Top Crypto Gainers on October 4 – Trust Wallet Token, XRP, And AVAX
The crypto market remains relatively stable in the past 24 hours, with its cap at $1.13 trillion. Notably, Bitcoin trades slightly above the $27,500 price level, holding strong despite the ongoing selloff in the stock market.
Amid the relative calmness in the crypto market, some altcoins have recorded notable gains in the past 24 hours. Today's top gainers include TWT, XRP, and AVAX.
These coins have benefited from rising investor interest within their ecosystems. Here are exciting updates in their ecosystems. We've also analyzed the possible price outlook based on their price patterns in the next few days.
Trust Wallet Token (TWT) - The Trusted Crypto Wallet Service Provider
Trust Wallet Token (TWT) recorded notable gains today, trading at $0.82 as of 7:08 am EST on October 4. This price represents a 2.9% increase in the last 24 hours, according to Coingecko data. Also, its price gain in the last seven days is 7.4%, showing rising interest from the buyers.
Among the factors likely driving today's gain is the recently released Trust Wallet Extension update for Google Chrome.
The new #TrustWalletExtension update is out in the Chrome Store! (V 1.9.1): https://t.co/ffuwQXlqOp
Enjoy native #EVM swaps, #crypto purchases, Ledger hardware support & more!
Plus, you can now choose skippable backup to jump right in. Here's how easy it is to get started
pic.twitter.com/7WlFi13Esw
- Trust Wallet (@TrustWallet) October 3, 2023
In its announcement, Trust Wallet described the newly released wallet extension as a powerful upgrade with exciting features. The newest browser extension now supports EVM swaps, allowing users to conduct in-app swaps.
The new update also introduces exciting features, such as staking upgrades with a new auto-indexing token balances feature, which enables users to track their investments seamlessly.
The Trust Wallet Browser Extension is a secure and trusted multi-chain crypto wallet that links users to thousands of apps.Furthermore, this extension supports over 9 million tokens, which include Ethereum, Solana, and other EVM-compatible chains.
Users can securely store and receive crypto from different addresses or an exchange account.Additionally, it allows users to access Web3 by connecting a Ledger hardware wallet while keeping private keys offline.
Meanwhile, Ledger Live hardware wallet support and NFTs are part of the plans for inclusion in the extension. Following this update, TWT posted notable gains, forming a large green candlestick on the daily chart that confirms increased buy pressure.
TWT Forms Bullish Engulfing Pattern as Buyers Return
TWT is recovering from yesterday's sell pressure and has formed a bullish engulfing pattern on the daily chart after finding critical support at $0.79.Presently, the upper wick of its candle has broken above the $0.82 resistance level.
And if the candle closes above this level, then TWT will likely rise to the overbought region.Also, TWT is close to the upper band of the Donchian Channel (DC), confirming rising pressure from the buyers.
The Relative Strength Index (RSI) confirms the rise in buying pressure at 56.5, approaching the overbought zone. This setup represents a potential entry point for more buy trades, which will likely empower TWT to flip the $0.82 resistance level in the coming days.
Ripple (XRP) - The Digital Payment Network with Smart Solutions
XRP trades at $0.54 on October 4, at 7:10 a.m. EST, with a 5.0% increase in the last 24 hours. Also, it is up by 6.6% on the seven-day chart, confirming that the buyers are still active in the market.
One of the factors driving XRP's gains is the new license Ripple Labs received to provide digital payment services in Singapore.
It's official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
Learn more: https://t.co/jD8xSc2pdd
- Ripple (@Ripple) October 4, 2023
On October 3, Ripple's Singapore arm, Ripple Markets APAC Pte. Ltd received a Major Payment Institution (MPI) license to provide digital tokenized payments in Singapore.
The license presents XRP as a reliable payment solution for businesses and individuals in Singapore, encouraging mass adoption. And this is likely the factor driving the token's price today.
Moreover, on October 3, the court consolidated its initial ruling in the Ripple/SEC lawsuit, denying the SEC's request for interlocutory appeal. This has further boosted investor sentiment, reflected in XRP's price today.
XRP Facing Retracement at $0.54 Resistance Level, Will The Bears Prevail?Following the latest updates, XRP shot up nearly 7%, climbing from $0.5103 to $0.5441 on October 3, forming a bullish engulfing pattern after breaching the support at $0.51. However, its rally was halted after encountering bearish resistance at $0.54.
The price drop for XRP implies that the buyers yesterday began to take profit today, leading to a decline for the asset.Moreover, XRP's candle today has a long lower wick as the sellers attempt to force a decline back to $0.51.
