Top Crypto Gainers on September 11 – BCH, LEO, And Pax Gold
The global crypto market continues to retrace with a 1.14% decline on September 11, at 7:54 am EST.The crypto market is often affected by negative news events and investor sentiments.
According to a Bloomberg report, FTX Group advisers are reviewing their agreements with professional athletes such as legendary basketballer Shaquille O'Neal and tennis star Naomi Osaka.
FTX seeks avenues to recover the millions of dollars paid to these athletes based on their bankrupt status. This event could likely spark a negative outlook among investors.
Furthermore, NFT sales are declining, leading to a further drop in the total crypto market value. According to Foresight News, the sales volume of NFTs declined by 6.75% in the past week.
But despite this decline, some cryptocurrencies still record impressive gains based on developments in their ecosystem and investor sentiments.
Find them below
Bitcoin Cash (BCH) - The Swift Payment EcosystemBCH's price on September 11, at 8:40 am EST, is $187, with a slight decline of 1.1% after an initial gain in the past few hours.However, its price decline of 3.2% over the last seven days suggests that the sellers are still dominant despite the slight gains.
BCH is a fork from the original Bitcoin blockchain; therefore, it is influenced by activities within the Bitcoin ecosystem.For instance, on September 4, the Bitcoin Cash Foundation released its weekly updates on exciting developments within the ecosystem.
#BitcoinCash Weekly News September 4 2023 by the Bitcoin Cash Foundation #BCH $BCHhttps://t.co/OSYQNKhT9X
- Bitcoin Cash Foundation (@BCHF_ORG) September 4, 2023
According to the report, the BCH community on Coinmarketcap, launched about three months ago, now has over 50,000 followers and provides them with weekly updates. This update will likely drive more investors to the ecosystem.
Also, BCH Bull users, a DeFi app, can now add memos to each contract and track any information they feel is relevant.
Furthermore, to make development with BCH CashTokens easier, the CashScript team is hosting a fundraiser to raise funds for reusable libraries. These libraries will enable faster and safer development in the ecosystem.
Cake Wallet's CEO also announced the integration of BCH cash to the dApp, exposing the tokens to a wider investor base. These progressive activities will likely boost the value of BCH tokens.
However, BCH does not reflect any positive trend yet and is in a downward trend on the daily chart as the bears seize control of its price.
BCH Drops Below $189 Support
Source: Tradingview.com
BCH is dropping the $187 support level after the sellers at the $223 resistance level forced a price decline.The Parabolic SAR indicator has crossed over the candles, indicating a further price drop for the asset.
Also, the Relative Strength Index (RSI) indicator is dropping to the oversold region of 30 and displays a value of 39.23.It implies that the sellers have gained the upper hand and seek to force a continuation of the downtrend.
The Moving Average Convergence/Divergence (MACD) is above its signal line. However, the fading Histogram bars suggest a shift to a more bearish price direction.BCH will likely continue downward until it touches the oversold region 30 and the buyers re-enter the market.
Unus Sed Leo (LEO) - The Utility Token for Crypto TradersLEO's price on September 11, at 9:00 a.m. EST, is $3.68, representing a 4.5% decline in the last 24 hours. Earlier today, it showed slight gains. However, the sellers seem to have the upper hand, with no noticeable increase in the past week.
LEO is the native token of the BitFinex exchange; therefore, it derives its utility and adoption mostly from users of this crypto exchange.
According to BitFinex updates, Bitcoin miners are facing cost pressure as the cost of mining is close to market price. The high mining costs negatively affect BTC's price and the general crypto market.
This week in Bitfinex Alpha, we analyse the diminishing liquidity and capital in crypto markets. Any volatility is now increasingly attributed to event-driven shocks
Read more in our latest edition and find out what this means for the markets:https://t.co/q0u9JXFxFM pic.twitter.com/snWNkHmbH0- Bitfinex (@bitfinex) September 11, 2023
Also, Bitcoin's liquidity is declining, with over 69% of all the mined BTC remaining static for over a year due to long-term holders being unwilling to sell. These events likely influence LEO's price, as evident from the large red candle on the daily chart.
LEO Enters Retracement Phase Ahead of Potential Rebound
Source: Tradingview.com
LEO is in a downtrend on the daily chart, forming a bearish engulfing pattern as the buyers begin to short their tokens to take a profit.
