Looking for the 3 best coins to trade this week? We’ve got your back with LBLOCK, ETC and CHZ our trio to trade, each with their own risk-reward opportunities.
3 best coins to day trade – LBLOCK, ETC and CHZ
No. 1 of our 3 best coins to day trade is LBLOCK, the token of NFT competitions platform Lucky Block.
Lucky Block’s LBLOCK started trading today on the MEXC exchange at 1pm BST and jumped at the open to an intra-day high of $0.004999.
Briefly the price was 400% on the opening price for its centralised exchange (CEX) debut on 27th July.
With each CEX listing of the LBLOCK V2 token new near-term highs are being made, boding extremely well for the price of LBLOCK over coming days and weeks.
The MEXC exchange is the 18th largest CEX by trading volume. It currently turns over a 24-hour volume of $1,126,372,022, according to Coinmarketcap.
Volumes in the LBLOCK/USDT pair is a healthy $217k.
Cryptoassets are a highly volatile unregulated investment product.
LBLOCK v2 is an Ethereum-based token compliant with the ERC20 standard. Unlike its V1 counterpart, LBLOCK V2 is not subject to any transaction taxes but on the other hand is not eligible for rewards available from the Lucky Block jackpots.
V1 token holders had the opportunity to transfer their tokens to the LBank exchange to be part of the migration process. However, sending V1 tokens to LBank or MEXC or other exchanges the V2 token will be listing on at this stage will result in the loss of the tokens – you cannot send a BEP20 token (V1) to an ERC20 contract.
Current V1 holders will benefit from the upsurge in the V2 price when the bridge between the two versions of the asset goes live in the near future.
Where next for the LBLOCK price?
Having achieved a remarkable intra-day high of $0.0049, traders will be looking at that level for the next challenge.
With Lucky Block scaling two major resistance regions in short order over the past couple of days, bullish traders will be eagerly awaiting the next listing announcement. Insiders suggest that announcement could before the end of the week.
Profit-taking by day traders is in evidence at the time of writing, but that looks likely to add fuel for the next firing up of the price.
A sell wall has risen at the current $0.002945 level, as seen on the MEXC order book below, signalling that the more bearish day traders are looking to exit. That however is a precondition for the next advance in this context:
Lucky Block’s ERC20 token opens up the ecosystem to the perviously untapped world of Ethereum traders and investors, making the platform more valuable.
As liquidity builds up in the LBLOCK/USDT pair, more pairs are likely to be offered by exchanges as market makers look for opportunities to profit from an emerging asset of interest.
Lucky Block product development strengthens bull case
In the meantime, however, there is plenty for Lucky Block token holders (of both versions) and traders to get excited about when it comes to product development.
The week before last the team revealed the beta of the new NFT competitions platform. That comes hot on the heels of the competition of the implementation of the charity voting and rewards system for the jackpot.
Lucky Block NFT competition prizes include 41 million worth of bitcoin, a house, A Bored Ape Yacht Club NFT and VIP FIFA World Cup package. Other prizes will range from luxury watches to PS5 games consoles.
Entry to the competitions is secured by buying one of the NFTs from the collection that is minted for each prize. And even if you don’t win you still receive rewards for as long as you own the NFT – and you get some unique art in jpg form.
LBLOCK is our strongest call of our 3 best coins to day trade this week.
Chiliz is a fan token champion – and European football is about to restart
Number 2 of our best 3 coin to day trade is CHZ. Chiliz (CHZ) token is up nearly 20% today as the fan token ecosystem coin catches a bid.
Not a week passes without another sports team launching a fan token. Just a couple of weeks ago three top English rugby teams launched their own fan tokens.
The major player in the space is Socios and CHZ is the exclusive token of the platform. It is used for buying the fan tokens that are issued in partnership with sports clubs.
For the uninitiated, fan tokens are typically used to confer governance rights and other fan-centred utility options. Each team will have its own fungible token which will have a fixed supply. All the fan token issued on the Socios platform can be traded against CHZ.
In addition the token can be bought on centralised exchanges such as Binance and many others. Socios signed deals with three top rugby clubs to launch fan tokens as it continues to deepen its relationships with sporting entities.
Today news emerged that Socios was buying 25% of Barcelona football club’s audio visual studio. With the European football season restarting, the visibility of this fast-expanding area of crypto will get more airtime, so to speak.
If you are looking for good to trade right now, CHZ could be a good place to be.
Ethereum Classic (ETC) feels the power of clones
Number 3 of our best 3 coins to day trade is ETC. It is perhaps a little unfair to describe Ethereum Classic (ETC) as a clone coin, because its chain is actually based on the original Ethereum chain that didn’t follow the hard fork when DAO was hacked in 2017.
One sign that the market is starting to attract new blood is often seen in the performance of clone coins, particularly where bitcoin is concerned.
Those new to crypto can sometimes buy into these coins by association with the original coin which they deem to be less affordable.
Ethereum Classic is seeing the same dynamic at work as Ethereum outperforms other top coins as the Merge looms which will see Ethereum migrate to proof of stake.
ETC is up 150% over the past month and 60% over the past seven days and is currently priced at $36. It is down 6% today but this cold be am excellent entry price for day traders.
Those are 3 best coins to day trade this week but for more coin tips read our other crypto coverage – you could start with the links below.
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