Adobe Stock / RobertoThe cryptocurrency market is currently facing a challenge as it tries to maintain the momentum it has gained after hitting key price milestones last week.
Bitcoin and other cryptocurrencies have been on the decline thus far, leaving the market anticipating their next big development.
Amid the recent market turmoil, who are the biggest crypto earners today?
In the last 24 hours, Bitcoin experienced a 2,76% drop and fell to €29, breaking the significant €494 level it broke last week for the first time in almost a year.
Although it recently traded as high as €31,000 and shot up more than 80% this year, Bitcoin has struggled to consolidate those gains.
Cryptocurrencies are expected to continue to be influenced by the macroeconomic environment and fluctuations in the Dow Jones Industrial Average and S&P 500.
The 2023 crypto rally was fueled by expectations that the Federal Reserve will adopt a more lenient monetary policy, which also supported the stock market.
In an effort to rein in the highest inflation in decades, the Fed enacted a series of aggressive interest rate hikes over the past year, hitting both cryptocurrencies and stocks as higher rates dampen demand. of risk sensitive assets.
However, signs of slower inflation and the negative effects of rate hikes on various economic sectors, including the banking sector, prompted traders to reconsider the Federal Reserve's tightening of financial conditions.
Upcoming economic indicators will be released, such as the weekly jobless claims for Thursday and Friday, the purchasing managers' indices (PMI) for services and manufacturing.
This can affect both Bitcoin and the financial markets as a whole, leading to the current hesitancy being seen in the market.
In addition, comments from Federal Reserve officials will be closely considered ahead of the May 2-3 Policy Development Committee meeting.
Getting back to the €30,000 level may be difficult for Bitcoin in this climate.
This step is long overdue and some traders seem to be cashing in around this price level.
Alex Kuptsikevich, an analyst at the FxPro brokerage, explained: “Traders should be prepared that the €30,000 mark for the first cryptocurrency could act as strong resistance after its strong support in 2021. That said, technically, Bitcoin has already demonstrated the end of the bear market. fixing above the key moving averages and steadily pulling back from the bottom."
In addition to Bitcoin, Ether, the second largest cryptocurrency, is also down (-2,48% so far) and is trading just below $2.100 after a recent outperformance due to the successful "Shanghai" upgrade.
However, it is not all bad news in the cryptocurrency market.
Despite the decline of Bitcoin, Casper (CSPR), Injective Protocol (INJ), Love Hate Inu (LHINU), Rocket Pool (RPL), and DeeLance (DLANCE) are some of the top cryptocurrency generators worth watching today. of techniques. and/or fundamental analysis.
Gaspar (CSPR)
Casper was one of the top gainers in crypto on Sunday when it closed up 15,68%.
After breaching the resistance level of €0,043 on April 13, the cryptocurrency continued to rise for 3 days in a row and set its year-to-date high at €0,061.
Heading into the trading session today, CSPR came under some selling pressure, pushing the price to €0.054 with a loss of 6.32% thus far.
The 20 day EMA is currently at €0,044, which is higher than the 50 day EMA of €0,041 and the 100 day EMA of €0,038.
This suggests a bullish trend for CSPR as the short-term moving average is above the long-term moving averages.
However, it is necessary to monitor the price action to confirm if the uptrend will continue.
Moving on to the RSI, it is currently sitting at 70. An RSI above 70 is generally considered overbought. This confirms today's negative price movement.
Looking at the MACD indicator, the previous day's MACD histogram was 0.00135, while the current day's MACD histogram is 0.00140.
This indicates a slight increase in bullish momentum, but we need to confirm this with other indicators.
In terms of volume, today's volume is 94,743 million, which is lower than the previous day's volume of 140,075 million.
However, we also have the volume moving average, which is currently 48.368 million.
If the current day's volume is above the moving average volume, it could indicate a potential trend reversal.
Plotting a Fibonacci retracement level on your most recent swing reveals potential key levels at which CSPR price may react.
Casper price is currently trading below the €0.236 to €0.054 Fibonacci level. If the price falls further, the CSPR could potentially drop to the €0.050 Fib 0.382 support level.
The immediate resistance level is at the psychological level of €0,061.
Traders are advised to monitor price action and wait for the CPSS to establish support before entering a position.
Injective protocol (INJ)
Injective's INJ token saw an impressive price rise of over 60% on the weekly chart, outperforming major cryptocurrencies such as Bitcoin and Ethereum.
INJ's remarkable price moves earned it a place among the top cryptocurrency gainers on Sunday when its price closed with a 13,54% gain.
Currently trading at €9.21, the token is approaching the €10 threshold and may continue its upward trajectory in the near future.
The Injective ecosystem has recently been driven by developments. On April 16, a tweet announced that the Injective mainnet had integrated with Kraken Exchange, a leading cryptocurrency exchange.
Additionally, the Pyth Network's proposal to transition to an injectable mainnet received a 98% approval rating.
This integration will make Injective a unique player in the market as it will be the only blockchain to have both IBC and Pyth on-chain capability, giving users access to information from the digital and physical world.
The achievements of the project are evident in the Total Value Locked (TVL) for INJ. Defilama data indicates that TVL for INJ at Astroport increased by 45,51%, while TVL for Helix increased by 22,19% over the past week.
This increase in network activity could be related to the evolution of the INJ token price.
Along with the price increase, INJ's trading volume also saw a significant increase of 69,03% in the last 24 hours.
Although the global cryptocurrency market capitalization has declined, investor sentiment appears bullish, as evidenced by a fear and greed index of 69.
This has led to most cryptocurrency prices trading at a profit as bulls dominate the market.
The sentiment surrounding INJ is even more positive, given the many developments within the Injective ecosystem.
Since the beginning of April, the INJ price has increased from €4,34 on March 29 to its current value of €9,16, a growth of almost 120%.
As of this writing, it is trading at €9.21 with a loss of 0.90% so far. If the bulls remain in control, INJ could rise above its current price and break above €10 in the coming weeks.
However, if today's negative price movement persists, INJ price may pull back to the 0.236 Fibonacci level of €8.47.
LHINU's transparent voting system makes it one of the top cryptocurrency earners today
The crypto market is focused on Love Hate Inu (LHINU), a meme coin that has so far raised €4,47 million in pre-sale and launched a demo voting contest.
This contest, with a prize of €10,000, allows participants to vote whether they like or hate Andrew Tate, a controversial figure currently under house arrest in Romania.
To enter the contest, simply visit the Love Hate Inu website, follow the voting instructions, and share your vote on social media.
Although the end date is still unknown, the competition already garnered 4.400 votes over the weekend, with more expected in the coming days.
The Love Hate Inu project uniquely combines the virality of meme pieces with a vote-to-win system, giving users the chance to earn tokens while expressing their opinions on hot topics, critical issues, and creating new memes.
By staking LHINU tokens, users can participate in surveys and even influence the ones that are created.
At the heart of Love Hate Inu is a secure and transparent voting platform, which leverages blockchain technology to ensure an honest and anonymous voting process.
This innovative approach even caught the attention of Elon Musk, who expressed interest in using similar technology to combat Twitter bot accounts.
Time is running out for potential investors as Love Hate Inu's pre-sale price will soon drop from €0,000115 to €0,000125 in Step 6 of its eight-step pre-sale.
The project has already seen significant growth, with Carl Dawkins, former director of growth at Tamadoge, the best of memes, now serving as CEO.
As the Love Hate Inu pre-sale continues to gain traction, it has drawn comparisons to other hit meme coins like Dogecoin and Shiba Inu.
Visit Love Hate Inu now