The crypto market has succumbed to bearish pressure today, October 3, recording a 2.5% retracement as of 6:23 AM EST. This retracement is evident in the slumping prices of Bitcoin and Ethereum today, which have dipped over 2% and 3%, respectively.
The ongoing market retracement stemmed from the negative sentiments triggered by the disappointing launch of Ethereum exchange-traded funds (ETFs). Notably, this launch may signal a fading interest in crypto investment for some traders due to the risk involved.
As a result, Bitcoin slipped below $28,000 while Ethereum regressed from its new-found $1,700 support, dragging most altcoins with them. Despite the market retracement, some altcoins still record impressive gains due to remarkable events within their ecosystem.
Today’s top gainers include BSV, GALA, MNT, MK and BTCBSC.
Bitcoin SV (BSV) – The Scalable and Efficient Blockchain
BSV’s price at 6:54 AM EST is $40.4, with a 6.75% increase in the past 24 hours and a 31.1% gain in seven days. BSV rallies are indirectly linked to a Tweet from a user claiming to be Satoshi Nakamoto, Bitcoin’s founder.
Bitcoin is a predicate machine. Over the following months, we shall explore different aspects that were not explicitly contained within the white paper. These aspects are all parts of bitcoin, and are important. Some of these ideas were touched upon in the early years; now is…
— Satoshi Nakamoto (@satoshi) October 2, 2023
According to the Tweet, Bitcoin is a predicate machine and still needs some improvements not written in the whitepaper. Although controversy surrounded this Tweet, investors are bullish on Bitcoin SV being the token to align with Satoshi’s plans.
Bitcoin SV is a fork of the original Bitcoin blockchain that aims to preserve Satoshi’s original vision for Bitcoin. So, the tweet affected its price trajectory due to its relationship with the main Bitcoin BTC.
Despite the controversy, BSV seems unfazed and continues to rise on the daily chart, showing massive accumulation. Also, its trading volume is up by 110% in the last 24 hours. BSV gas formed four consecutive green candles on the daily chart as the buyers continued to dominate.
BSV Testing $40.4 Resistance Level Will We See a Break Above Soon?
BSV is in an uptrend on the daily chart after flipping the $32.6 resistance and converting it to support. BSV is testing the $40.4 resistance level with the upper wick breaking above the resistance level.
Also, the Moving Average Convergence/Divergence (MACD) is above its signal line and shows a strong buy signal. Furthermore, the MACD’s green Histogram bars confirm this buy signal and the ongoing accumulation. However, the Relative Strength Index (RSI) indicator is already in the overbought zone, displaying a value of 82.6.
Therefore, this calls for caution among traders seeking to open new long positions as buyers will likely take profits soon. Based on the fact that BSV is already overbought, a decline will likely occur in the coming days for consolidation.
Gala (GALA) – The Gaming Ecosystem Powered By Ethereum
GALA’s price on October 3, at 8:08 AM EST, is $0.016, with a 4.8% spike in the last 24 hours. Also, it is up by 19.5% in the seven-day timeframe.
Gala, continuing its quest for innovative developments in the gaming sphere, might trigger these price gains, for instance, on October 2. Gala Games announced the rebranding of Common Ground World, a popular game.
We’ve officially rebranded to COMMON GROUND WORLD!🥳
To commemorate the release of the award-winning documentary @commongrounddoc we’ve pushed update ver 1.2.0 which brings many new changes to the game.
Here are some of the new things you’ll find👇 pic.twitter.com/zswhUENg6a
— Common Ground World (@CommonGroundWLD) October 2, 2023
This upgrade will eliminate gas fees or cash requirements for gamers and boost speed and user experience. Also, two new NFTs will be introduced into the game: The Composting Facility and Common Ground Academy.
GALA token recorded gains in the past week based on its gaming utility. However, a slight retracement on the daily chart is ongoing as sellers seek to seize control.
GALA Facing Resistance At $0.016 As Buyers Continue Accumulation
GALA has formed a bullish engulfing pattern on the daily chart, attempting to shake off bearish pressure from October 2. The $0.013 support level helped GALA to rally as it attempted to overcome the $0.016 resistance level. Notably, a close above this level will send GALA’s price to the overbought zone.
Also, the upper wick of today’s candle is breaking above the 50-day Simple Moving Average (SMA). This implies that the buyers will likely continue to dominate the market in the coming days.
In addition, the RSI displays a value of 56.9 and is rising out of the neutral zone as it approaches the overbought zone above 70. If the RSI gets to 60, it will raise the asset further.
Based on historical price behavior, GALA will likely rally to $0.02 if it breaks above the $0.016 resistance level. However, it is still trading below its 200-day SMA, hinting at a long-term retracement for the asset.
