Crypto

Top Crypto Gainers Today, May 2 – TRX, MKR, AiDoge, LHINU, DLANCE, USDD, ECOTERRA, CHZ

05/02/2023
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Although Bitcoin and other top-cap non-stablecoin cryptos continue to experience intense selling, some digital assets are on an uptrend. They are riding on the positive traction displayed by the global crypto market cap which has closed a fourth straight bullish month. It is expected that the top crypto gainers today and major coins will ride on this momentum to try and make a comeback.

The recovery could be led by Bitcoin, which is currently auctioning for $28,030 after rising more than 75% between January 1 and April 30. The now proof-of-stake smart contracts Ethereum is going for $1,831, up approximately 65% over the last four months. This reinforces the strength displayed by the bulls in the crypto market from January through to April. 

Historical data from Coinglass shows that the performance of cryptocurrencies in May over the last decade is neither bullish nor bearish. It is split right in the middle with five positive and five negative monthly closes, hence it does not give a clear advantage either to the bulls or the bears in the near term. 

In the meantime, JPMorgan Chase won the bid to acquire the deposits and a substantial amount of the assets belonging to the troubled First Republic Bank. This sealed the demise of another major bank in the U.S. this year, raising more concerns about the state of the financial industry. 

Bitcoin’s recovery was halted at the $30,000 psychological level, a stubborn hurdle that keeps the bulls away from buying at higher levels. This could be due to the Fed meeting scheduled for May 2 and 3, and the strengthening dollar. 

Despite this gloomy outlook, investors can find hope in the performance displayed by some of the top crypto gainers today led by Tron (TRX), Maker (MKR), USDD, and Chiliz (CHZ) as well as some of the best presales to buy at the moment such as Love Hate Inu (LHINU), ECOTERRA, and Deelance (DLANCE).

Let’s study the price action and the performance of the top crypto gainers today to help you understand where the market may be headed in the short term.

Top Crypto Gainers Today, May 2

Tron (TRX) Price Analysis

Tron (TRX) bounced off the 50-day simple moving average (SMA) at $0.0652 on April 27 and has been rejected by overhead resistance from the $0.070 psychological level on May 1.

The token has displayed a fairly strong price action since the beginning of the year, rising 35% from the January 1 opening to set a swing high at $0.0732. 

TRX/USD Daily Chart

Top Crypto gainers Today - Tron price chart
TradingView Chart/TRX/USD

The bulls are expected to mount a strong defense in the zone between $0.065 and $0.0678. If the price turns down from the overhead zone but does not fall below the moving averages or the said demand zone, it would suggest that the sentiment is turning positive and traders are buying the dips.

That would increase the likelihood of a break above $0.070. If that happens, the altcoin could accelerate toward $0.0708 and then the $0.0732 range high.

The SMAs were tipping upward and the Relative Strength Index (RSI) was moving within the positive region. The price strength at 60 suggested that the buyers had taken control of the uptrend, adding credence to the bullish outlook.

If bears want to gain the upper hand, they will have to quickly pull TRX below the $0.0678 and later the $0.0658 level where both the 50-day and 10-day SMAs appeared to converge.

Such a move could sink the crypto below the lower limit of the buyer congestion zone at $$0,065. This would represent a 5% drop from the current price.

MAKER (MKR) Price Analysis

MKR is trading at $706 with a bullish bias and comes second on our list of top crypto gainers today after rising 2.24% over the last 24 hours. Its 24-hour trading volume is at $23.8 million representing a 22% daily increase. With a live market cap of $690.2 million, Maker is at #65 on the CoinMarketCap ranking. 

The recent uptick in the MKR price has been largely driven by the calls from the Ciel Community informing the Maker users that the Ciel Protocol was live on Ethereum network, offering rewards in multiple ERC-20 tokens, including MKR

This has led to increased trader interest in MKR over the last few days.

MKR/USD Daily Chart

Maker price chart
TradingView Chart: MKR/USD

After trading between the $665 support and the 50-day SMA at $708 for the past few days, Maker’s price is trying to break out of the range.

The RSI has been gradually rising toward the center, indicating that the selling pressure is reducing. If buyers push the price above the 50-day SMA, the token could rally to the 100-day SMA currently sitting at $732.

Such a move would suggest that MKR may extend its bullish leg toward the $750 psychological level and later the $819 range high, where the upside could be capped in the short term.

If bears want to strengthen their position further, they will have to pull the price below $665. That would complete a bearish head and shoulders pattern, starting a possible downtrend toward $400.

AiDoge Presale Analysis

AiDoge (AI) is the crypto token that powers a revolutionary, up-and-coming AI-powered meme-creating, voting social platform.

AiDoge Crypto

Users will be able to harness the platform’s breakthrough generative AI technology to create memes, share their creations on the platform’s public wall and vote on each other’s memes using the platform’s innovative blockchain-based voting system.

Creators of the best memes will be rewarded with AI tokens, hence why the platform is being referred to as “meme-to-earn”.

 

To fund its early development, AiDoge is conducting a presale of its new AI token and the presale is already proving a resounding success. 

The project has already raised a whopping $725,000 and the presale has already entered its second stage.

Visit AiDoge Here to participate in the presale before the price increases.

Love Hatu Inu – Final Presale Stage Sold Out

Another altcoin on our list of top crypto gainers today is Love Hate Inu, a new vote-to-earn (V2E) crypto whose presale has come to an end.

