The crypto market continues to ride on the euphoria of positive investor sentiment. With a market cap of $1.3 trillion, it is quite evident that the buyers still dominate the market today.
Also, with Bitcoin finding support at $33,800, the altcoins continue to rally and consolidate their gains this week. The current state of the market supports the trading theory that October is often bullish for cryptocurrencies.
Amid the positive trend in the market, some coins have emerged as the top gainers of today, October 25. These assets benefit from the market outlook and innovative developments in their ecosystem.
Find them below
Chainlink (LINK) – The Decentralized Blockchain Oracle
LINK’s price on October 25, at 4:18 a.m. EST, is $10.9, with a 6.65 increase in the last 24 hours. Also, LINK’s gains in the previous seven days are impressive at 51.3%, confirming that the buyers are still active.
Chainlink’s rally is likely a result of its collaboration with Vodafone. According to a blog post, Vodafone’s digital asset broker (DAB) announced on October 24 that it had demonstrated a proof of concept.
Based and tokenized global trade pilled pic.twitter.com/eCW5Rd3Hfa
— ChainLinkGod.eth (@ChainLinkGod) October 25, 2023
This innovation is in collaboration with Sumitomo Corporation, Chainlink Labs, and InnoWave to tackle the challenges faced by the $32 trillion trade global ecosystem.
Notably, the demonstration focuses on the smooth exchange of vital trade documents cutting across various blockchains and platforms.
The previous paperback models are largely unreliable. Therefore, the companies rely on Chainlink’s Cross-Chain Interoperability Protocol (CCIP). With the CCIP applications, companies can securely exchange data and tokens on private and public blockchain networks.
Reacting to the development, Chainlink’s co-founder, Sergey Nazarov, stated that the Internet of Contracts extends beyond banks and capital markets. He believes that it will grow to other aspects of society like the Internet and Information Technology.
Furthermore, Nazarov stated that the smart contracts that will hold all the world’s value can exist on various blockchains. Meanwhile, Chainlink’s economic system is evolving rapidly based on three fundamentals: increased monetization, reduced operating costs, and increased participation.
Also, development is ongoing on Payment Abstraction, a vital part of Universal Billin. This will enable users to pay for Oracle services using alternative assets with more options added with time.
These assets will be converted to LINK tokens to reward network service providers.
Meanwhile, as Chainlink Staking expands to accommodate more Oracle services, a portion of user fees will be given to stakers to support security; these innovations are likely driving LINK’s price gains on the daily chart as it approaches its nearest resistance level.
LINK in The Overbought Zone: Will this Crypto Overcome The $10.8 Resistance Level?
LINK has formed a green candle on the daily chart, rallying after finding support at the $10.3 price level. Also, the upper wick of today’s candle is resting at the $10.8 resistance, and a break above it will move LINK into an uptrend.
The Relative Strength Index (RSI) indicator is in the overbought zone and displays a value of 80.97. Additionally, the Moving Average Convergence/Divergence (MACD) shows a strong buy signal rising above its signal line. The green Histogram bars confirm the sustained pressure from buyers on the price.
However, the RSI’s sideways movement hints at a likely retracement ahead when the buyers begin to take profit. Therefore, LINK will likely continue its rally and overcome the $10.8 resistance level in the coming days till the RSI drops from the overbought zone.
Conflux (CFX) – The Multi-Chain Ecosystem
On October 25, at 4:23 a.m. EST, CFX’s price was $0.15, with an 11.8% price increase in the past 24 hours. Additionally, it recorded a 34.8% price gain in the last seven days. Conflux’s NFTs in China series is likely one of the factors increasing its adoption and boosting its price.
Ready for part 2 of our #NFTs in China landscape series? We’re exploring how brands like Running Man, Dadong Peking Duck, J Hotel, and BLEND are reshaping industries, creating immersive experiences, and propelling us into a new era of digital ownership.https://t.co/jraMn7Wkw9
— Conflux Network Official (@Conflux_Network) October 24, 2023
Cornflux supports the minting of NFTs, with China a frontrunner in the NFT minting series on the Network. One of the popular NFTs is Running Man China, a force to reckon with in the Chinese entertainment industry.