Mantle (MNT) – The Layer-2 Scaling Solution
MNT traded at $0.41 on October 3 at 8:10 AM EST, with a slight decline in its price in the last 24 hours. Nevertheless, its seven-day gains stand at 5.6%. Mantle released a report on Q3, 2023, with impressive statistics.
According to the report, close to 200,000 active users are on the layer, and over 10 million transactions are processed. Also, it currently has a Total Value Locked (TVL) of $87.2 million, with its all-time high recorded on August 8 at $92.2 million.
Mantle Milestones: Q3 2023 🎯
The last three months have been all hands on deck, with many new developments, launches, partners, and we’re still not done yet 🔥
Dive into what’s covered 🏊♀️:
🌎 New Products
🌍 Showcase Apps
🌏 New Proposals
— Mantle (@0xMantle) October 2, 2023
Moreover, Ninety-four projects, including DeFi, Gaming, NFT, and other sectors, joined the Mantle ecosystem, indicating increased network relevance and activity. Remarkably, the first native NFT collection, Citizens of Mantle, launched in July 2023, boosting the overall value of the ecosystem.
Also, new proposals, grants, and hackathons took place in the ecosystem, likely contributing to its price gains. MNT may continue its uptrend as more buyers seek to accumulate the token based on its rising utility.
MNT Holds Onto Its Gains On The Daily Chart. Will The Buyers Prevail?
MNT has formed its sixth consecutive green candle on the daily chart as the buyers attempt to sustain its rally. Also, the asset found support at $0.39, which prevented a price decline in the past few days.
Meanwhile, MNT faces resistance at $0.42 with the upper wick of its candle today, struggling to break above this level. The struggle at the resistance level implies that the sellers are still active, and some buyers are taking profits, leading to price volatility.
Notably, the RSI indicator is rising out of the neutral zone, displaying a value of 54.6. If MNT overcomes the $0.42 resistance, the RSI will move to the overbought region of 70.
Additionally, the MACD is above its signal line, displaying a buy signal, and the green Histogram bars confirm this signal. MNT will likely break above the $0.42 resistance if the buyers sustain their momentum.
Meme Kombat (MK) – The Utility Ecosystem For Gamers
Meme Kombat is an exciting crypto project that seeks to reward gamers, gamblers, and other investors. It operates on the Ethereum blockchain and utilizes its secure framework to execute exciting gameplay.
— Meme Kombat (@Meme_Kombat) October 3, 2023
Notably, users who hold the $MK utility token will gain access to the full benefits of the platform.
These benefits include automated battles, staking for passive income, and wagering or betting.
MK Presale Ongoing as It Crosses The $200,000 Milestone
The $MK tokens are on presale, each valued at $1.667. Today, October 3, over $233,000 has been raised out of the presale goal of $1 million.
Users can opt to purchase the tokens with ETH or USDT.
Bitcoin BSC (BTCBSC) – The Staking Ecosystem for Passive Income
BTCBSC’s price on October 3, at 8:20 AM EST, is $0.01783, with a 34.9% increase in the last 24 hours. Also, its trading volume is up by 16%, indicating rising interest from buyers.
BTCBSC presale concluded in September, and it’s trading on the PanCakeSwap crypto decentralized exchange. The Crypto asset was listed on CoinMarketCap on September 27 after a successful presale stage for early investors.
— Bitcoin BSC (@BTCBSCcommunity) September 27, 2023
Notably, the presale raised over 5.2 million, and BTCBSC will go live on reputable exchanges on October 4 at 9 AM UTC.
However, its staking feature is still available for the new few hours for users who wish to earn passive income. Staking makes BTCBSC eco-friendly and likely to enjoy massive adoption after listing.
BTCBSC Buyers Still Accumulating On Hourly Chart
BTCBSC is in an uptrend on the hourly timeframe as buyers accumulate the tokens. Also, it found critical support at $0.019 and is attempting to break above the $0.021 resistance level.
A break above this resistance level will send BTCBSC closer to its all-time high value of $0.03. Notably, BTCBSC trades close to the upper band of the Donchian Channel (DC), confirming the positive price sentiment.
Furthermore, the RSI is close to the overbought zone and displays a value of 64.4. The RSI will enter the overbought zone if the buyers sustain the pressure. Additionally, the MACD confirms buyers return after profiting from the early surge.
However, the fading Histogram bars hint at a possible retracement if BTCBSC fails to break above the $0.21 resistance level. BTCBSC will likely continue to record price gains till the buyers begin to take profit, forcing a price decline.
Despite today’s crypto market dip, some tokens still record impressive gains due to positive investor sentiments. Also, crypto assets’ rising utility and adoption give them additional relevance and value.
Nevertheless, investors must be wary of emotional trading decisions to avoid massive losses. Also, research and risk management are valuable tools for successful trading. Furthermore, with the focus on building in various crypto ecosystems, they will likely remain relevant now and in the future.
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