The recent bullish momentum in the cryptocurrency market seems to have stalled as major coins like Bitcoin (BTC) and Ether (ETH) encounter resistance levels. Bitcoin is currently trading in the $26,400s, experiencing a slight dip after failing to break above a downtrend from earlier highs in August. Similarly, Ether is struggling to surpass its 21DMA, with its price hovering around $1,620.
The US economy has also played a role in the market hesitation, as strong economic data, such as the Empire State Manufacturing Index and Industrial Production reports, have pushed US yields toward multi-decade highs. This has prompted concerns about higher interest rates and triggered a decline in the US stock market. These macro headwinds have had an impact on crypto sentiment.
In such a market environment, traders are turning their attention to the “shitcoin” and “meme coin” markets in search of better trading opportunities. These low-cap coins have become the focus for traders looking to find potential profits. Here are some of the best-performing low-cap coins on Friday, according to DEXTools.
One of the top performers is XDOGE ($XDOGE), a new Dogecoin copycat that has experienced a notable pump in the last 24 hours. It has surged over 400%, making it an attractive option for traders. With a market cap of just over $300,000, liquidity of around $240,000, and trading volumes of about $1.7 million, XDOGE has gained nearly 450 holders. However, caution is advised as liquidity remains unlocked, potentially leaving investors vulnerable to a rug pull.
Another rising shitcoin is EmotiCoin ($EMOTI), which claims to be the first “elastic supply token” that reduces its supply by 20% every 4 hours. This unique feature has attracted many investors, pushing its market cap to around $3.76 million, with over 1,700 holders. EmotiCoin has over $230,000 in locked liquidity and has received positive feedback from DEXTool’s security audit.
MoonDAO ($MOONY), the token of the MoonDAO project, which aims to decentralize space, has also experienced a significant pump. Although its market cap is around $3.5 million, with liquidity of over $300,000, the recent price spike has not been accompanied by a substantial increase in trading volumes. This lack of conviction from the bulls may be cause for concern.
While these low-cap coins offer potential gains, it’s important to note that they come with high risks and often lack a solid value proposition. For those seeking even higher-risk-high-reward options, engaging in crypto presales can be an alternative strategy. In presales, investors purchase tokens of up-and-coming crypto projects to support their development. These tokens are usually sold at low prices and have the potential for exponential gains. However, it is crucial to research thoroughly and identify projects with promising teams and visions.
The team at Cryptonews has compiled a list of 15 of the best crypto presales of 2023 for investors to consider. It’s essential to remember that investing in cryptocurrencies carries significant risks, and this article should not be considered investment advice.
In conclusion, the crypto market’s bullish momentum has faltered, leading traders to explore opportunities in the low-cap coin market. XDOGE, EmotiCoin, and MoonDAO are among the top performers. However, caution should be exercised due to the high risks associated with these investments. For those seeking alternative high-risk-high-reward options, crypto presales offer potential gains. However, thorough research is necessary to identify promising projects.