February 23, 2024

Bitcoin has finally broken above the $45,000 resistance level to trade at $46,400, which is a 5.4% increase in 24 hours. Remarkably, BTC’s recovery has been reflected in the overall value of the crypto market, which has increased to $1.8 trillion today. 

One of the factors aiding these gains is the Bitcoin Spot ETF’s rumored approval. Derivative traders are investing heavily in Bitcoin futures, which has increased from the $9.5 -$14.5 billion range in 2023 to $17 billion. 

While investors await the SEC’s decision on the approval, altcoins have become an alternative source for investors. So, the top crypto gainers of today benefit from positive investor sentiments and exciting developments in their communities. More fascinating details are captured below. 

Bonk (BONK) – The Solana-Inspired Memecoin 

BONK has gained 26.9% in the last 24 hours to trade at $0.000013. The asset was quite volatile as it shed over 10% of its gains in the past week. However, the gains today suggest that the buyers have returned. 

The Bonk ecosystem continues to record more positives in 2024, with a review of activities in 2023 confirming its growth. 

Throughout 2023, Bonk interacted with over 10 blockchains, recorded over 600,000 token holders, and was listed on 42 exchanges. Also, during the festive period, the crypto community celebrated BONKmas. Games such as the Silicon Valley BONK (SVB) were introduced to keep users entertained. 

In addition, the BONKbot enjoyed a massive 342% growth in the number of users during the 12 days of the BONKmas event. On the daily chart, BONK records gains but faces resistance. 

BONK Testing The $0.000017 Resistance Level: Will It Break Above?

BONK is in an uptrend on the daily chart, posting a second green candle after yesterday’s recovery effort by the buyers. After a dip between January 5 and 7, BONK is now in the green as the buyers begin to rally.

The $0.0000103 support level has proved critical to BONK’s rise as it approaches the $0.0000145 resistance level. 

BONK is trading in the lower region of the Donchian Channel (DC) but rising to the Median Band, which indicates a recovery phase for the asset. 

Also, the Relative Strength Index Indicator (RSI) is rising from the oversold region below 30, with a value of 37.02 and approaching the neutral zone above 50.

If the RSI rises above 50, then the uptrend will continue. BONK will likely continue its rally in the coming days and break above the $0.0000145 resistance level. 

Internet Computer (ICP) – The Cloud Computing Blockchain That Works 

ICP is trading at $13.03, with a 5.5% increase in the last 24 hours. However, it experienced price volatility in the past week. The UCO multi-chain recap captures the essential developments in the ecosystem relevant to the ICP community. These developments might be the hope for the asset. 

One of the core developments was the introduction of ckETH, which exists on ledgers created by ICP smart contracts. These tokens can be transferred within one second at no cost. Remarkably, ICP developers introduced protocol-level integration with Bitcoin in 2023.

This eliminated the need for cross-chain bridges. But, on the daily chart today, ICP faces pressure from the sellers as it approaches its nearest support level. 

ICP Facing Pressure From Sellers: Will The $12.90 Support Hold?

ICP is under pressure from the sellers, which is evident in a downtrend between January 4 and 7. However, the buyers rallied on January 8 to test the $13.97 resistance level. A rejection at $13.97 on January 8 sent ICP back to rest on the $12.90 support level. 

Looking at the chart, the RSI indicator is dropping from the buy zone, with a value of 61, to the neutral zone. This confirms that the sellers have gained control of ICP’s price. Additionally, the Moving Average Convergence/Divergence (MACD) indicator has dropped below its signal line, displaying a sell signal.

This signal is confirmed by the red Histogram bars. Therefore, ICP will likely retrace further if the $12.90 support fails to hold. Traders must watch out for the close of today’s candle for confirmation. 

Celestia (TIA) – The Modular Blockchain Network For Developers 

TIA is up by 19.7% today, trading at $16.18. It gained 16.6% on its price in the past week, confirming buyer’s dominance. Celestia has continued to record positive ecosystem developments, with over 1 GB of data posted on the network. 

The over 632,000 accounts on the network confirm the rising interest in the tokens from investors. These developments are likely aiding TIA’s price gains on the daily chart in the last 24 hours. 

TIA Forms Bullish Engulfing Pattern As Buyers Return, What Next?

TIA has shown a remarkable recovery in the last 24 hours after a price slump from January 5-8. It has formed a large green candle on the daily chart as the buyers return to force an uptrend. 

Also, TIA found support at $14.24 and has rallied to the $16.07 resistance level. A break above this level will likely occur if the buyers sustain their charge. 

Meanwhile, TIA is trading above the Parabolic SAR indicator, which is a bullish signal hinting at further increase. Additionally, the RSI indicator is at 64.25 and rising to the overbought region above 70. 

