The United States Bureau of Labor Statistics recently disclosed favorable data on the nation’s employment landscape today, setting stocks and the crypto markets up for a minor rally throughout the day.
The April figures revealed an addition of 185,000 jobs, accompanied by a 3.4% rise in unemployment.
In light of this developing macroeconomic backdrop, what are the biggest crypto gainers today?
The general sentiment among investors reflects optimism, as they anticipate a deceleration in inflationary pressures.
The detailed labor report indicated an increase of 253,000 nonfarm payrolls in April, with a three-month average dipping to 222,000.
This decline in the average has led to speculations of a potential pause in the Federal Reserve’s interest rate adjustments.
Meanwhile, the unemployment rate was reported at 3.4%, slightly below the anticipated 3.6%.
The market took the news well, with the S&P 500 index seeing a 1.85% increase today, while the Dow Jones Industrial Average is up by 1.65% and the Nasdaq Composite Index is up 2.25%.
Simultaneously, Bitcoin is commanding a trading price of $29,542, reflecting a 2.25% gain so far today.
Ethereum (ETH) is also enjoying favorable momentum, registering a 6.20% uptick as it currently trades at $1,993.
Steve Rick of CUNA Mutual Group expressed optimism, stating, “A robust jobs report offers a glimmer of hope amidst concerns of economic downturn, banking sector turbulence, and continuous workforce reductions.”
Despite the positive outlook, the CME Group’s projections for the Federal Reserve’s actions remain unchanged.
The likelihood of interest rate cuts is minimal, with an 8.5% chance of additional hikes.
Federal Reserve Chair Jerome Powell alluded to a potential rate pause following a recent 25 basis point increase.
Amid the unfolding employment scenario in the United States, the cryptocurrency market has seen notable performers.
Cryptocurrencies such as AI, FLOW, SPONGE, ICP, ECOTERRA, CSPR, and SWDTKN are some of the biggest crypto gainers today.
AiDoge’s Presale Success: $1.7 Million Raised in Just Ten Days
AiDoge has garnered significant interest during its presale period, amassing a substantial $1.7 million so far in funding.
AiDoge’s hype comes from its fusion of artificial intelligence (AI) with the cultural phenomenon of internet memes.
In addition, AiDoge ($AI) has generated considerable chatter across social media platforms, thanks in part to its association with YouTube personality Conor Kenny.
With a following of 155,000 subscribers, Kenny’s endorsement has amplified the project’s visibility.
AiDoge’s unique proposition is its AI-powered platform which aims to facilitate the creation of memes through text prompts.
The technology behind this platform is reminiscent of ChatGPT, a widely recognized AI language model.
AiDoge’s potential to allow anyone to generate visually engaging content has piqued the interest of investors.
The presale of $AI tokens is currently in its third stage, with the token priced at $0.0000268.
AiDoge has drawn comparisons to other successful meme coins, such as Pepe, which recently saw remarkable returns exceeding 7,000%.
However, AiDoge distinguishes itself with its focus on AI and its potential to reshape online communication.
As the presale progresses, investors are eagerly anticipating the platform’s potential to generate revenue and foster community engagement.
Flow (FLOW)
Flow, the blockchain platform known for facilitating next-generation applications and games, is presently witnessing a phase of price consolidation just above the Fib 0.236 level at $0.0829.
Despite the platform’s widespread adoption and capacity to manage substantial transaction volumes, the token’s market performance has seen only a modest uptick of 0.11% today—a contrast to the more pronounced gains observed in the broader cryptocurrency market.
According to CoinMarketCap, $FLOW boasts a market capitalization of $1.260 billion, securing its position as the 55th-ranked cryptocurrency.
However, a notable 38% decline in trading volume points to an ongoing trend of price consolidation.
The weekly technical chart of $FLOW paints a picture of a complex tug-of-war between buyers and sellers.
Amid this dynamic, the Total Value Locked (TVL) of the asset has maintained relative stability, leaving room for potential expansion in the future.
Currently, $FLOW is traversing a subdued consolidation zone on the daily chart, trading at a price of $0.88 and a marginal daily gain of 0.11% so far today.
Looking ahead, potential resistance for $FLOW may arise near the $0.95 level, while support could establish itself around $0.83.
The RSI for $FLOW resides around the 40 mark, signaling a neutral stance.