Furthermore, the RSI mirrors this decline, descending from the buy zone with a value of 58.4. If the RSI drops below 50, then the bearish trend will likely persist in the coming days.Although the Moving Average Convergence/Divergence (MACD) displays a buy signal, a retracement is still possible.
However, the green Histogram bars suggest buyers are still trading on the shorter timeframes.XRP's price action presents a potentially volatile market situation for traders. Therefore, expect a more notable decline in XRP's price if the rally fails to break above the $0.54 resistance level.
Avalanche (AVAX) - A Crypto With a Smart Contract Hub for dApps
AVAX is among the top-gaining coins today, October 4, with its price as of 7:13 am EST capped at $9.7, representing a 3.6% 24-hour increase. Its gains in the last 24 hours reflect the 7.0% rise for the token in the past seven days.
A possible reason behind this uptick is the announcement of an AVALANCHE Subnets upgrade that will benefit analysts in the AVAX ecosystem.
Big news for @avax analysts:
You can now access subnet data in LiveQuery and build analytics/tooling on any subnets indexed on the subnet explorer!
Why you should pay attention if you use Avalanche $AVAX
pic.twitter.com/ETDMWwZ3cB
- Flipside
(@flipsidecrypto) October 2, 2023
According to AVAX developers, analysts can access subnet data easily with LiveQuery and develop analytics/tooling on any subnet explorer. Also, LiveQuery enables these analysts to combine databases both on-chain and off-chain, allowing them to compare data side-by-side with any integrated database or API.
With this upgrade, users can now build analytics for all their favorite Avalanche projects. Furthermore, the developers hinted at upcoming tools and dashboards under construction and soon to be released.This upgrade could likely drive AVAX's price gains, forming a large green candle on the daily chart.
AVAX Testing $9.73 Resistance Level as It Enters Overbought ZoneAVAX has formed a second consecutive green candle on the daily chart after breaching the support at $9.24. Its upper wick has broken above the $9.73 resistance level as the buyers mount pressure.
The MACD confirms the buyer's control as it rises over its signal line to display a buy signal, indicating that buyers are still active.Furthermore, the Stochastic Oscillator is in the overbought region above 80.
Notably, the fast RSI displays a value of 90.7, confirming the ongoing accumulation phase for the token.Although AVAX is already in the overbought zone, it will likely continue on its uptrend if it breaks above the $9.73 resistance.
Meme Kombat (MK) - The Innovative Web3 Gaming Ecosystem
While these altcoins soar with exciting ecosystem developments, Meme Kombat, a play-and-earn crypto, has emerged with promising thrills for gaming and meme coin enthusiasts.Meme Kombat rewards users for participating in thrilling meme battles.
Its users can wager and place bets on the outcomes of matches to earn a passive income within the ecosystem.$MK is the platform's utility token. Remarkably, MK holders can participate in automated battles and several gameplay modes for reward.
MK is available on presale and trades at $1.67. The presale has raised over $270,000, inches towards the project's $1 million target.Users can choose ETH or USDT to purchase MK tokens and connect their crypto wallets to complete the process.
Staking for Additional Rewards Boosts MK's Long-term Value
MK is an Ethereum-based cryptocurrency, adopting its staking utility from Ethereum's Proof-of-Stake (PoS) mechanism. It offers users an attractive annual percentage yield for staking their MK tokens.
Meme Kombat automatically stakes tokens purchased during the presale to secure additional buyer rewards.Notably, after the presales, each staking wallet must re-stake its tokens to be eligible to claim rewards.
In addition, Meme Kombat offers users delightful opportunities to bet on battles for additional rewards. Several betting modes are available, such as Player vs. Player and Player vs. Game betting. Also, Direct Betting and Side Action Betting are available.
In the Player Vs Player mode, users can wager against each other in direct competition. Meanwhile, the Player vs game mode turns its focus to in-game events.
Furthermore, direct betting is character or battle-specific.Given its unique and attractive features,Meme Kombat will likely record massive success based on the growing relevance of the crypto-gambling industry.
ConclusionToday's top gainers seek to consolidate their gains in the past week and benefit from buying pressure.Also, ecosystem developments remain the focal point for most projects aiming to attract more investors.However, crypto investments still carry significant risks, and investors must understand and manage them properly.
Alternatively, presales are another avenue for investors to join a project ahead of a potential price surge after launch.Based on statistical data, cryptocurrency is growing in global adoption and value and will likely record gains in the coming months.
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