So, TIA will likely break above the $16.07 resistance level in the coming days if the buyers continue the accumulation phase. 

Meme Kombat (MK) – Your Stake, Play and Earn Project

meme kombat

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The Meme Kombat ($MK) presale’s meteoric rise past the $6.4M milestone isn’t just about another meme coin surging in the market. There’s a convergence of strategic factors propelling its success. $MK’s allure lies beyond mere meme coin association.

It intertwines GambleFi, staking APY, and an innovative AI-powered battle arena. The key to its unprecedented presale success lies in the attractive staking APY of 156%.

This feature, combined with 77% of purchased tokens staked, minimizes pump-and-dump risks, a typical plight for meme coins. 

Both whale and retail investors are flocking to Meme Kombat, as evidenced by substantial buys and growing interest in a market flooded with high-cap assets like BTC, ETH, and SOL.

A Potential Big Name in Meme Crypto – What sets $MK apart? 

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This top crypto gainer today stands out thanks to its low initial market cap, which allows room for substantial growth, unlike established giants like Shiba Inu, Dogecoin, etc.

Also, Meme Kombat doesn’t rely solely on market cap allure; it crafts a strategic advantage by blending GameFi, GambleFi, and AI utilities. 

The AI-powered battle arena engages meme coin communities, leveraging their rivalry to fuel token demand. The innovative staking system further augments organic token demand while ensuring long-term price stability. 

What’s noteworthy is the team’s transparency—unlike most meme coins.

Meme Kombat’s team, led by Matt Whitman, is doxxed, enhancing credibility in an otherwise volatile space. The impending launch of Season 1, featuring iconic meme characters, hints at sustained bullish trends post-presale, fostering a continuous price uptrend. 

However, the window to invest early and secure potentially higher returns is closing rapidly due to escalating presale traffic. Investing early via presales presents an advantageous entry point. Meme Kombat’s presale frenzy signifies imminent sell-out, prompting investors to act swiftly. 

Sponge (SPONGE) V2 – Meme Asset with Unending Upgrades and Value Surge

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SPONGE has experienced remarkable growth recently, indicated by an 84% price surge within 24 hours, reaching $0.00114. This surge was ignited by the excitement of transitioning from its original version, V1, to the upgraded Sponge V2. The success story behind Sponge V2 lies in its strategic development.

The transition process involves staking the original V1 tokens, with over 4 billion tokens valued at $4,503,802.76 already staked.

Once staked, these tokens automatically bridge to the V2 version, although the exact bridging date is yet to be announced. This process encourages token holders to stay engaged with the project’s social media for further updates.

The anticipation surrounding Sponge V2 has attracted significant attention, especially due to its attractive staking rewards, which currently offer a lucrative 387% yield. This reward system has enticed new investors, drawn by the promise of increased utility features.

Sponge gained traction on platforms like Dextools, with $2.4 million in trading volume within 24 hours.

Sponge V2’s upcoming listings on major exchanges (OKX, Kucoin, and possibly Binance) could significantly increase its exposure and trading activity. These factors position Sponge V2 for substantial growth, attracting investor interest and potentially enhancing its standing in the crypto market.

SPONGE Declines from The Upper Bollinger Band – Where Are the Bulls?

The technical analysis of Sponge suggests a complex situation. Currently, Sponge is showing a red candlestick pattern just below the Upper Bollinger Band, while the Bollinger Bands themselves are expanding in opposite directions. 

Additionally, the MACD indicator is positioned above the signal line, accompanied by a faded green histogram bar. Again, the Relative Strength Index (RSI) stands at 68.44, indicating a horizontal trend.

This combined analysis may signal a potential period of consolidation or slight correction for Sponge in the near future. 

However, the red candlestick close to the Upper Bollinger Band suggests a possible pullback from recent highs. The opposing expansion of the Bollinger Bands indicates increased volatility or uncertainty in price direction.

The MACD above the signal line, albeit with a fading histogram bar, suggests a weakening bullish momentum.

Meanwhile, the RSI at 68.44 shows that Sponge is moderately overbought but not in an extreme zone. Considering these indicators collectively, Sponge might experience a short-term correction or sideways movement in its price in the coming days. 

Traders and investors might witness a temporary pause or slight dip in Sponge’s value before any potential resumption of an upward trend. However, this analysis does not provide a definitive prediction but rather an indication of possible market trends based on technical indicators.

Conclusion 

The crypto market is gaining ahead of two key events – the Spot ETF approval and Bitcoin’s Halving. If the desired price levels are attained, then a bull run will likely occur in 2024. 

Nevertheless, cryptocurrencies remain volatile, and there are no guarantees that the prices will not decline due to external factors. Therefore, proper research and risk management are vital for traders to limit unnecessary exposure to losses. 


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