Also, Running Man introduced an exclusive series of Proof of Attendance Protocols (POAPs) that embrace the beauty of nature. Notably, these digital tokens are minted on the Conflux blockchain.
Based on utility, CFX tokens are gaining value with a rally on the daily chart between October 20 – 25.
CFX Buyers Relent As Sellers Re-Enter Market
CFX formed a Marubozu candlestick on October 24 to flip the $0.13 resistance to support as the buyers forced a rally. However, it has formed a red candle on the daily chart today after facing resistance at $0.15 as the buyers begin to take profit.
Also, the red candle is descending as it approaches the Median Band of the Donchian Channel. A decline below this band will confirm a price decline ahead for the asset. Furthermore, the RSI indicator is retracing from the overbought zone with a value of 66.12.
If the RSI drops below 50, then the sellers will likely force a price decline for the asset. CFX will likely decline in the coming days before rallying once again at the $0.13 support level.
dYdX (DYDX) – The Decentralized Trading Platform With Multiple Options
At 4:26 a.m. EST today, DYDX’s price is $2.25, with a 5.8% price gain in the last 24 hours. Also, it recorded gains of 23.6% in the last seven days.
Notably, the dYdX developers announced the launch of a fully open-source and complete dYdX blockchain. This launch is likely driving DYDX’s price gains in the last 24 hours.
1/ It’s finally here 🎉
Today, we’re proud to present and fully open-source the completed dYdX Chain!
This is the next chapter for dYdX and we’re so excited that it’s here.
Let’s get into the details:https://t.co/ydil2jkqJs
— dYdX (@dYdX) October 24, 2023
According to the dYdX development team, for the past 16 months, they focused on developing dYdX version 4. The new app chain features decentralization, scalability, and speed and can be customized, giving users an improved experience.
Furthermore, they noted that all parts of the dYdX chain have been thoroughly tested and audited as now open-source. Therefore, users are encouraged to build on the software to expand the dYdX ecosystem.
This new app chain will likely attract more users to the ecosystem based on the increased utility. Notably, DYDX is in an uptrend on the daily chart as traders begin to accumulate the tokens.
DYDX Enters Overbought Region: Will The Rally Continue?
DYDX has continued its rally on the daily chart, posting its sixth consecutive green candle as the buyers dominate. Also, it found support at the $2.21 price level and is testing the $2.31 resistance level.
A break above this resistance will move the asset to a higher price level.
Notably, DYDX is trading above the Parabolic SAR indicator, confirming the bullish pressure on the asset. Additionally, the RSI indicator is rising and displays a value of 73.7 in the overbought region above 70. Based on DYDX’s price performance, it will likely break above the $2.31 resistance to continue its rally in the coming days.
Meme Kombat (MK) – The Utility Ecosystem for Gaming Activities
Meme Kombat is a modern crypto project that successfully combines the fun side of crypto memes with the thrill of battles. It utilizes Artificial intelligence (AI) on the Ethereum network to create a unique and engaging experience for gamers.
We’re edging closer to $700k raised in presale fighters!
— Meme Kombat (@Meme_Kombat) October 25, 2023
$MK, its utility token, is a vital part of the ecosystem, enabling players and stakeholders to participate and interact. Also, $MK holders enjoy benefits such as access to battles, staking, and wagering, giving them more value.
$MK tokens are on presale, and each token is worth $0.1667 at this stage. A price increase to $0.1833 is coming up on November 2. Therefore, investors must act fast before it occurs. Users can purchase $MK tokens from the official website by connecting a secure crypto wallet.
Also, they can choose from the payment options available, such as ETH and USDT. Meanwhile, Meme Kombat support purchase from the BSC blockchain. However, all tokens must be migrated to Ethereum to claim after the presales.
Notably, the presale is above the $700,000 mark as it approaches the goal of $1 million. Based on the rising investor interest in the Meme Kombat ecosystem, it will likely attain its hard cap of $10 million soon.
Earn Passive Income Through Staking On Meme Kombat
Meme Kombat gives users a hedge against inflation with its secured staking mechanism. Consequently, all tokens purchased during the presales are automatically staked for additional rewards.
