Top Crypto Gainers on September 4 – SNX, RPL, And XLM
The crypto market has continued to retrace today, September 4, with a total market cap value of $1.08 trillion. This figure represents a 0.33% decline in the price of Bitcoin and other top-ranking crypto assets.
Bitcoin trades at $25,876 within the same timeframe, a 0.1% decrease in the last 24 hours. Also, it is down by 1.0% in the last seven days.
The decline is likely a result of negative investor sentiment, as the Fear and Greed Index shows fear with a value of 40 today.However, the top gainers on September 4 benefited from positive developments and strong investor support in their ecosystem.
Synthetix (SNX) - The DeFi Provider
SNX's price is trading at $2.18, with a 9.2% increase in the last 24 hours. Also, it has gained 2.9% over the last seven days, suggesting that the buyers are in control of its price.
Will SNX Continue Its Rally?
Source: Tradingview.com
SNX is in an uptrend on the daily chart, forming a fourth consecutive green candle. The upper wick of the candle has broken above the $2.2 resistance level after the asset found critical support at $1.9, hinting at further gains.
Also, the green candle today is rising above the Parabolic SAR indicator, suggesting that the buyers have entered an aggressive accumulation phase.The Relative Strength Index (RSI) confirms this bullish sentiment, rising out of the neutral zone at 50.69 as it approaches the overbought region of 70.
Also, the Moving Average Convergence/Divergence (MACD) is rising above its signal line, suggesting a return of the bulls. The Histogram bar for today is green, confirming the rise in buying pressure.
However, traders should be wary of a possible retracement phase for consolidation before the uptrend continues.
Rocketpool (RPL) - The Top Ethereum Staking Protocol
RPL's price trends at $24.4, with a price increase of 12.7% in the past 24 hours. Also, it has gained 6.0% in the last seven days, showing bullish dominance in the market.
A recent event likely driving the bullish momentum is the Ethereum Singapore 2023 event. According to network updates, Rocket Pool's General Manager, Darren Langley, is a guest speaker at the event.
We're proud to welcome our esteemed speaker, @langerstwit from @Rocket_Pool!
From workshops to inspiring talks, we are welcoming everyone to join us at #EthereumSingapore2023 for an immersive experience. pic.twitter.com/lUw3vCvgoX
- Ethereum Singapore (@ethereum_sg) September 2, 2023
This event is one of the largest global gatherings of crypto communities and professionals and will likely give Rocket Pool vital exposure.The excitement and anticipation likely drive RPL's price gains since it operates on the Ethereum blockchain.
RPL Pivots Off $21.5 Support Indicating more Gains
Source: Tradingview.com
RPL has found critical support at $21.5 after spending the last three days in a sideways trend on the daily chart. The buyers have re-entered the market to force a price increase for the asset.
Today's upper wick of the large green candle has broken above the $25.5 resistance, although the sellers are still active, forcing a retreat to $24.
Also, today's candle is rising to enter the upper region of the Donchian Channel (DC), suggesting an increase in long positions for RPL.The RSI indicator confirms the same sentiment.
Although its value is 46.14 in the neutral zone, it rises as it approaches the overbought region of 70.
If the RSI indicator crosses 50, it presents an entry point for buyers to take advantage of and make a profit.The MACD has bounced off its signal line and is rising to show a buy signal confirmed by its green Histogram bars. If the bullish momentum remains to sustain their charge, the asset will likely gain more.
Stellar (XLM) - The Innovative Network for Global Financial Access
XLM, on September 4, traded at $0.12 with a 5.8% increase in its price in the last 24 hours. Also, it is up by 2.2% in the last seven days, confirming that the buyers are in control and likely to uphold its rally.
The likely gain today might be due to network-related events and developments. For instance, on September 2, XLM teased its community that something cool was coming in ten days. This anticipation likely led to an accumulation frenzy among XLM traders, increasing prices.
Something cool is dropping in 10 days.
Get ready to gear up for a change that's got us all excited. Stay curious
pic.twitter.com/CgNzfzwqmc
- Stellar (@StellarOrg) September 2, 2023
Also, the upcoming Stellar event in Madrid, Spain, tagged Meridian, is boosting the ecosystem's performance.
XLM Approaching $0.12 Resistance, Will the Uptrend Hold?
Source: Tradingview.com
XLM's uptrend is visible from the second green candle it has formed on the chart above. This is a confirmation that buyer pressure is rising.
XLM found support at the $0.11 price level that has sustained its price from further decline. The asset is approaching the $0.12 resistance level and will likely break above it if the buyers continue to mount pressure.
Although it is still below its 50-day Simple Moving Average (SMA) due to the bearish outlook earlier in the week, it still trades above its 200-day SMA, suggesting that the uptrend will likely continue in the coming days.
