May 24, 2024

The crypto market today, October 16, has a more positive outlook, with a market cap of $1.12 trillion at 6:41 a.m. EST. One of the factors driving the market recovery is Bitcoin’s resurgence above the $27,000 price level today within the same time frame. 

Also, the possibility of a U.S. Security and Exchange Commission (SEC) approval of a Bitcoin ETF is another possible factor pushing the price gains.

 Notably, the SEC’s decision not to challenge a major legal loss against Grayscale has increased investors’ optimism. Also, Italian automobile giant Ferrari announced that it now accepts crypto payments for its luxury sports cars. 

According to the report, Ferrari’s decision came in response to dealers and customers who have invested in crypto. Consequently, today’s top gainers benefit from the rise in adoption and the positivity surrounding the crypto market today. 

Find them below!

Bitcoin SV (BSV) – The Fast and Scalable Blockchain

At 7:03 a.m. EST today, October 16, BSV’s price is $37.01, representing a 9.7% increase in the last 24 hours. Also, it has gained 12.8% on its price in the past seven days as buyers regain control of its price. Notably, BSV price correlates with the gains noticed in Bitcoin in the last few days. 

Also, developments in the ecosystem, such as Frobots educational gaming, have also led to the increments. Frobots is an innovative application that allows users to play an online game while accessing educational materials.

It is built on the BSV blockchain and combines elements of NFTs, micropayments, swift transactions, and the Metaverse. Also, Frobots allows users to write algorithms that engage the Bitcoin SV community. 

According to the developers, the main aim is to explore the computational capacity of the BSV blockchain.

Furthermore, users can create code using blocks and battle against each other in an arenaThe Founder and CEO, Jerry Chan,  noted that Frobot is a fun, educative, and multi-dimensional game. 

Also, Chan believes that Web3 goes beyond a mere trend and has more utility in transforming data into valuable assets. 

The Frobots Founder also revealed that developers receive incentives to design in-game purchases that offer advantages. This positive development in Bitcoin SV’s ecosystem has formed a large green candle on the daily chart. 

BSV Testing $38.1 Resistance Level as Buyers Rally, What’s the Next Price Target? 

BSV is in an uptrend on the daily chart, consolidating on its price gains from yesterday after finding support at $33.5. Also, the upper wick of today’s candle is testing the $38.1 resistance level. If the candle breaks above this level, it will confirm a bull run for the asset. 

Additionally, BSV has crossed the Median Band of the Donchian Channel (DC) and is approaching its upper band. It implies that the buyers are active and mounting pressure to sustain the uptrend. Also, the Relative Strength Indicator (RSI) is rising to the overbought region above 70, displaying a value of 62.4.

If the buyers persist and rally above the $38.1 resistance level, then the uptrend will continue. So, BSV will likely continue its rally in the coming days if the buyers overcome the $38.1 resistance to enter the overbought region. 

Render (RNDR) – The On-Chain GPU Solution 

RNDR traded at $1.87 on October 16 at 7:07 a.m. EST, with an 8.5% price increase in the last 24 hoursIt has gained 7.4% in the last seven days due to positive developments within the Render ecosystem. 

Notably, RNDR continues to record progress in providing GPU power and AI support across several sectors. This is likely one of the factors driving its price gains in the long and short term. 

According to one Render user, Refik Anadol, the artwork Unsupervised has been acquired by MoMA. It is now in the museum’s permanent collection. Also, Anadol notes that the acquisition is a great milestone in the studio’s journey and also for digital art. 

Furthermore, he referred to it as a historic chapter for MoMA as it welcomes its first generative AI and tokenized artwork. This artwork’s adoption confirms the rising interest from investors in the Render Network and its growing relevance. 

Notably, Render Network added a disclaimer for users stating that they will never do a surprise airdrop or token transfer. Unfortunately, some users reported impersonation, leading to losses. 

Therefore, users must confirm information before connecting their wallet or interacting with tokens. Meanwhile, RNDR is attempting a break above the $1.85 support on the daily chart as the buyers continue to sustain its price gains. 

RNDR Finds Support as $1.70 As Recovery Begins 

RNDR is in an uptrend on the daily chart, finding support at $1.70 after a sideways trend. Also, the buyers are rallying, with the green candle formed today testing the $1.85 resistance. 

Also, the RSI indicator is rising to the overbought zone with a value of 66.8. Notably, RNDR dropped from the overbought level on October 9 and will return to the overbought zone if it breaks the $1,85 resistance. 

Additionally, the Moving Average Convergence/Divergence (MACD) indicator is rising above its signal line. Furthermore, the fading red Histogram bars confirm a return of the buyers today. RNDR will likely move into the oversold region if it overcomes its nearest resistance level in the coming days. 

Bitcoin Cash (BCH) – The Peer-to-Peer Cash Transfer Network

BCH’s price at 7:10 a.m. EST today, October 16,  is $227.3, with a 6.3% increase in the last 24 hours. Also, BCH has gained 5% in the last seven days as the buyers rally to break out of the bearish trend. 

Remarkably, BCH, as a Bitcoin fork, also benefits from its recovery, recording price gains today. Also, exciting developments within its ecosystem are driving these gains. 

According to the Bitcoin Cash Foundation updates last week, several interesting events have occurred in the ecosystem. 