LEO rallied from September 4-10 before the decline today; however, another rally is still possible based on its past price behavior.LEO's price is below the 50-day SMA, indicating that the asset is bearish in the short term.
Furthermore, the RSI indicator moving into the oversold region of 30 confirms the sellers' dominance, The MACD is forming a sell signal, confirmed by the red Histogram bars today. The decline results from stiff resistance at the $3.9 price level.
Despite the decline, LEO trades above its 200-day SMA, hinting at a long-term recovery. Also, LEO is at the $3.68 support level, and a decline below it will confirm a downtrend for the asset. However, if this support level holds, expect a recovery for the asset in the coming days.
Pax Gold (PAXG) - The Gold-Backed Cryptocurrency on EthereumPAXG's price on September 11 at 9:02 am EST is $1,899, with a slight increase in the past 24 hours.Although it showed signs of slight retracement this week, today's positive movement could signal an uptrend ahead.
PAXG is pegged to Gold, trading slightly below the value of Gold in the market ($1,928). PAXG benefits from the surge in Gold's price today. According to Business Insider, Gold trades at $1,922 today at 10:41 am EST with a 3.54% increase in the past 24 hours.
This increase will likely translate to the adoption of PAXG tokens as more investors seek to profit from its gains.Also, to give back to its community, Paxos Gold is recruiting staff engineers for several roles.
With nearly 20 years of experience at Microsoft, Simon Leet shares the true scope of his role as a Staff Software Engineer at Paxos. #LifeAtPaxos
Apply to our open Staff Engineer opportunities today: https://t.co/v2AxayGMW2 pic.twitter.com/clXR009cDO
- Paxos (@Paxos) September 7, 2023
Simon Leet, an engineer with almost two decades of experience in Microsoft, shared his positive review of what it was like working as a Staff Software Engineer at Paxos.
The recruitment drive will likely attract more users and investors to the ecosystem and influence PAXG's price positively. PAXG is rallying on the daily chart as buyers enter an aggressive accumulation phase.
PAXG Benefits from Gold's Rally: Will it sustain the momentum?
Source: Tradingview.com
PAXG is forming a second consecutive green candle on the daily chart as the buyers seize control.It has found support at the $1904 price level and is trading close to the $1911 resistance level. A break above this level will confirm the buying pressure.
PAXG is in the lower region of the Donchian Channel (DC) but rising to enter the upper region as the bulls continue to rally.Also, the RSI value is 44.51 in the neutral zone, rising as it approaches the overbought region of 70.
Although the MACD is below its signal line, the fading red Histogram bars suggest that more traders are opening long positions for the asset.PAXG will likely continue on its rally if it breaks above the $1911 resistance level. Traders should consider the RSI indicator and its ascent to the overbought zone.
Bitcoin BSC (BTCBSC) - The Investors Alternative
Bitcoin BSC is a crypto project allowing investors to join early in a potential price surge. Bitcoin BSC shares similarities with Bitcoin but also has its unique properties. Although it looks similar, it is not affiliated with Bitcoin and operates on the Smart Chain BSC blockchain.
Leveling the #Crypto playing field!
#BitcoinBSC aims to bridge the gap, offering an opportunity to buy $BTCBSC in the #Presale as well as offering a sort of mining process in the form of #Staking.Don't miss your chance!
https://t.co/oM0YP8IlbV
#CryptoCommunity pic.twitter.com/f07F7Z38mF- Bitcoinbsc (@Bitcoinbsctoken) September 11, 2023
Bitcoin BSC has its total supply capped at 21 million tokens, a figure that will likely lead to scarcity and boost the token's value.BTCBSC is the native token powering this ecosystem.
It is a BEP-20 token granting users an avenue to earn passive income through its staking mechanism.
The proof-of-stake model is an eco-friendly method used by large networks like Ethereum. Bitcoin BSC models its staking after this framework with larger rewards for early investors. Each BTCBSC token is $0.99 at its presale stage, drawing inspiration from Bitcoin's price in April 2011.
BTCBSC Presales Hits $1 Million MilestoneBTCBSC presale is ongoing, providing investors with the best opportunities to accumulate these tokens at an affordable rate.
Monumental Milestone Alert
#BitcoinBSC has reached $1M raised!
Huge thanks to the amazing #CryptoCommunity for all the support!
