Despite the release of hotter-than-expected US jobs numbers on Friday, Bitcoin (BTC) is making another attempt at surpassing the $28,000 level and its 100 and 200DMAs. Initially, the world’s largest cryptocurrency fell following the data but has since rebounded by around 3% from its session lows in the $27,100s as US yields and the US Dollar Index (DXY) pull back from recent highs. The strong jobs data may have triggered concerns that the Federal Reserve could become overconfident in the strength of the US economy and raise interest rates too quickly, potentially leading to a recession.
The significant rebound from session lows suggests that Bitcoin is poised to continue moving higher within the uptrend that has been dominant since mid-September. If it breaks above the 200DMA and the support-turned-resistance zone at $28,500, there is a possibility of a swift move back above $30,000, potentially resulting in quick gains of around 7-8%.
While the short-term outlook for Bitcoin remains positive, those traders looking for quicker profits may continue to turn their attention to the highly illiquid shitcoin/meme coin market. These markets often experience exponential intra-day price fluctuations, presenting opportunities for significant gains.
Among the best-performing low-cap coins identified by DEXTools is Unvest ($UNV). This token, which powers a multi-chain platform that facilitates secure trading of locked or vested tokens, has seen an explosive surge of over 500% on Friday, accompanied by a spike in trading volumes to over $500,000 in the last 24 hours. Despite having no concerning aspects to its token contract, $UNV has a community down rating of 60%, which may raise some concerns.
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Another coin that has seen significant gains is SuperPEPE ($SPEPE), a Pepe Coin copycat. It has experienced an increase of over 400% on Friday, with trading volumes surpassing $1.6 million in the past 24 hours. However, the recent price drop of around 80% from its session highs suggests that the bubble may have already burst.
Hammer Bro ($HAMMER), a newly launched shitcoin, has also made substantial gains of around 350% according to DEXTools. Despite its short lifespan, $HAMMER has already achieved a market cap of approximately $230,000, liquidity of around $210,000, and nearly 150 holders. The token’s contract has been audited by DEXTools, which identified only two concerning aspects, and it has received an 82.4% upvote in terms of community trust rating.
While these alternative cryptocurrencies present potential opportunities for gains, it is essential to recognize that shitcoins are generally considered highly risky investments due to their lack of real value proposition. For those seeking even higher-risk, high-reward investment strategies, participating in crypto presales might be an option worth considering. Crypto presales involve purchasing tokens from emerging crypto projects to support their development. These tokens are typically sold at lower prices, and there is a history of presales delivering substantial gains to early investors. However, it is crucial to thoroughly research these projects and their teams to assess their potential for success.
For investors interested in crypto presales, Cryptonews provides guidance by evaluating various projects. They have compiled a list of what they believe to be the 15 best crypto presales of 2023. These projects are backed by strong teams and have promising visions for delivering revolutionary crypto applications/platforms. However, it is important to remember that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice. There is the possibility of losing all invested capital.
Ultimately, while Bitcoin continues its ascent and presents opportunities for gains, traders should carefully weigh the potential risks and rewards associated with alternative cryptocurrencies and presales to make informed investment decisions.
