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Blue chip cryptocurrency markets have seen limited to no reaction to the latest US Retail Sales figures for July, which should underpin optimism that the US economy remains far from recession.
Bitcoin (BTC) was last trading in the $29,100s and Ether (ETH) in the $1,820s, with the latest data doing little to alter the macro narrative that the Fed’s interest rate hiking cycle is over thanks to the fact that US inflation continues to trend in the right direction.
Major coins remain stuck within recent ranges with the market in wait-and-see mode ahead of major upcoming catalysts, such as the US Securities and Exchange Commission (SEC)’s decision on major spot Bitcoin ETF applications, and an upcoming upgrade to the Ethereum network in the final quarter of 2023.
Regarding spot Bitcoin ETFs, Europe just listed its first spot Bitcoin ETF in Amsterdam and some are anticipating a judge might rule on Grayscales lawsuit versus the SEC over the agency’s rejection of the crypto firm’s spot Bitcoin ETF application last June this week.
Any such ruling could have implications on the SEC’s approach to the current crop of spot Bitcoin ETF applications that it is looking at.
Major macro themes to watch this week include Wednesday’s release of the minutes of the Fed’s July meeting, but as with Tuesday’s data, this isn’t expected to alter the macro narrative much.
RUNE, the token that powers THORChain’s cross-chain decentralized exchange blockchain, has been pumping recently, with the cryptocurrency hitting near four-month highs above $1.60 on Tuesday.
That marks a near 70% rally from recent lows in the $0.91 area and means RUNE is now trading convincingly to the north of all of its major moving averages.
Whilst some are citing a major partnership forged by THORChain earlier this year with Unizen to allow swaps between Ether (ETH) on Ethereum, Avalanche (AVAX) on Avalanche and Bitcoin (BTC), technicals appear to have more to do with the recent run higher.
RUNE recently broke to the north of a downtrend that had been in play going all the way back to early 2022.
A retest of yearly highs around $2.0 now appears to be on the cards.
Beyond that, the next major level of resistance is around $3.0.
XinFin Network (XDC)
XinFin Digital Contract (XDC), the token that powers the enterprise-grad, open-source XinFin Network blockchain protocol, was last trading with gains of close to 4%, as the cryptocurrency attempts to push to the north of its 21DMA just above $0.065.
The cryptocurrency has been pulling back recently after an impressive run higher in July and into early August that saw it briefly reach into the $0.090s.
If XDC can find support above its 21DMA, this is a good potential sign that the cryptocurrency could be on course for a retest of yearly highs in the coming weeks.
If not, a retest of support in the $0.045s is a possibility.
Hedera Hashgraph (HBAR)
Hedera Hashgraph (HBAR)’s melt-up in wake of Fed’s FedNow instant payment service naming Dropp, a Hedera-based dApp, as a service provider has continued on Tuesday.
The cryptocurrency was last trading around $0.067, having reached highs in the $0.076 earlier in the session.
That’s a big intra-day pullback, but the bulls won’t be concerned yet, as HBAR continues to hold comfortably above the bullish trend channel it broke above earlier in the week.
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 very cheap 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.
See the 15 Cryptocurrencies
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.