Larry Fink, the leader of BlackRock, the world’s most influential asset management firm, has expressed unwavering confidence in the potential of cryptocurrencies. He firmly believes that digital assets will surpass the limitations of any single currency.
While Fink refrained from discussing specific details about Bitcoin, as BlackRock has a pending application for a Bitcoin Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission, he emphasized the unique value that cryptocurrencies offer compared to other investment classes.
In a bid to strengthen its presence in the cryptocurrency market, BlackRock, which manages an enormous $9.5 trillion in assets, submitted an application for SEC approval of a spot Bitcoin ETF on June 15.
This bold move is believed to have influenced other institutional investors to allocate capital to the crypto industry, contributing to the significant surge in its value over the past year.
Fink expressed his belief that ETFs have a responsibility to make investing accessible to everyone. He stated, “Our obligation is to make investing an accessible practice for all.”
He acknowledged the growing interest among global investors regarding the role of cryptocurrencies in their investment portfolios. Fink recognized the expansive global reach of crypto and highlighted its potential to transcend the limitations of a single currency when it comes to valuation.
Fink argued that an “international crypto product” could potentially address concerns related to the devaluation of the US dollar due to its borderless nature.
The introduction of a Bitcoin ETF on the spot market could serve as a convenient avenue for institutional investors to gain exposure to Bitcoin without dealing with the complexities associated with storage and security.
If the ETF receives regulatory approval, it has the potential to attract a significant influx of capital into the crypto market.
Yesterday’s court ruling, which declared XRP not a security, brought optimism to the cryptocurrency market. Bitcoin and the broader market experienced a positive closing as a result.
However, today Bitcoin has retraced back to its range low and is currently testing the Fib 0.236 level at $30,159. This level coincides with the 20-day EMA at $30,147.
Bitcoin’s current trading price is $30,098, reflecting a 4.40% loss for the day. The total cryptocurrency market cap has also dropped by 4.44% to $1.166 trillion.
Despite the pullback, the overall bullish trend in the cryptocurrency market remains intact. In fact, this dip may present a buying opportunity for those who have been waiting to enter the market before Bitcoin potentially makes its next upward move.
Some of the recommended cryptocurrencies to consider buying at the moment, based on their strong fundamentals and positive technical indicators, are Lido DAO, Wall Street Memes, Polygon, Chimpzee, and ApeCoin.
Lido DAO (LDO) Pulls Back from Yesterday’s High: What’s Next?
Lido DAO (LDO) is currently encountering selling pressure near the Fib 0.236 level at $2.331, resulting in a slight retreat from the significant 21.56% gain recorded yesterday.
Although LDO reached an intraday high of $2.523 earlier today, it is currently trading at $2.220, representing a 3.01% loss for the day.
The 20-day Exponential Moving Average (EMA) is situated at $2.016, the 50-day EMA at $2.012, and the 100-day EMA at $2.055.
All three EMAs are positioned below the current price of LDO, indicating that despite the pullback observed today, the overall trend remains bullish.
The fact that LDO’s price remains above these moving averages suggests that the recent positive momentum has not been entirely reversed.
The Relative Strength Index (RSI), a momentum oscillator, has declined from yesterday’s reading of 63.07 to today’s 59.48. While still within the moderately bullish zone (above 50), this drop in RSI suggests a potential slowdown in short-term momentum.
The Moving Average Convergence Divergence (MACD) histogram, used to identify buy and sell signals, has increased from yesterday’s 0.011 to 0.021. This upward movement indicates the presence of buying pressure and the possibility of further upward price movement.
However, LDO is currently facing immediate resistance at the Fib 0.236 level of $2.331. Breaking above this resistance could open the way for a retest of today’s intraday high at $2.523.
In terms of support, the immediate level is located at the Fib 0.382 level of $2.186. Further significant support can be found at the Fib 0.5 level of $2.069.
Indeed, the Fib 0.5 support level at $2.069 aligns closely with the critical 100-day EMA at $2.055, making it a crucial area to monitor.