Also, Meme Kombat will eventually launch a staking dashboard where users can monitor their tokens and rewards. These rewards are distributed based on a user’s stake in the staking pool and the AY value at the time.
However, each wallet must re-stake all their tokens after the presale for at least one locking period to be eligible to claim their staking rewards. Additionally, once the MK Dapp is launched, holders can claim and stake their $MK tokens in the official staking pool.
Furthermore, staking for betting is also available, as users can apportion some of their tokens for betting on battles. Also, these staked tokens can be utilized in various betting modes, such as direct betting and player vs game, to win extra rewards.
Betting In Meme Kombat Will Likely Boost Long-Term Value
Meme Kombat also offers users an exciting range of battles among meme characters powered by Artificial Intelligence (AI). Users can opt for direct participation in battles or indirect betting to back outcomes.
For instance, the player vs player mode gives users the opportunity for direct competition against one another.
Also, a user can determine the level of risk and stake for each battle before engaging in them. According to tokenomics, 10% of the total supply of 120 million MK tokens is dedicated to community rewards.
This will likely attract more investors to the ecosystem and boost MK’s long-term value in the crypto market.
Bitcoin Minetrix (BTCMTX) – The Reliable Cloud Mining Solution
Bitcoin Minetrix is a cloud mining solution that aims to simplify the mining process for Bitcoin miners. It introduces a unique Stake-to-Mine mechanism automated and controlled by smart contracts.
Previous concerns about expensive equipment and cloud mining deceptions held many back.
This decentralized strategy ensures a transparent and protected mining venture.⚒️ pic.twitter.com/FPZHxkB74j
— Bitcoinminetrix (@bitcoinminetrix) October 24, 2023
Also, it operates on the Ethereum network and supports token staking and burning to release mining hash power. Remarkably, Bitcoin mining has evolved since the launch of Bitcoin, with mining difficulty increasing with every halving.
Also, the Bitcoin Minetrix whitepaper reveals that the BTC mining industry is estimated to grow by $12 billion between 2022 and 2027. Therefore, Bitcoin Minetrix offers users reliable cloud mining solutions to leverage this large market cap.
Notably, cloud mining eliminates the need for miners to purchase expensive hardware and spend on energy. Users can securely rent a portion of computing power and are not required to enter into a contract like other cloud mining firms.
Also, the benefits of cloud mining include eliminating noise pollution, heat, and electrical waste generated by mining. However, fraudulent actors are a source of concern for most users who wish to engage in cloud mining.
What Does Bitcoin Minetrix Offer?
Bitcoin Minetrix hopes to overcome problems in the cloud mining sectors, such as the Stake-to-Mine feature. Users can purchase the BTCMTX tokens from the presale to stake the tokens and receive hash power.
Mining credits are also essential to this process. These credits are non-transferrable ERC-20 tokens that are obtained by staking BTCMTX tokens. These mining credits are burnt to receive BTC cloud mining time or a percentage of mining yields.
According to the tokenomics, the total supply of BTCMTX tokens is capped at 4 billion. Notably, 42.5% is allocated to Bitcoin mining, 35% to marketing, 15% to community, and 7.5% to staking endeavors.
BTCMTX is on presale with just two days left for a price increase. At this stage, each token is worth $0.0112 and can be purchased with ETH, USDT, or bank cards.
However, a user must connect a secure crypto wallet to the official website to complete this purchase. Over $2.28 million has been raised out of the presale target of $3.1 million, confirming the rising crypto community interest in Bitcoin Minetrix’s mining solution.
Additionally, Bitcoin Minetrix is hosting a $30,000 Minedrop for its users, where 10 lucky winners will receive $ 3,000 worth of BTCMTX each. However, these users must complete certain tasks which involve submitting a proof-of-purchase for BTCMTX tokens.
The remarkable rally in the crypto market confirms that more investors are moving into an accumulation phase. Generally, most traders expect a bull run in 2024 if the crypto market conditions remain favorable.
With the speculation surrounding the market, a Bitcoin ETF approval might be the catalyst to trigger the bull run.
However, there are no certainties in trading, and factors such as inflation and regulatory pressure could force a retracement. Therefore, traders must implement the best strategies combined with proper risk management to limit exposure to losses.
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