Price prediction: Shiba Memu, Vulcan Forged PYR, Adventure Gold

The crypto market has found a footing after the scare dip towards the end of last week. At press time, the global crypto market was up 0.11% over the past 24 hours. Vulcan Forged PYR (PYR), Adventure Gold (AGLD) and Fetch.ai (FET) are among today’s most trending cryptocurrencies as Bitcoin (BTC) and Ethereum (ETH) turn green.

The crypto market has been sea-sawing since Grayscale’s victory in the spot bitcoin ETF case against the US Securities and Exchanges Commission (SEC) on August 29. However, while the crypto market struggles to get a footing, a new artificial intelligence (AI) powered meme coin called Shiba Memu is making waves within the crypto market as it seeks to dethrone meme kings like Shiba Inu and Dogecoin. Shiba Memu is currently in the presale phase and investors are flocking to have a share of the trending meme project.

Grayscale’s victory impact on crypto

The US District of Columbia Court of Appeals ruled that the SEC was wrong to discard an application from crypto asset manager Grayscale Investments seeking to list an ETF that tracks the price of BTC.

The case was closely watched by major asset management and cryptocurrency players who have been trying for years to get the SEC to approve spot Bitcoin ETFs.  While the likes of Grayscale Investments believe the ETFs would expose investors to Bitcoin without having to own actual BTC coins, the SEC worries that the spot Bitcoin ETFs would be vulnerable to manipulation.

Grayscale and the SEC now have 45 days to appeal the ruling, in which case it would either go to an en banc panel review or to the U.S. Supreme Court. However, the SEC has not made any moves suggesting they would appeal the case yet.

JP Morgan over the weekend said that the SEC could be forced to approve multiple spot bitcoin ETFs following the Grayscale. Several firms among them BlackRock, Fidelity, WisdomTree, VanEck, Bitwise and Invesco have filed to have BTC ETFs listed on Nasdaq or CBOE Global Markets. And most of the firms have chosen to work with Coinbase to police trading of the underlying bitcoin market after the SEC rejected the first applications.

After the ruling on Tuesday, the entire crypto market took off and Bitcoin price even breached $28k. However, the market came tumbling down after Bitwise withdrew its Ethereum and Bitcoin ETF application on Friday. The market has, however, turned green again and all eyes are on the SEC as a majority predict it could approve the crypto ETF applications soon; something that could send the entire crypto market into a crazy bull cycle.

Adventure Gold and Vulcan Forged price prediction

Adventure Gold, Vulcan Forged PYR, and Fetch.ai (FET) are among today’s most trending cryptocurrencies. The three cryptocurrencies have registered significant price gains over the past seven days and were not affected by the Friday price dump.

Other than Fetch.AI which is an artificial intelligence (AI) powered cryptocurrency, the other two (Adventure Gold and Vulcan Forged) are NFT-powered cryptocurrencies.

Seeing that the Vulcan Forged price has breached the resistance level at $3.9741, all eyes are on the next resistance level at $4.4999, which the investors believe could be hit very soon especially if today’s candlestick closes above R1.

Although the Adventure Gold is still trading higher than where it opened on September 3, traders should be cautious, seeing that today’s candlestick is bearish and could possibly wipe out yesterday’s gains. If the candlestick closes above the pivot point at $0.6159, there would be a likelihood of the crypto getting another shot at the resistance level at $0.6970. On the contrary, if the pivot point (P) level is breached, traders should be prepared for the coin to drop towards the support at $0.4538.

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