A drop below this level could suggest a possible shift in the trend from bullish to bearish, warranting caution.
Despite the potential slowdown in short-term momentum, the overall bullish trend for LDO remains intact. Traders should closely observe the Fib 0.236 resistance level and the Fib 0.5 support level, as they could play a significant role in determining LDO’s immediate market direction.
Wall Street Memes’ $WSM: The Best Crypto to Buy Now for Meme-Loving Investors
Embracing the spirit of its origins in 2021, Wall Street Memes is set to launch the $WSM meme coin, attracting a wave of investors.
Through its presale alone, Wall Street Memes has already raised an impressive $14.7 million, generating significant anticipation for one of the most highly awaited meme coin launches in 2023.
Drawing inspiration from the defiant sentiment seen in the 2021 GameStop saga, the Wall Street Memes community embodies the legacy of retail investors who disrupted the traditional Wall Street establishment.
With the introduction of $WSM, the movement that shook the financial sector is being tokenized, capturing its essence in a unique way.
The community has gained substantial influence, with analysts considering $WSM as a potential rival to other popular meme coins such as Pepe, Shiba Inu, and Dogecoin.
Wall Street Memes has a track record of success, with previous ventures selling out rapidly. In just 32 minutes, they generated $2.5 million from the sale of a 10,000-piece NFT collection.
Promoting fairness and inclusivity, the entire token supply is dedicated to the Wall Street Memes community. The presale accounts for 50% of the token supply, while the remaining tokens will be allocated for community rewards, CEX liquidity, and DEX liquidity.
With a significant portion allocated to community rewards, it is likely that crypto airdrops will play a crucial role in the ecosystem, potentially exceeding $20 million in value.
Investors seeking the potential for future price increases may consider participating in the presale to secure their $WSM tokens.
Is Polygon (MATIC) the Best Crypto to Buy Now? Here’s What the Indicators Say
Polygon (MATIC) is currently facing a challenge as it struggles to overcome the horizontal resistance zone ranging from $0.8183 to $0.8412. This resistance area aligns with the 100-day Exponential Moving Average (EMA) at $0.8229.
At present, MATIC is trading at $0.7937, reflecting a significant loss of 6.65% for the day.
The 20-day EMA is positioned at $0.7142, and the 50-day EMA stands at $0.7410. These figures indicate a positive momentum in the mid-term despite the recent decline in price.
However, the key level to monitor is the 100-day EMA at $0.8229, as MATIC faces difficulty in surpassing this point. The ability to break through this resistance level could be pivotal in determining the next direction for MATIC’s price.
The inability to overcome the 100-day EMA highlights a persistent resistance barrier in the near term for MATIC.
The Relative Strength Index (RSI) has decreased from yesterday’s reading of 70.11 to 60.58. While this could indicate the emergence of bearish momentum, the current reading remains above the midline of 50, indicating that bullish sentiment still outweighs bearish sentiment, albeit to a lesser extent than before.
In terms of the Moving Average Convergence Divergence (MACD) histogram, it currently stands at 0.0194, slightly lower than yesterday’s reading of 0.0197. Although the decline is minimal, the downward trend may suggest a potential bearish crossover in the short term, implying a possible period of bearish sentiment.
At present, MATIC has immediate support at the Fib 0.618 level, precisely at $0.7950.
If the price of MATIC drops below the immediate support level, the next significant support zone can be found at the Fib 0.5 level at $0.7406, which coincides with the 50-day EMA at $0.7410. This combined support area may act as a strong barrier to prevent further downward movement.
The technical indicators for Polygon (MATIC) present a complex picture. The recent losses, along with a declining RSI and the inability to overcome the 100-day EMA resistance, could suggest bearish sentiment in the short term.
However, the ascending EMAs over the medium term and the presence of support levels aligned with Fib retracements and the 50-day EMA indicate potential bullish opportunities.
In light of these observations, investors are advised to exercise caution and consider both the bearish and bullish signals provided by the technical indicators.
Staying attentive and monitoring shifts in the RSI and MACD, as well as observing price reactions at key support and resistance levels, will be crucial in formulating effective trading strategies in the coming days.
