The stock market is up by a marginal 0.33% increase on Monday after a turbulent experience last week. The crypto market struggled due to stock market instabilities and the effects of global finance in general. But a few crypto assets kept holding it out despite the bear market. Some owe it to ongoing system upgrades, while others owe it to sheer market attention shift.
The stock market doesn’t still have it together yet. Stocks in Asia tumbled again as the week started. The expected Chinese stimulus package came as a small cut on lending rates. It was much smaller than the market’s expectation. It continued Beijing’s frugality over economic stimuli.
The People’s Bank of China cut the one-year interest rate by 10 basis points while leaving the five-year interest rate unchanged. Analysts expected at least 15 basis points cut on both sides.
In Australia, the government is set to increase spending on health, defence, debt repayment, disability support, and aged care over the next 40 years. According to official reports on Monday, the budgetary allocation to these sectors will gulp over a third of the government spending by 2063.
According to the report, the Australian government spending will amount to 140 billion Australian Dollars or 90 billion US Dollars.
Next Cryptocurrency to Explode
Increased spending in various sectors will eventually provide higher liquidity for further investment. Stock markets are also still on a strong track. Market forces may spin a surprise this week for investments to pour in.
1. Wall Street Memes (WSM)
Wall Street Memes is a meme token driven by the ethos of Meme stocks. It has successfully over $26 million in its ongoing presale phase. The strength it took the market with makes it the next cryptocurrency to explode.
— Wall Street Memes (@wallstmemes) August 20, 2023
In addition to its fundraising achievement, the project has unveiled its forthcoming staking service and premium exchange listings. They are slated for the 27th of September.
Wall Street Memes is on the cusp of entering the final leg of its 30-stage, tiered presale. It has less than $900,000 remaining to reach this milestone. Notably, the token’s price ascends from $0.033 to $0.0337 during the culminating 30th stage. The momentum is palpable as the presale accelerates towards its full allocation goal of $30 million.
The underlying objective of the Wall Street Memes coin is to capitalize on the momentum of the investor-centric social movement. It gained traction when retail stock traders united on platforms like Reddit’s WallStreetBets, taking on established financial institutions. With a social community that boasts over one million astute retail investors, Wall Street Memes commands a substantial online presence. This includes more than 534,000 followers on its Instagram account and 260,000 on Twitter. Additionally, it maintains a follower count exceeding 100,000 across its two other Instagram channels.
Building on this momentum, Wall Street Memes has extended its pioneering spirit to the cryptocurrency realm. The team introduced the Wall Street Bulls Ordinals NFT Collection in May of this year. The team had previously reaped $2.5 million by launching the Wall Street Bulls NFT Collection, a 10,000-piece collection that sold out within 32 minutes in 2021.
Investors still have a window of opportunity to buy the WSM token at a discounted price before its listing.
Visit Wall Street Memes.
2. Litecoin (LTC)
The LTC native token of the Litecoin network has exhibited a 3.40% surge in the past 24 hours, reaching $66.05. With a market capitalization of $4.8 billion, Litecoin continues to hold its position among the top ten cryptocurrency projects in terms of valuation. Its recent growth rate right positions the LTC token as the next cryptocurrency to explode.
Over the last 24 hours, Litecoin recorded a trading volume of $320.7 million. This robust liquidity signifies sustained interest from engaged traders and investors. The 19.74% gain in trading volume within this timeframe positions LTC favorably compared to Bitcoin and other major cryptocurrencies that have experienced lateral movement.
Scrutinizing short-term price trends, the 1-hour change for LTC shows a marginal decline of 1.34%, while the daily change reflects a positive increase of 3.40%. However, the weekly shift reveals a notable downturn of 19.95%. While the most recent day’s movement is encouraging, LTC has encountered considerable selling pressure over the past week, resulting in significant losses.
Nonetheless, Litecoin’s market capitalization of $4.85 billion confirms its status as a top 15 project, highlighting its established user base and widespread adoption. Currently ranked 15 by market capitalization, Litecoin demonstrates its resilience and enduring presence in the market.
After the blockchain’s most recent halving on the 2nd of August, the LTC mining sector has successfully sustained its growth momentum. Notably, the blockchain’s hashrate remained consistent, and the mining difficulty has recently reached an unprecedented peak. This accomplishment underscores the ecosystem’s robust and steady expansion.
The current trading situation for Litecoin finds it trading below the $70 mark and the 100 simple moving average. Furthermore, a notable bearish trend line is taking shape. This indicates resistance around the $66.00 mark on the 4-hour chart of the LTC/USD pair.
