The crypto market battlefield is being dominated by the ongoing lawsuit between one of the largest crypto exchanges, Coinbase, and the United States Securities and Exchange Commission (SEC). Coinbase has recently expressed enthusiasm, represented by their Chief Legal Officer, Paul Grewal, seeking a dismissal of the SEC’s case against them. Despite the SEC asserting that Coinbase breached the law by trading unregistered securities, Coinbase insists it doesn’t sell investment contracts, and therefore isn’t accountable to the SEC within respective jurisdiction.
Despite being under the regulatory microscope, certain cryptocurrencies are performing impressively due to robust fundamentals or technical analysis. The promising cryptos include GMX, Cowabunga, XDC Network, Chimpzee, and Injective.
Followers of the crypto market may recognize GMX, which after a downturn managed to find crucial support and has since been slowly regaining its lost ground, showing signs of a potential shift in momentum. However, moving averages currently indicate a bearish trend, calling for close monitoring of GMX’s performance.
Cowabunga Coin is another exciting development, tapping into the hype surrounding the latest Teenage Mutant Ninja Turtles movie, aiming to raise $500,000 by offering 35% of the token supply for presale. While the past has shown similar ventures to generate promising returns, every salute to nostalgia isn’t guaranteed to impact the market positively.
The XDC Network, on the other hand, showed strong performance by reaching a year-to-date high recently. Despite short-term pullbacks, longer-term EMAs remain below the current price, indicating prevailing bullish momentum, suggesting a time for watchful eyes.
Another player on the horizon is Chimpzee, a charity-focused project steering donations to various organizations, making a real-world impact. Utilizing a web3 platform and introducing novel concepts like shop-to-earn merchandize and a play-to-earn game, the project is drawing crypto enthusiasts while playing its part in philanthropy.
Finally, Injective (INJ), despite facing resistance at the 20-day EMA, could potentially break through with the right market push. However, the declining trading volume coupled with the current bearish indicators paints a scene of possible volatility that traders should be prepared for.
A fair warning all the same, these are high-risk assets. Place your bets wisely, as you might win big or lose all – welcome to life on the crypto edge.
Source: Cryptonews