Chimpzee: The Charity-Focused Crypto Start-Up Making a Difference
The Chimpzee project has garnered attention from web3 industry observers as it successfully raised over $844,000 through the presale of its native $CHMPZ token.
Regarded as a promising charity-focused crypto start-up, Chimpzee strikes a balance between generating passive income and actively contributing to the causes of fighting climate change and saving animals.
The project boasts a range of planned features, including a merchandise store, a non-fungible token (NFT) marketplace, and a play-to-earn game called “Zero Tolerance.” Investors have the opportunity to acquire $CHMPZ tokens at a price of $0.0007 each, along with a 125% token bonus.
Early investors during the initial stages will also have the chance to mint Chimpzee Gold Passport NFTs post-presale, which offer a yield of 18%.
Setting itself apart from other charity-focused presales, Chimpzee has already made a tangible impact by planting over 20,000 trees and donating more than $35,000 to charitable causes.
In addition to its charitable mission, Chimpzee’s shop will distribute profits to the listed charities, offering a unique shop-to-earn and shop-to-donate experience.
Beyond its philanthropic endeavors, $CHMPZ holds potential as an investment asset. Early investors may witness substantial gains when $CHMPZ becomes available on major cryptocurrency exchanges later this year.
The deflationary supply mechanism, along with the token burn policy for unused tokens and those used for Chimpzee Passport NFTs, has the potential to further drive the token’s value.
With 45% of the $CHMPZ supply available during the presale, acquiring this token now could prove to be a shrewd move for those seeking promising cryptocurrencies to invest in.
ApeCoin (APE) Struggles to Rebound: Is It Still One of the Best Cryptos to Buy Now?
ApeCoin (APE) is currently struggling to overcome its resistance levels, showing no clear signs of gaining momentum to break out from its 20-day Exponential Moving Average (EMA) at $2.084.
Despite reaching an intraday high of $2.237 earlier today, which represented a temporary 15% gain, the coin’s value quickly retreated due to intense selling pressure, bringing it back to its current level of $2.021.
This price movement has resulted in the formation of a bearish gravestone doji candle, a pattern that typically indicates a potential reversal of the ongoing uptrend.
Furthermore, the higher EMA values, namely the 50-day EMA at $2.432 and the 100-day EMA at $2.956, highlight the diminishing bullish momentum for the cryptocurrency.
Traders should pay attention to the growing divergence between ApeCoin’s current price and these EMA levels. Historically, such a gap has often preceded a bearish phase in the market.
APE’s RSI has experienced a marginal increase from 41.41 to 41.81, indicating a slight uptick in buying pressure. However, since the RSI remains below the midline of 50, the overall trend remains bearish. Traders should monitor this indicator as it approaches the oversold threshold of 30, as it could potentially trigger a bullish divergence.
While ApeCoin’s market capitalization has seen a modest gain today, rising by 2.33% to $743,994,964, the 24-hour trading volume has surged by 162.58% to reach $261,735,918. This significant increase in trading volume, coupled with the downward pressure on the coin’s price, suggests that a considerable number of holders are selling off their ApeCoins.
The MACD histogram shows a slight positive divergence, with the value rising to 0.016 from yesterday’s 0.009. However, given the predominance of bearish indicators, it is uncertain whether this alone will be sufficient to ignite a bull run.
ApeCoin currently faces a significant hurdle in overcoming its dynamic resistance level, represented by the 20-day EMA at $2.084, which has remained steadfast for over two months.
On the downside, traders should be vigilant of the swing-low support area ranging from $1.808 to $1.878. A break below this support zone could potentially indicate a more significant bearish shift in the coin’s trajectory.
On the other hand, a successful breakthrough of the 20-day EMA resistance might serve as a catalyst for a rebound. However, the overall bearish sentiment surrounding ApeCoin remains prominent.
While the minor positive divergence in the MACD offers a glimmer of hope, the coin’s struggle to surpass the 20-day EMA resistance, combined with an increase in selling volume, suggests a challenging path ahead.