Concerning possible upward movement, immediate resistance lies near the $66 zone. It is followed by a more significant barrier at the $70 level. This level aligns closely with the 50% Fibonacci retracement level, calculated from the downward movement spanning the $85.39 swing high to the $55.78 low. If the $70 resistance is convincingly breached, it could pave the way for a substantial upward surge.
In this case, the price will likely advance further, potentially targeting the $75 and $78 levels. Beyond that, sustained gains might propel LTC’s price toward the $85 resistance area.
However, a fresh decline may unfold if the Litecoin price struggles to surpass the $70 resistance level. Initial support on the downside is anticipated near the $63.50 level.
Further downwards, a more significant support base is forming around the $60 level. Any breach below this point could elevate the risk of a slide toward the $56.00 support. In an even more bearish scenario, additional losses might guide the price toward the $52 support zone.
3. Stellar (XLM)
Occasionally, patterns show hints of potential price shifts for those closely observing the crypto market. In the case of Stellar (XLM), the “Sticky Line” phenomenon has garnered considerable attention, especially since the insightful analysis carried out on the 28th of June this year.
Looking closely at the crypto landscape, XLM has established the “Sticky Line” as a reliable support level. Each touch on this line historically comes before substantial upward price movements. Reviewing past instances, the initial surge amounted to a staggering 12,000%, followed by a 3,000% climb on the subsequent touch.
Employing a speculative perspective and extrapolating from these gains, one could anticipate a potential surge of around 750% in the upcoming days or weeks. Such a rally could bring XLM’s value tantalizingly close to the $1 mark. All these analyses make it the next cryptocurrency to explode.
While technical analysis offers insights into potential market shifts, the nature of the crypto market remains unpredictable and susceptible to many factors. Global sentiments, news-driven events, and broader economic conditions can all influence predictions. Nevertheless, tracking and speculating on these patterns is undeniably exhilarating, especially when substantial gains are in the realm of possibility.
The projected trajectory of XLM has ignited a mixture of anticipation and skepticism within the community. However, if this projected upswing materializes, skeptics will be left shocked.
The XLM token is one of the assets currently holding the attention of many. It is largely due to the conjectured impact of the “Sticky Line.” While investment inherently involves risks, the potential rewards can be monumental, particularly in crypto. The XLM token rose by 2.51% in the early hours of Monday.
4. TRON (TRX)
The TRX token has surged by 2.67% within the last 24 hours. It reached a price of $0.07605. Holding a market capitalization of $6.79 billion, TRON maintains its status as one of the major cryptocurrency projects. TRX, thus, continues to be prominent and the next cryptocurrency to explode.
In the past 24 hours, TRON achieved a trading volume of over $166 million. This considerable liquidity demonstrates ongoing strong interest from traders toward TRX. The 2.67% surge within the last 24 hours has enabled TRX to outshine the broader cryptocurrency market, which exhibited mixed performance.
Regarding short-term price dynamics, the 1-hour change for TRX stands at 0.20%, the 1-day change is 2.2%, and the 7-day change declined by 1.67%. Despite the positive daily gain, TRX encountered some selling pressure, leading to a minor loss over the past week. A month-long decline of 6.15% indicates that TRX has experienced a short-term downtrend.
However, the 6-month gain of 9.37% shows that TRX has achieved notable gains in the perspective of 2023. Therefore, traders should consider recent challenges and the potential for longer-term growth when analyzing the TRX market.
With a market capitalization of $6.79 billion, TRON remains a firmly established presence within the top 15 cryptocurrency projects.
5. Monero (XMR)
Monero, the primary privacy-centric cryptocurrency, saw a 2.79% surge in its token price within the last 24 hours. It reached $147.74. This achievement places Monero among the limited major cryptocurrencies defying the prevalent market downtrend by showcasing recent gains. Therefore, it is the next cryptocurrency to explode.
Monero’s market capitalization stands at $2.70 billion, solidifying its position as a top 30 cryptocurrency based on its valuation. The trading volume observed within the last 24 hours totaled $64.12 million, indicating a moderate level of market interest.
Examining Monero’s price movements across various periods shows a mixed landscape. In the past hour, Monero experienced a minor decline of 0.13%. However, taking a broader view, the 2.79% gain over the past day presents an encouraging sign of bullish momentum. Although longer-term periods show negative trends, they also exhibit signs of stabilizing, as evidenced by the 7.14%, 10.07%, and 7.53% declines for the 7-day, 1-month, and 6-month periods, respectively.
Monero’s divergence from the broader crypto market’s weakness highlights its resilience. If sustained upward movements persist, it would confirm a shift towards a bullish trend for Monero.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tweets Replied to by Elon Musk