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There’s a strong stench of uncertainty in the air surrounding the cryptocurrency markets after the SEC made a bold move to sue two of the world’s largest cryptocurrency exchanges last week. The US financial regulator moved to sue Binance and Coinbase last week, which sent markets tanking.
The lawsuit injected fear into the market again, causing BTC to hit the May 2022 lows of around $25,400. Altcoins took a bigger tumble, with many large-cap tokens creating fresh 2023 lows as investors moved to protect themselves from further downside risk.
Despite the overwhelming bearish narrative, one technical pattern is holding strong, and it might prevent BTC from sinking further over the coming weeks as long as it holds. In fact, a break to the upside of this pattern could help BTC recover toward the 2023 highs of around $31,000.
Keep reading to discover what levels must be protected to keep BTC above water and find two alternatives to watch while we wait for the market to recover.
BTC Price Analysis: Bitcoin Holding Inside Bearish Wedge Pattern
It seems that the BTC market is holding strong considering the onslaught initiated by the SEC last week. With lawsuits hanging over the industry’s two biggest exchanges, it’s surprising to see that BTC is only down by 6% over the past fortnight. In fact, it’s actually up by a small 2% from where it was last week.
BTC tanked last week when the SEC made the announcement that they would be taking Binance and Coinbase to court. It created a fresh two-month-low, falling beneath the May 2023 support at $26,850. However, to the surprise of many, it quickly rebounded after finding lower support at the May 2022 lows – around $25,415.
In addition, the support at $25,415 is further strengthened by the lower boundary of a bearish wedge pattern, which has been in play since mid-April and is helping to defend BTC from slipping further lower;
BTC might be able to come out of this SEC onslaught if the buyers can hold within the boundaries of this wedge formation.
So, what levels should we be watching?
The first important level is the May 2023 low at $25,850 – which has held during the SEC attack. Beneath this, the May 2022 lows at $25,415 will be important to defend, followed by the lower boundary of the bearish wedge.
If the bears break beneath the wedge, support can be found at $24,235 (December 2020 resistance), $23,500, $22,650 (December 2020 support), and $21,600.
On the other side, the first level of resistance to watch for is $26,430. This is followed by the upper angle of the wedge at around $26,950. If the buyers push above the wedge, the market will be open for a run back toward $31,000. In this case, resistance before $30,000 is located at $27,750 (Jan 2021 lows), $28,225, $28,650 (June 2021 lows), and $29,350.
Are Presales the Play Right Now? Alternative Presale Projects to Watch While the Market Recovers
With the market in uncertain territory, experts agree that investors need to diversify their risks by either selling into stablecoin assets or outside the cryptocurrency market. However, some experts are also suggesting investing a small percentage of portfolios into presale projects while the market attempts a recovery.
One of the main reasons they believe presales are great options is because they are closed markets, preventing price declines and downside potential. In addition, once the presale ends, it provides the opportunity for investors to make considerable gains if the presale is successful.
However, finding the perfect presale is difficult, with many scams and copycat projects hovering in the industry. Fortunately, we’ve done some research and found two of the most promising presale projects to invest in today.
Wall Street Memes – The New Memecoin Sensation in Town With One Million Followers Already
The first promising presale project worth adding to your watchlist is Wall Street Memes, the latest memecoin project that’s gaining significant traction within its presale. The presale for the WSM only started toward the tail end of May 2023 but has already managed to raise over $6.5 million in fundraising in a short amount of time.
Investors are quickly rushing to this presale because it’s gaining the attention of notable figureheads in the industry. In addition, it’s already managed to attract over one million followers across its social media platforms, which has experts believing that it’s in a very strong position to be listed on tier-1 exchanges as soon as it launches – with some even suggesting that Binance might scramble to list it to take advantage of the enormous trading volume.
Wall Street Memes is crypto’s representation of the internet’s triumph over capitalism. It was born from the GameStop fiasco in 2021 when the little guy challenged Wall Street heavyweights to a fight and sent them crumbling into bankruptcy. Now, Wall Street Memes wants to tokenize this movement through the WSM token, providing individuals with the opportunity to engage in speculation with a unique blend of humor and satire to go alongside it.
The fact that Wall Street Memes has already raised over $6.5 million dollars makes it one of the fastest-growing presales of 2023. Investors continue to pile into the project, curious to see the long-term prospects and returns it might generate. The fusion of internet culture, meme-based humor, and decentralized finance makes it a very attractive investment in the crypto space.
Another attractive feature behind the project is that it’s community-driven. In fact, the team hasn’t allocated any WSM tokens for themselves, demonstrating their long-term commitment to the project. The strong community is what provides strength to memecoin projects, allowing its hype and FOMO to seep through the industry and cause it to skyrocket.
Wall Street Memes has amassed a huge following due to its previous successful project – Wall Street Bulls. This NFT collection sold out in 2021 in a matter of minutes, and the community is back to support Wall Street Memes in a similar fashion.
In addition, investors are rushing to get positioned as early as possible after heavyweight figurehead – Elon Musk – showed his interest in the project by interacting with the social media channels on multiple occasions;
🤣
— Elon Musk (@elonmusk) April 22, 2023
The presale for WSM is currently on fire, selling the token for a price of $0.0286 in the thirteenth stage. However, it uses a rising pricing strategy, so the price for WSM will rise to $0.0289 in the fourteenth stage. Therefore, getting invested as early as possible is essential to take advantage of the lower price point.
yPredict – An AI-Based Crypto Trading Research and Analytics Platform
Another project worth adding to your watchlist is yPredict, a platform that seeks to make traders more profitable by providing AI-based trading research and analysis to provide them with data-driven insights and help them make better trading decisions.
yPredict is gaining attention from traders because its ecosystem is designed by AI/ML experts, financial quants, and successful traders, who came together to build state-of-art trading research and analysis tools for the community. The project has already managed to raise $2.25 million in its presale as traders rush to get positioned in YPRED, its native token, as early as possible.
The entire suite of products offered by yPredict is comprehensive, and most of the advanced features require users to hold the YPRED token to gain access – providing it with valuable utility. Furthermore, the project also offers a subscription-based service for high-performing price prediction models listed by financial experts and developers.
The first feature to mention is the market predictions platform, which allows users to check the latest asset price predictions generated through in-house developed predictive models. This section is completely open to the public, serving as an inbound traffic system for the yPredict ecosystem.
Another featured product is the yPredict Analytics platform, providing traders with an edge in the financial markets. This product features a new breed of trading tools that are entirely powered by AI, altering users to develop trends and pattern breakouts before they occur. The AI can also alert traders for potential setups based on sentiment, indicator, and transaction analysis. This section requires users to hold YPRED tokens to gain access.
The flagship feature for the entire project is the yPredict Marketplace, which allows AI and ML developers to use their finance skills by listing their price prediction models as a results-as-s-service. The marketplace allows traders to subscribe to the high-performing price prediction models on a monthly basis using YPRED tokens, providing it with additional utility. From the revenue generated, 70% is sent to the developer, with the remaining 30% being reinvested back into the ecosystem.
Overall, yPredict is developing an intuitive trading ecosystem that will certainly help traders become more consistently profitable. The presale is sitting in the ninth stage, selling the token for $0.09. The YPRED token is expected to list on exchanges for $0.12, which will provide notable returns for early investors.
