twitter.com/launchpadlpx/status/1655528070961324033?s=20
Through interaction with Launchpad, the $LPX token will eventually provide access to a variety of planned decentralized applications, such as games, data storage and sharing, and taxi-hailing.
Launchpad aims to empower Web3 participation for everyone by reducing as much friction as possible.
This is in addition to its vision of becoming the central portal for individuals to find platforms and products relevant to their interests.
Visit Launchpad here for more information.
yPredict ($YPRED) – AI-driven price forecasting project
yPredict is a comprehensive AI-driven price forecasting solution for financial market investors, traders, quants, analysts, and developers.
Now in the fourth round of an eight-stage process, the $YPRED token presale has already amassed over $740,000, with less than $200,000 remaining before this stage concludes.
At the moment, the project is in the fourth stage of the presale where each $YPRED token is being sold for an exclusive price $0.05. This price is set to increase to $0.07 in the next stage of the presale.
📣 Heads up, everyone! Ypredict Presale Stage 4 is nearing its end! As the clock ticks⏰ we're getting ready to transition into Phase 5.
Seize this last chance to be a part of the predictive analytics revolution at the exclusive price of $0.05, before it rises to $0.07! 💸
— yPredict.ai (@yPredict_ai) May 10, 2023
Due to its excellent value proposition and the 140% return on investment (ROI) when the token lists for $0.12, this innovative startup is predicted to soar.
It would be prudent for investors to seize the opportunity to buy $YPRED powering this innovative market prediction system with the ability to revolutionize the trading landscape.
The $YPRED token serves to facilitate membership payments and grant access to predictive models within the marketplace, thus establishing the token’s utility and value.
While there are several prediction markets in the crypto industry, none provide the comprehensive set of AI-powered actionable insights in the yPredict ecosystem.
The project combines artificial intelligence and machine learning (AI/ML) to give traders and quants a competitive edge.
Furthermore, the predictive models AI machine-learning developers have created can be purchased through yPredict markets.
Visit yPredict here to get more information on the project and the ongoing presale.
Deelance ($DLANCE) – $767,000 raised in presale
Another altcoin among the top crypto gainers today is Deelance, the blockchain-recruitment platform that has already garnered over $776,000 in its ongoing presale. This points to a significant increase in interest from potential investors.
Time to celebrate, DeeLancers!👨💻
Another incredible milestone is reached – Over $750,000 is raised in the #presale! 🙌🎉
Let's keep the momentum going! 🚀💪
Get $DLANCE in the #Presale now, before the price increase in 5 days! ⬇️⏳https://t.co/XHnTqVzeWf#Crypto #cryptocoin pic.twitter.com/Rog9vkm9MZ
— DeeLance (@deelance_com) May 9, 2023
At press time, the $DANCE token is selling for $0.029. However, interested investors should take advantage of this low price before it increases to $0.033 when stage 3 begin.
DeeLance is a freelancing and hiring platform that uses blockchain technology to transform how freelancers and potential employers interact.
DeeLance aims to achieve this using the power of decentralized networks, non-fungible tokens, and the Metaverse.
Hey DeeLancers! 👨💻
Experience a world beyond imagination, filled with exciting challenges and work opportunities. Enjoy exclusive access to #Metaverse VIP features and tools with $DLANCE tokens
Join #Presale before the price increases! ⬇️🔥https://t.co/h3GE8rrB3m#Crypto pic.twitter.com/g3oe8KDy5w
— DeeLance (@deelance_com) May 9, 2023
The Web3-powered marketplace provides consistent employment and allows freelancers to tokenize their tasks/services into NFTs, which are then transferred to recruiters when agreed-upon payments are made.
Unlike conventional web-based platforms that charge withdrawal fees or experience delays due to currency conversion, DeeLance enables instant payments with cryptocurrencies.
Additional advantages of using the Deelance platform include unrestricted access to jobs, an extremely effective escrow system, content ownership, and improved staff recruitment features.
Overall, this innovative platform uses blockchain technology to streamline and enhance the effectiveness of the employment process while lowering risk.
Visit Deelance here to be part of this innovative freelancign platform.
Luna Classic (LUNC) Price Jumps 18% On Major Upgrade
Join L1 Task Force (L1TF), the core developer of the Terra Classic ecosystem has submitted proposal 11511 for governance voting aimed at upgrading the network to v2.0.1.
This is a major upgrade on the Terra Classic blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 which is designed to allow projects and creators across Cosmos and Terra (LUNA) to build on the Terra Classic network.
With the passage of proposal 11511, #TerraClassic will finally be able to have parity with #LUNA 2.0, opening up a new interesting scenario for $LUNC
All the Dapps present on the sister blockchain could also have a new home on Terra Classic thus bringing new utility
The rebirth… pic.twitter.com/SQG2fMKsas
— Cryptomane (@cryptomaneitaly) May 10, 2023
Following the successful completion of the rebel-2 testnet to v2.0.0 last week by the Joint L1 Task Force developer team last week, the Cosmos SDK v0.45.13 Columbus-5 and Tendermint v0.34.24 mainnet upgrade is scheduled to take place on May 17 at block height 12,812,900.
