By Biggest Crypto Gainers Today on DEXTools – X–Bird, NCWW, XSHIB
A U.S. appeals court overturned a previous SEC decision on Tuesday, ruling in favor of asset management firm Grayscale Investments in its effort to launch a spot bitcoin exchange-traded fund (ETF).
The unanimous verdict by the U.S. Court of Appeals for the District of Columbia could pave the way for regulatory approval of the first spot bitcoin ETF in the country, pending any appeals by the SEC.
Given shifting macroeconomic dynamics and bitcoin rising 5% so far today, what are the biggest crypto gainers today?
The SEC now has 45 days to appeal the ruling to the Supreme Court or request an ‘en banc’ review by a panel of judges.
The agency had previously rejected applications for spot bitcoin ETFs by Grayscale, Ark Investments, Fidelity, and others, citing concerns around potential manipulation in the underlying bitcoin market.
In its decision, the appeals court stated that the SEC “failed to demonstrate that the bitcoin market is uniquely resistant to manipulation.”
Grayscale has argued that a spot Bitcoin ETF would expand access to Bitcoin exposure for retail investors without needing to directly own the cryptocurrency. The firm’s Bitcoin Trust (GBTC) currently trades at a premium to net asset value.
Following the ruling, the price of bitcoin jumped over 5% to $27,450, extending its rebound from multi-year lows reached earlier in 2022.
However, the cryptocurrency remains down 60% from its all-time high of close to $69,000 in November 2021. Shares of GBTC surged over 16% on the news.
The ruling is a significant victory for Grayscale after years of legal wrangling with the SEC over approval of a spot bitcoin ETF.
However, the SEC still has options to continue challenging the decision, including appealing to the Supreme Court or requesting a review by a panel of judges.
This means the prospect of the first spot bitcoin ETF in the U.S. remains unclear, even with the appeals court verdict, as the SEC considers how to respond.
As Grayscale secures a victory against the SEC and Bitcoin sees a significant uptick, X-Bird, NCWW, and XSHIB stand out as the biggest crypto gainers today on DEXTools.
XBIRD’s Wild Ride: An Opportunity in the Making?
XBIRD has been on a roller coaster ride today, reaching an intraday high of $0.0003139. This surge marked an astronomical rise of nearly 4,500% at one point.
However, with Bitcoin’s resurgence, the crypto market has seen a shift, with funds potentially leaving these lesser-known cryptocurrencies in favor of the more established players.
This has led to a pullback in XBIRD’s price to $0.00003454, still representing a significant daily gain of 392.15%.
This trend of capital reallocation has become a recurring theme not only for XBIRD but also across today’s top gainers.
Yet, despite the volatility, the technical indicators suggest that opportunity may not have left the building just yet.
Taking a look at the 5-minute technical indicators for XBIRD, a pattern begins to emerge. The 20 EMA is at $0.0002306, while the 50 EMA is at $0.0002386, both significantly higher than the current price.
This suggests that the recent price drop may be an overreaction, as the moving averages indicate a higher fair value for XBIRD.
Interestingly, the 100 EMA is sitting at $0.0002052, acting as a potential resistance level for the cryptocurrency. If XBIRD can regain some momentum and break through this resistance level, it could potentially trigger a new upward price movement.
However, one must also consider the Relative Strength Index (RSI), which currently stands at 21.08. This is generally viewed as an oversold condition, indicating that the selling pressure may have been excessive and a price rebound could be imminent.
The MACD histogram is at -0.00001641, suggesting there’s bearish momentum in the market. Traders should be cautious and watch for a potential bullish crossover in the histogram, which could signal a positive reversal for XBIRD.
Lastly, XBIRD has an immediate support level at the psychological level of $0.00003400. If the price holds above this level, it could offer a reasonable entry point for risk-tolerant investors seeking to capitalize on a potential rebound.
While the day’s volatility has been extreme, the technical indicators suggest that XBIRD may still present a potential buying opportunity.
Yet, investors should proceed with caution, closely monitoring the aforementioned indicators for signs of a positive reversal.
