Despite much hotter-than-expected US jobs numbers released earlier on Friday, Bitcoin (BTC) is having another go at pushing back above the $28,000 level and its 100 and 200DMAs.
The world’s first and largest cryptocurrency by market capitalization initially fell following the data, but has since reversed around 3% higher versus its earlier session lows in the $27,100s as US yields and the US Dollar Index (DXY) pull back from recent highs.
Perhaps the strong jobs data has triggered fears that the Fed will become overconfident about the strength of the US economy and raise interest rates to high for too long, thus causing a recession.
The strong rebound from session lows means Bitcoin looks like its in the mood to continue moving higher within the uptrend that has been dominant since mid-September.
A break to the north of the 200DMA and then the support-turned-resistance zone at $28,500 could open the door to a swift move back above $30,000, meaning a good possibility of quick 7-8% gains.
While the short-term outlook for BTC is good, traders wanting to turn a quicker profit will continue to turn to the highly illiquid shitcoin/meme coin market, where tokens routinely see exponential intra-day moves.
Here are some of the best-performing low-cap coins according to DEXTools.
A token called Unvest ($UNV), which claims to power a multi-chain platform that helps its users securely trade their locked (or vested) tokens, has seen an explosive more than 500% move higher on Friday amid a spike in trading volumes to more than $500,000 in the last 24 hours, as per DEXTools.
The token last had a market cap of close to $4 million, over 1,400 holders and over $150,000 in liquidity.
Despite having no concerning aspects to its token contract, $UNV still has a community down rating of 60%, a concerning sign.
A new Pepe Coin copycat called SuperPEPE ($SPEPE) has seen a more than 400% jump on Friday amid a surge in trading volumes to more than $1.6 million in the past 24 hours, making it one of the best performing shitcoins according to DEXTools.
$SPEPE’s market cap was last around $340,000, its liquidity around $160,000 and the token last had close to 500 holders.
But at the current price of around $0.008, $SPEPE is nearly 80% down from the highs it hit earlier in the session, meaning the bubble might have already popped.
Hammer Bro ($HAMMER)
A shitcoin called Hammer Bro ($HAMMER) that launched earlier on Friday has already been able to pump around 350%, making it a top performer as per DEXTools.
$HAMMER last had a market cap of around $230,000, liquidity of around $210,000, nearly 150 holders and just under $600,000 in 24 hour trading volumes.
DEXTools’ security audit only identifies two concerning aspects to the token’s contract and the token has a good community trust rating with 82.4% upvotes.
Crypto Alternatives to Consider
Shitcoins are very risky, given most have no real value proposition.
For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 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.
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