Join the #Presale now and don't miss out on the opportunity to earn passive income through staking your $BSCBSC!
https://t.co/oM0YP8IlbV pic.twitter.com/tgTInGJtTW
- Bitcoinbsc (@Bitcoinbsctoken) September 11, 2023
Out of the total supply, 6.125 million tokens are dedicated to the presales, with the limited supply likely to drive an accumulation frenzy. BTCBSC has surpassed the $1 million mark from the first stage goal of raising $4 million.
Investors can purchase the BTCBSC tokens at $0.99 each with a minimum purchase of $10 worth of BTCBSC tokens allowed.These purchases are processed by connecting a secure crypto wallet such as Trust Wallet or Meta Mask with ETH or USDT (ERC-20) compliant.
Alternatively, BNB or USDT (BEP-20) can also complete this purchase and might be preferred by some users.At the end of the presales, tokens purchased with the ETH contract address will be transferred to the BNB presale contract. Furthermore, the token claim stage will be processed on the BSC network.
Why Smart Chain BSC?Bitcoin BSC operates on Smart Chain BSC, benefiting from its exciting features giving investors a satisfying experience.Smart Chain BSC is largely favored for transactions due to its low gas fee structure compared to other gas-intensive networks like Ethereum.
Also, Trust Wallet, MetaMask, and other dApps can easily integrate with the Smart Chain BSC network, which makes it the better option for processing the purchase of BTCBSC tokens.
Additionally, quality and security on Smart Chain BSC are high and similar to that obtainable on Ethereum, assuring users of the safety of their assets.
Stake Earn Mechanism Will Boost BTCBSC's Term Value
BTCBSC offers its users a staking feature available instantly after purchase. Users can stake their tokens for additional rewards and are rewarded based on the percentage of tokens they invest in the staking pool and the APY.
Over 548,000 tokens are staked, and the rewards will come from 69% of the total token supply set aside for staking. However, the more tokens staked, the lower the APY value.
Wall Street Memes (WSM) - The Number One Memecoin Community
>>>Visit Wall Street Memes Presale
Wall Street Memes is arguably the largest memecoin presale in 2023. It seeks to empower retail traders to overcome the rampant capitalism in the crypto market.Wall Street Memes is beyond a memecoin project since it offers users more utility, such as staking and access to its Wall Street Bulls NFT project.
How are they still flexing pic.twitter.com/QVDvM7dsfb
- Wall Street Memes (@wallstmemes) September 7, 2023
WSM token operates on the Ethereum blockchain; therefore, the developers adopt the staking framework as an efficient method to reward users.On September 11 at 4:08 am EST, the number of WSM tokens users staked at an APY of 65%, better than the industry average of 5-10%, was over 305 million.
The staking rewards are calculated based on the percentage of WMS tokens a user commits to the staking pool.Wall Street Memes give all users equal opportunities to earn, and no tokens are reserved for the team showing their commitment to equity and transparency.
Looking For Something Else? Wall St Bulls NFT Collection Is HereWall Street Memes is not limited to fun memes alone but has expanded its ecosystem to include NFT collections. The Wall St Bulls NFT collection contains 10,000 unique NFTs hosted on the Ethereum blockchain. These NFTs grant holders access to the upcoming Options Market, where the bulls can increase in value.
Additionally, Users get access to the other WSM collections for free. These NFTs will also boost the value of the Wall Street ecosystem based on the additional utility.The Wall Street Bulls collection has over 3,500 owners and a total volume of 1,875 ETH on OpenSea.
WSM Presale Advancing with Limited Time Left
>>>Visit Wall Street Memes Presale
The WSM presale is ongoing, with Just 15 days left to its conclusion. Over $25 million has been raised, with a late accumulation phase expected ahead of its eventual listing.
1 WSM token is worth $0.0337 and can be purchased with crypto options such as ETH, BNB, or USDT.Alternatively, users can opt to purchase the tokens with a bank card. However, a secure crypto wallet is needed to store these tokens.
ConclusionThe top gainers still show slight gains even as the general market retracement hinders their price action.The investors in these projects show commitment, leading to price gains, although the potential for a reversal still exists.
Meanwhile, presales offer investors an alternative channel to join a project early before a potential price increase.However, investors must consider price volatility, diversify portfolios, and conduct proper research for effective trading.
Also, risk management techniques such as lot size management and stop-loss trailing will limit the number of losing trades, although no technique is fail-proof.
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