The cryptocurrency market is facing uncertainty as two major players, Bitcoin and Ethereum, struggle to maintain their support levels in the face of potential downtrends.
Altcoins, especially those categorized as securities, are also facing challenges due to regulatory actions against crypto exchanges by the SEC.
Tomorrow, we receive May CPI inflation data but also potentially revised April numbers.
April CPI came in at 4.9% which is slightly below the March 5.0% reading.
If April CPI is revised above 5.0%, it would mark the first RISE in CPI inflation since July 2022.
— The Kobeissi Letter (@KobeissiLetter) June 12, 2023
In the coming week, the cryptocurrency market will be impacted by inflation data and the Federal Reserve’s interest rate decision as well.
The Ripple-SEC conflict is a particular area of interest, as the SEC has until June 13 to make the Hinman documents public, which will determine whether Ethereum is a security.
This decision could have far-reaching consequences for the altcoin market, affecting those viewed as securities by the SEC.
Last week, both Bitcoin and Ethereum experienced downward trends. Bitcoin struggled to maintain its support level of $26,500 and dropped to $25,300.
To avoid further losses, Bitcoin needs to defend this price level, and significant buying could reverse negative sentiment.
A recovery in altcoins could also help, and a milestone would be Bitcoin surpassing $26,500.
Meanwhile, Ethereum also broke out negatively after reaching price compression last week but managed to hold the $1,800 support level, retreating to $1,750 over the weekend.
Its outlook remains gloomy, and unless it regains ground above $1,845, the risks of more selling pressure will likely continue.
Despite the broader cryptocurrency market experiencing a downturn, the meme coins sector is experiencing growth, with some of today’s top gainers coming from this area.
If you’re interested in exploring new investment opportunities in this sector, consider taking a closer look at some of the best trending meme coins, such as TateGPT, Ribbit, Genslr, and DexTools.
TateGPT: Andrew Tate-Inspired Meme Coin Contender Takes Off
After being introduced on Uniswap, the meme coin Tate GPT (TATEGPT) quickly gained traction among notable cryptocurrency contenders.
The coin’s association with Andrew Tate has led to speculation about whether the former kickboxing world champion and contraversial figure is the mastermind behind this intriguing project.
Although details are scarce, this curiosity adds interest to this fresh entrant in the crypto sphere.
— TateGPT (@tategptcoin) June 12, 2023
The TATEGPT website interestingly features a selection of Andrew Tate’s most viral quotes, adding an element of philosophy to the mix.
These quotes portray themes of ambition, power, and the quest for financial independence, potentially indicating the driving force behind the coin’s conception.
One of the quotes paints an image of future success. It invites readers to visualize their goals and feel the thrill of achieving them.
It hints at freedom not bound by the exchange of time for money, a sentiment echoing the underlying principle of cryptocurrency itself.
Given Tate’s background, the potential functionality of the TATEGPT token arouses further interest.
There is speculation that TATEGPT may be customized to match Tate’s business ventures, offering insights and guidance on how to achieve financial success, although no confirmation of this has been made.
Within its initial hours on the market, the TATEGPT token marked nearly 989 transactions, demonstrating a notable uptick in interest.
This fervor translated into a 24-hour trading volume of over $3.02 million, boosting its market capitalization beyond $1.15 million and establishing total liquidity of $1.17 million.
As the future of TATEGPT unfolds, its trajectory will largely be shaped by its ability to maintain this momentum.
Ribbit’s Market Performance: A Closer Look at Liquidity and Trading Volume
As of writing, Ribbit has a total liquidity of $513.83K and a 24-hour trading volume of $325.43K. The pooled WETH and RIBBIT stand at 148.26 and 25636.21B, respectively.
With a market cap of $4.22M and a circulating supply of 420690.00B RIBBIT, Ribbit’s total market cap mirrors its current market cap.
Ribbit is currently trading at $0.000000001004, representing an 8.78% decrease so far today.
As the market reacts to this downward trend, investors should pay close attention to the key resistance and support levels identified by the Fibonacci retracement analysis.
Ribbit faces immediate resistance at the Fib 0.382 level, which stands at $0.000000001227.
This price level could pose challenges for the cryptocurrency to break through in the short term. Should the price manage to surpass this resistance, it may signal the potential for further upward momentum.
On the support side, Ribbit’s immediate support is found at the Fib 0.5 level, at $0.00000001035.
This level represents a critical point for investors to watch, as a close below this price point could turn it into the immediate resistance level.
In such a scenario, the cryptocurrency may face increased selling pressure, making a recovery more challenging.
Meme Coin Mania: Genslr’s Impressive Surge and Recent Decline
Over the past two days, Genslr, one of the popular meme coins for the past week, experienced an impressive 107% upward surge.
However, today the meme coin seems to be retracing its steps, with the price currently trading at $0.0000000000006813, down by 10.23%.
Genslr’s total liquidity stands at $489.74K, with a 24-hour trading volume of $1.36M. The pooled WETH amounts to 140.77, while pooled GENSLR is at 20579.82B.
The meme coin’s total market cap is $4.99M, with a total supply of 419999.67B GENSLR. Presently, Genslr has 4.47K holders and 14.95K total transactions.
The current price of Genslr is $0.0000000000006813, experiencing a 10.23% decline so far today.
Based on Fibonacci retracement levels, the immediate resistance level for Genslr is at the Fib 0.236 mark, which is $0.0000000000007232.
This resistance level may pose a challenge for the meme coin to surpass in the short term.
On the other hand, Genslr’s immediate support is found at the Fib 0.382 level, which is $0.0000000000006137.
This support level could serve as a crucial point for the meme coin, helping prevent further declines in price.
Considering the current technical indicators, traders should closely monitor Genslr’s price movement around the Fib 0.236 resistance level and the Fib 0.382 support level.
If the price moves upwards and breaks through the resistance, it could signal a bullish continuation for Genslr.
Conversely, if the price fails to hold at the Fib 0.382 support level, traders may want to exercise caution and consider potential downward pressure on the meme coin’s price.
Dextools: Bearish Momentum and Increasing Trading Volume in Meme Coin Tracker
Meme coins have been a hot topic in the cryptoverse for a while now, and one platform that tracks their performance, Dextools, has recently experienced a significant change in market dynamics.
Its current trading price of $0.4721 is barely holding above the immediate support level, which lies between $0.4570 and $0.4725. If Dextools fails to sustain this level, traders could see a further downward move.
The 20-day EMA has exhibited a continuous rejection for the past 17 days, pointing downwards and hinting at a possible bearish crossover with the 50-day EMA currently at $0.4991.
Meanwhile, the 100-day EMA stands at $0.4329, further bolstering the negative sentiment.
Adding to the bearish narrative is the Relative Strength Index (RSI). The RSI has slid from 45.64 to 42.52, indicating that selling pressure is gradually overtaking buying pressure.
The MACD histogram has declined from -0.0038 to -0.0042. This is a bearish signal, suggesting increasing selling momentum and weakening buying interest.
Despite the bearish signals indicated by the technical analysis, the 24-hour volume for Dextools has surged by 68.80% to $682,212.
This indicates an increasing interest and activity in the meme coin, despite its market cap being down by 4.44% to $45M.
The technical analysis indicates bearish momentum for Dextools, with continuous rejection from the 20-day EMA, declining RSI, and an increasingly bearish MACD histogram.
Traders should keep a close watch on the immediate support level. If the price breaks below, it could trigger a bearish run.
However, the spike in trading volume suggests that market participants remain interested in Dextools.
As always, traders must tread carefully, using both technical and fundamental analysis to make informed decisions in the often volatile cryptocurrency market.
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