The bullish momentum in the crypto market has stalled somewhat on Friday as major coins like Bitcoin (BTC) and Ether (ETH) run into important short-term resistance levels.
Bitcoin was last in the $26,400s, still up nicely for the week, but slightly lower on Friday after the cryptocurrency failed to get above a downtrend from the early August highs.
Ether, meanwhile, was last near $1,620 having failed to break above its 21DMA.
A further dump of generally strong US economic data on Friday (the Empire State Manufacturing Index and Industrial Production reports both exceeded expectations), which comes after Thursday’s strong Retail Sales figures and hotter-than-expected inflation numbers from earlier in the week, have pushed US yields back towards multi-decade highs.
That’s triggering downside in the US stock market, with traders betting on higher interest rates for longer from the US Federal Reserve, which is also likely weighing somewhat on crypto sentiment on Friday.
With major coins stuck below key resistance levels amid macro headwinds, traders continue to turn to the shitcoin/meme coin markets for better trading opportunities.
Here are some of the best-performing low-cap coins on Friday, as per DEXTools.
A new Dogecoin copycat called XDOGE ($XDOGE) is pumping on Friday after a strong start to life on Thursday.
As per DEXTools, the shitcoin is up more than 400% in the last 24 hours, making it a top performer.
$XDOGE’s market cap was last just over $300,000, with liquidity of around $240,000 and impressive 24-hour trading volumes of around $1.7 million.
The token has now been able to accumulate nearly 450 holders.
While DEXTool’s security audit hasn’t identified any problematic aspects to the token’s contract, the fact that liquidity remains unlocked means the token could still be a rug pull.
A shitcoin called EmotiCoin ($EMOTI), which claims to be the first “elastic supply token” that reduces its supply by 20% every 4 hours, continues to rise in price.
Continued price pumps have been able to attract lots of investors, with the token’s market cap having now been pushed higher to around $3.76 million, with over 1,700 holders.
The token has over $230,000 in locked liquidity and only four alerts as per DEXTool’s security audit.
These include a 5% buy and sell tax, which will disappear after 14 days, according to EmotiCoin’s website.
$MOONY, the token of the MoonDAO which proclaims to be on a mission to decentralize space, has pumped on Friday, marking one of its biggest ever one day moves since its launch in early 2022.
$MOONY’s market cap was last around $3.5 million, with over $300,000 in liquidity.
The latest price spike hasn’t been accompanied by a big surge in trading volumes, with 24-hour volumes only around $27,000, which should be a worry for the bulls that the recent move higher lacks real conviction.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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