The absence of a defined directional trend in the RSI suggests that $FLOW’s price may persist in its current consolidation phase for the time being.
SPONGE’s Rising Trading Volume Makes It One of the Biggest Crypto Gainers Today
Although PEPE has recently reigned supreme in the meme coin market, $SPONGE has made its entrance as a formidable competitor, capturing the interest of many cryptocurrency market observers.
Dubbed the SpongeBob Meme Coin, $SPONGE falls within the category of meme tokens, characterized by their emphasis on creating hype rather than practical applications.
The appeal of meme tokens, as demonstrated by the success of PEPE, lies in their capacity for swift value appreciation, prompting traders to include them in their portfolios.
The launch of $SPONGE was met with enthusiasm, amassing nearly $1 million in trading volume within the first hour. Predominantly driven by buyers, the token’s upward trajectory is anticipated to continue.
The trend of launching tokens on Decentralized Exchanges (DEX) has gained traction, partly in response to regulatory concerns affecting centralized exchanges, such as the FTX incident and issues faced by Coinbase.
Additionally, advancements in artificial intelligence have streamlined token creation, exemplified by Turbo Toad Token ($TURBO), developed in a week with a minimal human intervention using OpenAI’s ChatGPT.
For those intrigued by $SPONGE, the token is readily available on Uniswap, where it is experiencing a gain of 670% so far today.
With a total supply of 40.4 billion tokens and trading volume on the rise, $SPONGE’s trend is likely to continue as awareness spreads.
Internet Computer (ICP)
Internet Computer’s price trajectory has been volatile, as it retested the 50-day EMA in confluence with the Fib 0.618 level of $5.624 on May 3.
$ICP is currently trading marginally above the Fib 0.5 level at $5.932.
An examination of the overall price structure suggests the formation of a symmetrical triangle pattern commencing on April 19, characterized by the price contraction currently being observed.
$ICP is showing a bullish trend based on its key exponential moving averages. The 20-day EMA is at $5.808, the 50-day EMA is at $5.616, and the 100-day EMA is at $5.484.
As the current price is above all three moving averages, this suggests a positive momentum in the market.
$ICP’s registers at 54.46, an increase from the previous day’s 53.31, signaling growing buying pressure.
The MACD histogram measures -0.006, a slight improvement from the previous day’s -0.007.
Although the MACD histogram remains in negative territory, the incremental increase suggests a weakening of bearish momentum.
As of this writing, $ICP is trading at $5.965, reflecting a 0.91% increase so far today.
Traders are advised to keep a watchful eye on the trendlines that form the symmetrical triangle pattern.
A breakout from the upper trendline could signal a bullish trajectory, with $ICP potentially retesting the Fib 0.382 level at $6.241, in confluence with the previous resistance level of $6.259.
On the other hand, a breach of the lower trendline could indicate that $ICP may revisit the support levels of Fib 0.618 at $5.264 and Fib 0.786 at $5.185.
The technical indicators suggest that $ICP is currently in a pivotal phase, and traders are urged to closely monitor key levels and trendlines for potential trading opportunities.
ecoterra’s Remarkable Presale: $3.1 Million Raised for Recycle2Earn Initiative
ecoterra’s presale has amassed a sum exceeding $3.1 million so far within a month’s time.
As the fifth stage of the presale draws to a close, a mere $50,000 worth of tokens remains available for purchase.
The likelihood of these tokens being acquired before the two-day deadline is high, given the rapid pace of sales.
The Recycle2Earn project, which includes plans for a smartphone application, has garnered significant attention for its dual appeal: the potential for financial returns and the opportunity to address environmental challenges.
The initiative seeks to promote recycling and other environmentally beneficial activities, which it terms “impact actions,” by offering rewards in the form of ecoterra tokens.
Central to the Recycle2Earn initiative is the development of a smartphone application that facilitates access to the project’s ecosystem, including marketplaces for recycled materials and carbon offsets, as well as an impact profile to track ecological contributions.
ecoterra’s CEO, Mihai Ciutureanu, has outlined plans for a liquidity pool to manage token liquidity within the app.
The Recycle2Earn app is expected to launch its beta version by year’s end, offering an innovative approach to promoting recycling and environmental stewardship.
ecoterra’s integration of non-fungible tokens (NFTs) to represent ecological achievements and its support for renewable energy generation further enhance the project’s appeal.