LHINU, the token that powers Love Hate Inu’s revolutionary stake-to-vote social media poling platform, has been generating huge buzz in the crypto space. This is not only because of its meme-style branding but also its presale performance which has raised more than $10 million. 

The team behind Love Hate Inu has announced that even though the presale is officially over, “some additional LHINU tokens are being sold at the listing price to strengthen the buyback funds!”

According to the team, the token being sold at the moment are part of the “10% used to provide liquidity, fund exchange listings, and provide community rewards.”

Once fully developed, the Love Hate Inu platform will enable users to engage in debate and vote on some of the world’s most controversial topics and figures.

Visit Love Hate Inu Here for more details.

Deelance – Revolutionizing The Freelance And Recruitment Industry

Also on our list of top crypto gainers today is DLANCE, the native token of Deelance – a revolutionary project that aims to disrupt the recruitment industry and its traditional players.

Most existing freelance marketplaces operate on a Web2 platform and often encounter problems like exorbitant fees, delayed payments, and lack of transparency.

DeeLance is an innovative crypto project that seeks to solve these issues by utilizing Web3 technology to establish a versatile freelancing platform with the goal of disrupting the conventional recruitment process.

Deelance

Its utility token, $DLANCE, which is selling quickly on presale, has raised over $568,000, from early adopters as it progressively soars to become one of the hottest cryptocurrencies of 2023.

The platform provides a robust ecosystem with numerous advantages for its users. Freelancers can tokenize their work as non-fungible tokens (NFTs) and maintain full ownership until they receive payment.

DeeLance also employs secure escrow accounts to ensure that freelancer payments are made by holding funds in trust until the job is satisfactorily completed.

In addition, the platform allows payments to be made using cryptocurrencies, offering speedy and cost-effective transactions.

At press time, the $DLANCE token is going for $0.029 and can be purchased with ETH, USDT, or a credit card.

Buy $DLANCE Now before the price increases in less than two weeks.

USDD Price Analysis 

USDD is a stablecoin issued by the TRON DAO Reserve with diverse use cases. Launched exactly a year ago, it has a built-in incentive mechanism and a responsive monetary policy, which allows USDD to self-stabilize against any price fluctuations, and help consolidate the value of USDD as a true settlement currency.

Although the stablecoin has faced several challenges since its launch, dropping to levels as low as $0.925, it has remained fairly stable over the past six weeks. 

On May 1, USDD rallied 1% to brush shoulders with $1 as the community celebrated one year since its debut. It is expected that the faith the holders have had in the stablecoin over the last one year will sustain the coin’s 1:1 peg to the dollar.

USDD rebounded off the 200-day SMA at $0.9891 on May 1, indicating that the bulls continue to aggressively guard this level. 

USDD/USD Daily Chart

USDD price chart
TradingView Chart: USDD/USD

The price action of the past few days has formed a symmetrical triangle chart pattern on the daily chart, indicating indecision among the buyers and sellers. The USDD price escaped from this triangle on Monday, suggesting a bullish breakout.

The 50-day SMA is sloping up gradually and the RSI is close to the overbought zone at 69, indicating a great advantage to the bulls.

If buyers sustain the price above the triangle, it would signal their ability to preserve the peg. The USDD/USD pair could then rally to the dollar target of $1.

The bears are likely to have other plans. They will try to sink the stablecoin below the support line of the triangle and deepen the correction to $0.9852

Ecoterra – The Recycle-to-earn Token Raises $2.8 Million In Presale

The environmentally friendly crypto, Ecoterra, is another one among the top crypto gainers today. This new recycle-to-earn project is attracting many investors not because of its policies but the benefits arising from its ECOTERRA token.

Ecoterra

The platform is set to unveil EcoTerra, a mobile app that allows users to scan recyclables and put them in Recyclable Vending Machines (RVMs) to receive ECOTTERA tokens instantly. The amount of ECOTERRA earned results from the number of items recycled.

Ecoterra is working to help organizations and consumers to reduce their carbon footprint levels. Participants will gain NFTs after accomplishing and completing certain tasks.

Investors and environmentally friendly people have lauded Ecoterra for the idea, and many are ready to participate in the exercise.

The presale has attracted more than $2.6 million since its launch, with more participants expected.

Ecoterra unveiled a presale for its 1 billion out of the 2 billion ECOTERRA tokens in supply to the public. Every person is eligible to purchase the tokens in presale. 

Visit Ecoterra here to participate in the environmentally friendly presale.

Chiliz Price Analysis

CHZ price turned down from $0.13 on April 26, indicating that bears are active at higher levels. The price has reached the 50-day SMA at $0.1248, which is an important level to keep an eye on.

CHZ/USD Daily Chart

Chiliz Price Chart

The short-term advantage would tilt in favor of the bears if they manage to sink the price below the 50-day SMA. The Chiliz price could then slump to the support level at$0.1167. Buyers are likely to guard this level with force. If the price rebounds off $0.1167, the bulls would again try to clear the hurdle at $0.13, embraced by the 100-day SMA.

If they can pull it off, the pair could attempt a rally to the 200-day SMA at $0.145. A downturn from this level may result in range bound price action between $0.14 and $0,13 for some time. Alternatively, if the bulls catapult the price above the 200-day SMA, the next stop could be as high as $0.176.

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Source: https://insidebitcoins.com/news/top-crypto-gainers-today-may-2-trx-mkr-aidoge-lhinu-dlance-usdd-ecoterra-chz