Bitcoin Cash mined a massive 18MB block, grabbing headlines on October 3. However, this increase in block size was due to testing of Emergent Coding by Code Valley from Australia.

Although temporary, this increase in block size confirms Bitcoin Cash’s blockchain capability to handle transaction overload to an extent, 

Also, the team supporting the BCH Ninjas NFT series has improved on the amazing tools created by Hashlips. They have expanded the features to support CashToken and ETH-based NFT creations. While NFTs performed modestly in 2023, they still attract investors and are likely contributing to BCH’s price gains. 

Additionally, BCH.GURU’s EP album, the Cashtokens Prophecy, is now streaming and accessible to users. In the last year, the BCH.GURU team continued releasing more songs about their projects and BCH in general. Overall, the full album is now available on streaming services. 

This music project also attests to the utility of the Bitcoin Cash blockchain, which could also support its price gains today. Furthermore, according to the Bitcoin Cash energy report, users can save up to 80.9% energy per transaction by switching to BCH instead of Bitcoin. 

Also, Bitcoin Cash blocks are fully utilized to process payments at a low energy cost per transaction of $0.02. This is interesting because if the Bitcoin blocks get filled with payments, the transactional energy costs will still be around $26.91.

Therefore, lower energy costs are quite attractive to investors, which will also lead to price gains for BCH as they buy more tokens. Meanwhile, BCH has formed a large green candle on the daily chart as buyers’ pressure continues to increase. A close look at the price chart will reveal more details of its next possible price moves. 

BCH Approaching Upper Bollinger Band as Buyers Re-Enter the Market, What Should Traders Expect?

BCH pivoted off the $214.9 support level to return to the $229.9 resistance level as the buying pressure increased. Also, it is approaching the upper band of the Bollinger Band (BB). 

A break above the $229.9 resistance will increase the price, moving BCH close to the upper band. Furthermore, the RSI indicator is rising out of the neutral zone with a value of 57.3. If the RSI increases to 60, then it will serve as a potential entry point for late buyers.

As a result, BCH will likely break above the $229.9 resistance level in the coming days to force a price increase. Notably, its September 27-28 price pattern indicates that another break above the $229.9 resistance level may occur soon. 

Meme Kombat (MK) – The Battleground for Stakers

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Meme Kombat is a modern gaming/staking ecosystem granting users access to battle modes and wagering for additional profit. Meme Kombat runs on the Ethereum blockchain, benefiting from its security and scalability. 

Also, MK, its native and utility token, gives users full access to all the exciting features available in the ecosystem. Some benefits include betting, staking, and automated battle modes, giving users access to passive income. 

Notably, the total supply of MK is capped at 120 million tokens, and 50% (60 million) is dedicated to the ongoing presale stage. These presales offer investors the best opportunity to join the project before a potential price increase similar to PEPE and $SPONGE. 

Each token is worth $0.1667, and users can purchase these tokens using a crypto wallet containing ETH or USDT. Furthermore, users can purchase MK tokens from the BSC blockchain. However, tokens purchased on the BSC blockchain will be migrated to Ethereum for claiming after the presale. 

So far, over $536,000 has been raised from the presale goal of $1,000,000. Based on MK’s current price, it will likely rally when the presales conclude and it lists on exchanges. 

Staking Gives $MK More Long-Term Value

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Also, Meme Kombat supports an automatic staking feature, ensuring that purchased tokens are staked immediately. As such, users earn rewards relative to the APY at the time of staking and the percentage of their MK tokens committed to the staking pool. 

After the presale, users can re-stake their MK tokens to claim additional staking rewards. However, a user can opt to withdraw all staked tokens after the presale but will forfeit all the rewards gathered during the presale staking. 

This is because Meme Kombat uses staking as an inflation control mechanism and a reward system for its users. Also, users can release a portion of their staked tokens for in-game betting, which will yield extra rewards if the bets are successful.

Furthermore, 30% of the total supply will service staking and battle rewards giving users incentives to stake their MK tokens. Note that the minimum lock period allowed for staking is 14 days. Also, partial staking withdrawal is not supported, and a user must withdraw all tokens staked. 

Betting Will Attract More Users Who Enjoy Crypto Gambling 

Meme Kombat betting is another essential pillar driving growth and development in its ecosystem. Users can easily participate in battles directly or be supported from the sidelines while having fun. 

Several gaming modes are available, such as Player vs. player betting modes. This PvP mode enables users to bet directly against friends or competitors, and the winning side is rewarded. 

Notably, the Player vs. player mode is for general and high-stake battles based on the risk level each participant is willing to take. Also, users can select a Player Vs Game mode and wager on the outcome of the battles, which are decided by the gaming software. 

Additional gaming modes include direct and side action betting, which broaden the gaming options available to users. Furthermore, Meme Kombat’s AI framework supports live betting on battles in real-time, making the layout more captivating. 

Therefore, betting is transparent, and its outcomes are securely handled without external interference. The utility of the Meme Kombat ecosystem will retain its long-term relevance as crypto adoption increases.

Conclusion

The crypto market has recovered from the bearish phase to an uptrend. However, there is no certainty that the price gains will be sustained in the last quarter of 2023. 

While price volatility remains constant, the positive outlook of the market will likely encourage investors to trade crypto. Notably, the crypto Fear and Greed Index is neutral today as buyers and sellers battle for control.

So, investors should conduct research and manage risks to protect their portfolios.


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