Experts in the cryptocurrency space anticipate that ecoterra may potentially yield returns, a sentiment reflected in the token’s popularity on Google Trends, where it has ranked as high as third in the “crypto” category.
The current rate of ecoterra sales is accelerating, with daily figures reaching approximately $200,000. The token’s price, currently set at $0.00700 in stage 5, is slated to increase to $0.00775 in stage 6.
To acquire ecoterra tokens, investors may use either ETH or the Tether stablecoin (USDT), with the option for traditional currency purchases via card for those less familiar with digital assets.
Upon the conclusion of the presale, ecoterra tokens will be listed on exchanges at a price of $0.01.
Casper Network (CSPR)
Casper Network (CSPR) has been enjoying a positive trajectory in recent weeks, with the cryptocurrency consistently printing higher lows and emerging as one of today’s gainers in the crypto market.
However, traders should exercise caution as technical indicators suggest the possibility of a bearish divergence, which may signal an impending retracement.
The RSI is currently at 64.20, down from yesterday’s 66.10.
While the RSI remains in the bullish territory above the 50 mark, the potential bearish divergence between the RSI and CSPR’s price action warrants attention.
Specifically, if the RSI fails to confirm new highs in price, it could indicate weakening momentum and a potential trend reversal.
Examining the moving averages, the 20-day EMA is currently at $0.0550, while the 50-day EMA stands at $0.0486, and the 100-day EMA at $0.0437.
The 20-day EMA has been acting as a reliable support level, as evidenced by its successful support on April 3-4, April 22, and April 25.
This level coincides with the Fibonacci 0.786 retracement level at $0.05046, suggesting strong potential support in case the bearish divergence materializes.
The MACD histogram, which helps identify trend direction and momentum, is currently at 0.00021, down from yesterday’s 0.00034.
The declining MACD histogram may signal a loss of bullish momentum, further supporting the case for a potential retracement.
CSPR’s current price stands at $0.05986, experiencing a loss of 1.32% so far today.
The immediate resistance level to watch is the previous high of $0.06097. A successful close above this level could signal a continuation of the bullish trend.
On the flip side, if the bearish divergence plays out, traders should keep a close eye on the immediate potential support at the Fib 0.786 level at $0.05046 in confluence with the 20-day EMA. A break below this level could see the price retest the Fib 0.618 level at $0.05046.
One of the Biggest Crypto Gainers Today: Swords of Blood’s Epic Storyline and High-Quality Graphics
Role-playing game (RPG) Swords of Blood is continuing its presale, surpassing $1.2 million so far in funds raised during the third stage.
Built on the Polygon network, Swords of Blood offers an immersive experience, drawing on the success of its predecessor, which garnered over four million downloads so far.
The game’s rich lore, crafted by creatives who have worked on renowned titles such as The Witcher and Cyberpunk, complements its dynamic combat mechanics.
The expertise of the development team sets the stage for a highly anticipated launch.
During the third stage of the presale, the game’s native token, $SWDTKN, is being offered at a price of $0.08.
$SWDTKN will play a central role in the game’s ecosystem, serving as the primary currency for transactions and rewards.
Swords of Blood distinguishes itself as the first AAA-rated, blockchain-based hack-and-slash thriller of its kind.
Players can delve into an epic storyline, exploring various game modes and enjoying high-quality graphics reminiscent of the Diablo franchise.
As players navigate dungeons, acquire rare equipment and battle foes, they have the opportunity to craft powerful weapons and master combat techniques.
The game’s MVP version is set to launch in May 2023, even as the presale continues.
This version will feature a main campaign story mode, a Monster Hunt mode, and multiplayer elements, including player-vs-player combat and cooperative boss battles.
The game’s lore transports players to the World of Ezura, where they must confront the Dragon Betrayer and restore peace.
The game’s narrative is enriched by the contributions of Jakub Szamalek, known for his work on Cyberpunk 2077 and The Witcher 3.
Additionally, the game’s graphics are inspired by Weapons Creator Ben Abbot, known for Forged in the Fire.
With the backing of prominent venture capital firms and a skilled development team, Swords of Blood is poised to captivate gamers and investors alike as it forges a path in the Web3 gaming landscape.
This news is republished from another source. You can check the original article here.
Be the first to comment