LUNC price jumped 18% from a low of $0.00008164 on Tuesday to Wednesday’s intra-day high at $0.00009696, after the news, making it to our list of top crypto gainers today.
At the time of writing Luna Classic is currently trading at $0.000090. The RSI was moving away from the overbought region, an indication that the recent downtrend may have come to an end as buyers got in on the dip.
Therefore, increased demand may push LUNC from the current levels toward the upper boundary of the descending parallel channel at $0.00009696. A move higher would confit a bullish break out with the next logical move being the 50-day SMA at $0.0001158.
Traders could expect Terra Luna Classic’s upside to be capped here in the short term. Note that the price has been sealed under the 50-day SMA since March 2 and was recently rejected by the same dynamic barrier on April 14.
LUNC/USD Daily Chart
On the down side, the RSI was still positioned in the overbought region and the price strength at 28 suggested that there were still more sellers than buyers in the market.
These sellers may push the price down from the current levels toward the lower boundary of the channel at $0.00008164. This is where LUNC’s downside could be capped.
Ecoterra ($ECOTERRA) – The Recycle-to-earn blockchain project
The emerging eco-friendly project, Ecoterra, has gained massive support from potential investors, raising over $3.4 million in its ongoing presale. This amazing presale permance makes its one of the top crypto gainers today.
WE DID IT – $3.4 MILLION RAISED 🎉
Special thanks to the amazing support of our community in our #ECOTERRA token #Presale! 🌿🌍
Together, we can make a difference. Join us today ⬇️https://t.co/1fYkPOsPYG#EcoCrypto #GreenFinance #Crypto #Blockchain pic.twitter.com/lmn8fUKaw8
— ecoterra (@ecoterraio) May 10, 2023
Its native token, $ECOTERRA, is selling for $0.00775 in the ongoing presale. However, there are only 10 days until the asset enters the next presale stage when the token price rises to $0.0085.
Ecoterra is a brand-new green cryptocurrency initiative that uses carbon credits, a Recycle-to-Earn (R2E) system, and blockchain technology to address climate and environmental issues.
🌍💻 With ecoterra, you can easily offset your carbon footprint on our #blockchain-built app.
Our platform provides an innovative solution for individuals and businesses to impact the environment positively 🌱
Join our #Presale today!https://t.co/1fYkPOsPYG pic.twitter.com/Ogi363OSJd
— ecoterra (@ecoterraio) May 9, 2023
The innovative project combines the R2E concept with a comprehensive app compatible with reverse vending machines (RVMs) to make it simple for consumers to recycle waste items, including plastic, glass bottles, and aluminum cans.
To participate, users simply scan the barcode of their product, locate a retailer with an RVM, and begin recycling to earn $ECOTERRA tokens.
Users will receive a specific quantity of tokens after scanning the RVM’s receipt for each item they recycle.
They can then sell, keep, stake, or donate these ecoterra tokens to environmental organizations for sustainable projects such as beach clean-up.
This cutting-edge project will encourage everyone to live a more environmentally friendly lifestyle and aid in the fight against global warming.
Visit Ecoterra here to be part of this revolutionary environmental protection program.
Spongebob ($SPONGE) Price Displays Stellar Performance In Its First Week Of Listing
Closing our list of top crypto gainers today is $SPONGE, the token that powers the ground-breaking viral meme platform SpongeBob.
The SpongeBob token, a brand-new ERC-20 meme coin based on Ethereum, has skyrocketed in value since it went live on the Uniswap DEX last week.
SPONGE price soared as much as 4900% from the listing price of around $0.0000475 to a high of $0.00239.
The meme token is also set to be listed on MEXC, a centralized exchange that currently stands seventh in the global ranking. This set to take place on May 11 at 10.00 UTC.
Happy to announce that the @spongeoneth Kickstarter has concluded and $SPONGE will list on MEXC!
🔹Deposit: Opened
🔹SPONGE/USDT Trading in the Innovation Zone: May 11, 10:00 (UTC)Details: https://t.co/mFZBC5ZYme#SpongeBob #MEXC pic.twitter.com/5guRXTnVCZ
— MEXC (@MEXC_Official) May 10, 2023
The price is corrently hovering at $0.00090 in a horizntal price action. The RSI is flatteing out at the price strength at 49 close to the midline suggests that the buying and selling pressure are balancing out.
If $SPONGE favours the buyers, they try to push it toward the resistance level at $0.001024. Overcoming this barrier would open the way for another leg up with the next barrier arising from the $0.001272 range high.
SPONGE/USD 2-Hour Chart
Conversely, should market conditions favor the sellers and a daily candlestick close below the $0.0008 support level is achieved, the the price would drop toward the $0.0007544 support level.
A drop lower could take $SPONGE back into the $0.0005 zone where it could spend a few hours before making another attempt at recovery.
That is our list of top crypto gainers today that investors can consider investing in as they await the release of the April CPI later today for clues about the Fed’s next monetary policy decision. Investors should wait for confirmation in the CPI reading
Related News:
- Missed Wojak, Arb Doge and Pepe Coin Price Pumps? Traders Flock to AiDoge
- How to Predict Crypto Prices – yPredict.ai Platform Has the Answer
- Crypto Trader Michael Wrubel Just Made $100k From $SPONGE Meme Coin
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