Nuclear Waste Water (Ncww): What’s the Meme Coin’s Next Move?
Nuclear Waste Water (NCWW) has been exhibiting a sideways trading pattern so far today. The coin has been bouncing between the swing low support level of $0.00000000005438 to $0.00000000005538 and the Fib 0.236 level at $0.00000000007082.
Notably, the 5-minute 50 EMA is drawing closer to the current price, raising questions about the meme coin’s next move. As of writing, the 5-minute 50 EMA stands at $0.00000000005080, while the 20 EMA is hovering around $0.00000000006619.
The current price of NCWW, meanwhile, is $0.00000000006461, representing a 22.3% increase so far today.
From the perspective of technical analysis, the fact that the 50 EMA is below the current price indicates a bullish trend. However, traders should remain cautious.
The proximity of the 50 EMA suggests that the market is at a critical juncture, and any significant movement could potentially trigger a new trend.
The coin’s immediate resistance is the Fib 0.236 level at $0.00000000007082. Breaking past this point could be a sign of a continued upward trend, leading to potential gains for traders who hold their positions.
On the other hand, the swing low support level of $0.00000000005438 to $0.00000000005538 serves as a line of defense against a potential downtrend.
Given the current upward price movement and the position of the EMA indicators, the market sentiment for Nuclear Waste Water appears to be bullish in the short term.
However, traders should closely monitor the 50 EMA and the resistance level at the Fib 0.236 mark. A breach of the resistance or a reversal of the 50 EMA could signal a shift in market dynamics.
XSHIB’s Short-term Bearish Trend and Potential Turnaround
Despite a significant downturn affecting the broader meme coin market, XSHIB has managed to hold its ground with a substantial increase of 862.9% for the day.
However, recent price action indicates potential consolidation, as the coin approaches its initial swing support zone between $0.001525 and $0.001724.
Examining the 5-minute technical indicators, traders might discern a potential buying opportunity.
The 5-minute 20 EMA, a widely-used trend-following indicator, is currently at $0.002305. Given that this figure is above the current price of $0.002177, it suggests a short-term bearish trend.
Meanwhile, the 50 and 100-period EMAs, at $0.002562 and $0.002508 respectively, further underline this sentiment.
However, as the coin approaches its initial swing support zone, this downward price movement might soon be mitigated.
This support zone, which ranges from $0.001525 to $0.001724, could provide a price floor, preventing further short-term depreciation and potentially setting the stage for a rebound.
The RSI currently sits at 39.92. This figure is close to the 30 threshold, which typically signifies oversold conditions. Such conditions often precede a price rebound, hinting at a potential short-term buy signal.
The MACD histogram, another trend-following momentum indicator, is currently at 0.00005126.
This positive value indicates that the short-term momentum is higher than the long-term momentum, signaling bullish conditions despite the recent price drop.
While XSHIB’s short-term trend according to the EMAs is bearish, the approaching support zone and the current RSI and MACD figures suggest a potential turnaround. Traders should closely monitor the price as it nears the support zone.
If XSHIB can maintain its momentum as indicated by the positive MACD histogram and the RSI approaches or breaches the 30 level, there may be a strong case for a buy signal.
Other Cryptocurrencies to Buy
For crypto investors who are open to high-risk, high-reward diversification strategies, participating in presales of new projects offers an opportunity to purchase tokens early, thereby providing crucial funding for development.
Presale tokens are heavily discounted, so successful projects can generate substantial returns for early investors.
Many presales have impressive teams and ambitious plans for game-changing platforms and applications.
For investors who spot these promising ventures early, presales represent an opportunity to maximize returns before public launch.
The risk is high, as some teams will fail to execute their vision. However, the potential rewards are immense if one invests in a presale that succeeds.
The analysts at Cryptonews.com leverage industry expertise to evaluate upcoming presales and identify standout opportunities.
After a thorough examination, they curated a list of presales, all showing immense promise due to the team’s ingenuity and the project’s novelty.
For crypto investors open to higher risk, participating in these hand-picked presales could prove highly lucrative investments in 2023 and beyond.
New Cryptocurrencies to Buy In 2023
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