The RSI value is 48.20, rising out of the neutral zone as the buyers open long positions, moving it to the overbought region of 70.Also, the MACD is just rising above its signal line, showing a weak buy signal, and the green Histogram bars are still forming.
XLM will likely sustain its uptrend if it can break above the $0.12 resistance level. However, a retracement is still possible based on its past price performance.
Wall Street Memes (WSM) - The Community Revolution Against Capitalism
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Wall Street Memes is a community movement hoping to overcome the power of capitalism using memecoins to reward retail traders.
How I feel after placing a free $5 trade pic.twitter.com/YBuIriDPJ0
- Wall Street Memes (@wallstmemes) August 31, 2023
The foundation of this project is deeply rooted in the strength of the crypto community, and the developers hope to disrupt the traditional finance terrain using memecoins.
With a community of over 1 million members, unlimited memes, and over 40 million impressions a month, the project is on the right track to achieving its goals.
WSM is the token powering this movement, and according to tokenomics, 50% of the total supply is dedicated to marketing to maximize visibility and social media presence.
Also, 30% of the tokens are reserved for community rewards for dedicated users. One such reward scheme is the ongoing $50,000 airdrop for five lucky winners receiving $10,000 each.
However, these winners must complete certain tasks and possess $WSM tokens to be eligible for the airdrop.
WSM is Selling Out Fast
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$WSM is in its final presale stage with over $25 million raised and just 22 days from listing on Tier-1 exchanges. Each WSM token is worth $0.0337 at this stage.
These tokens can be purchased from the official website if a user connects to a secure crypto wallet. Also, WSM supports purchases with crypto options such as ETH, USDT, or BNB.
However, a user can complete a purchase directly with a bank card. The next few days will likely see a late accumulation phase as investors scramble to take advantage of a potential price surge after listing.
WSM Staking and NFTs Add Value To Ecosystem
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WSM supports a buy and stake feature where users can lock a portion of their tokens for additional rewards.These rewards are calculated based on an investor's stake in the pool and the APY.
Over 274 million WSM tokens are staked, showing rising investor interest in preserving the long-term value of the ecosystem and overcoming inflation.WSM also has an NFT collection (Wall St Bulls) on OpenSea.io, one of the largest NFT marketplaces.
This collection features 10,000 unique NFTs operating on the Ethereum blockchain with an exciting roadmap.Also, Wall St Bull holders have an automatic pass into the upcoming Options Market, where the Bulls can either increase or decrease in value.
Additionally, holders can access other NFT collections for free, such as Wall Street Interns and Wall Street Assets. These projects confirm Wall Street Memes' future potential.
Also, the WSM development team has no specially reserved tokens, thus promoting transparency and equity in the ecosystem.According to Up Next Crypto, a YouTube crypto analytics channel with over 590,000 subscribers, WSM is the number one crypto meme community in 2023.
Sonik Coin (SONIK) - The Race to Listing a Few Hours Away
Sonik Coin is a speedy meme coin token determined to race to a 100 million dollar market cap in record time.
Hold my beer, I gotta go fast
$SONIK #SONIK #Presale #MemeCoin pic.twitter.com/ogDOXxysR5
- SONIK COIN (@Sonikcoin) September 2, 2023
It hopes to replicate the success of memecoin projects such as HarryPotterObamaPacMab8Inu, which achieved a market cap of $200 million in less than 100 days.
Presale Ending Today, Act Fast
$SONIK is On presale and has raised over $1.2 million out of its goal of $2.09 million for the presale, showing massive investor interest in the tokens.
Investors can purchase these tokens by connecting a secure crypto wallet and completing the payment with ETH or USD. $SONIIK is still quite affordable at $0.000014 ahead of a potential price surge.
Also, buyers can stake their tokens for additional rewards distributed over four years based on their percentage stake in the pool and the APY value.
On September 4, the APY was 56%, which is still impressive compared to the average rate of 5-10% obtainable with most crypto projects. Over 42.5 billion $SONIK tokens have been staked, thus preventing inflation or mass dumping when listed on exchanges.
According to the roadmap, the focus will move to community building and staking rewards after the SONIK Sellout.
Crypto analytics channel No Bs Cryto on YouTube, with over 32.5 thousand subscribers, lists Sonik Coin among the top three crypto coins with the highest return potential in 2023.
ConclusionThe crypto market shows a slight retracement today based on negative investor sentiment. Despite the decline, some cryptocurrencies still enjoy positive price action due to developments in their ecosystem.Also, some memecoin presales offer investors exciting opportunities to diversify and take advantage of the ongoing memecoin season.
Despite the enticing prospects offered by these projects in the green, traders and investors must apply caution since cryptocurrencies are volatile.Proper research combined with risk management techniques are essential for success in crypto.
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