Trending meme coin TOKEN6900 (T6900) price is about to go ballistic in a ‘bad news equals good news’ scenario expected to emerge from the non-farm payrolls data today, which will push risk assets like crypto higher.
TOKEN6900 is positioned as the new SPX6900 because of the way it pokes fun at the financial system and itself. The new token is the self-declared pinnacle of “brain-rot finance” and the “natural peak of human thought” as it seeks to juice and bottle ‘vibe liquidity’ in a new financial paradigm.
Following in the footsteps of SPX6900, which paved the way for this sort of Wall Street take-down talk and degenerate glorification, buyers are banking on T6900 emulating its cousin to become the next billion-dollar ‘index’ coin.
Although the price has pulled back from its recent all-time high of $0.013, there is every sign that the consolidating moves above the launch price of $0.00715 will lead to a price spike.
The $0.00715 price level is proving to be an entry point for those who have been watching for just this sort of market setup – the listing price has become a strong support region for the token.
Bulls who were hopeful of a re-test of the all-time high should not be dispirited, as it is still early days – the coin only launched on Wednesday after all. And as all traders should know, nothing goes up in a straight line.
Also, the charts don’t lie, so market watchers should note that the uptrend that appeared to be establishing itself at the beginning of yesterday’s session has indeed broken down. But this creates opportunities for new money and for those adding to their positions.
Another plus – also bear in mind that trending on Dexscreener is SPX, up 4% and rising, and T6900. Given their strong brand affinity, the T6900 price will likely start to correlate with SPX.
T6900 bulls get ready for price lift-off from strong support
To some extent, the exact timing of a breakout that will send the price back to discovery territory above $0.013 is delegated to forces elsewhere.
At 8:30 am Eastern (12:30 UTC), the US non-farm payrolls will drop. If, as expected, the data shows weakening labor market conditions, the policy balance will tilt towards the full employment side of the Fed’s dual mandate, as opposed to the, up until now, all-encompassing focus on inflation.
The upshot of the ‘bad is good’ outcome will likely be the strengthening possibility of deeper and faster cuts in interest rates, which will be positive for risk assets like crypto and meme coins like T6900.
With the most knowledgeable market participants waiting on the sidelines until the data is published, profit-takers have come out to play. Presale buyers who snapped up TOKEN6900 at the ICO start price of $0.0064 are still in profit at the current price of $0.00802 (up 25%).
However, it makes sense to resist the temptation to sell at this early stage, just before one of the most important data releases of the year regarding the future direction of financial markets.
Admittedly, much of the big picture may not inform the actions of all market players. Such is the nature of markets and explains why opportunities for better-informed traders emerge.
In other words, for every seller, there is a buyer, and those buyers are getting into position for the bell to ring when the statisticians do their thing at 8:30 a.m.
The failure of the upward trend to hold at the $0.0103 price coincided with the 25 SM (simple moving average – blue line), although this indicator can only be said to be partially formed given the coin’s two-day-old debut, so the SMA is based on a fair amount of extrapolative work.
Still, we can see that since the break, aside from four attempts on the 30-minute candles chart to establish a position above the 25 SMA, the price has largely traded below this significant indicator.
The drifting lower of the relative strength index into the oversold region below a reading of 30 is a contrary signal that could be taken as confirmation that buyers are getting ready to pounce – note the sharp RSI bounce in the chart above that takes the price out of the oversold region.
Stripe building a blockchain for stablecoins, Tether splurges on ‘natural bitcoin’ and the fiat economy wobbles – go long T6900
If you are happy to take a longer-term view of crypto’s market direction based on the continuing favorable alignment of regulatory, product, and macro environments, then a little cash parked in T6900 could be a smart move.
The latest news, reported by Bloomberg, that payments giant Stripe is building its own blockchain to power stablecoin transactions, is just the latest positive news development for crypto adoption.
If the Chinese military parade earlier this week and the dysfunction in Washington, where the Fed’s independence is being called into question, are anything to go by, you may want to diversify away from the fiat economy.
Tether, which made a profit of nearly $5.7 billion in the first half of this year, is buying “natural bitcoin”, according to a report in today’s Financial Times – in other words it is buying gold, and is doing so likely as a hedge against the fiat economy.
Remember that strapline – T6900 is your antidote to brain-rot finance. And those with a medium to long-term outlook can stake their tokens and earn a 65% APY. 71 million T6900 tokens are now staked, but the yield is set dynamically, so fortune favors those who get in early.
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The post Trending New Meme Coin TOKEN6900 is About To Go Ballistic, Is it the Next SPX6900? appeared first on Cryptonews.