The global crypto market did not record significant changes in the last 24 hours, as Bitcoin remained in the $42,000 range. Although there is no certainty on the next price direction, the Bitcoin Halving in April will likely trigger another rally.
Despite massive capital inflow in Bitcoin ETFs, the market has continued to decline in the short term.
Nevertheless, some altcoins still post positive performances in the last 24 hours. These altcoins are driven by passionate community support and positive ecosystem developments.
So, while BTC enters a retracement phase, investors are backing other crypto to take profit in the short term.
Klaytn (KLAY) – The Business-oriented Public Blockchain
KLAY is trading at $0.225, with an 18.3% increase in the last 24 hours. Remarkably, it gained 30.9% in the last seven days as buyers continue to support its uptrend.
Some recent events in the ecosystem could be triggering the massive investor support seen in KLAY.
For instance, Klatyn Foundations announced a merger between the Klatyn and Finscha blockchains to create Asia’s largest Web3 ecosystem. This merger will create an ecosystem of over 420 DApps and create a user base of over 250 million across Asia.
We weren’t joking when we said 2024 is going to be wild – we’ve just submitted a governance proposal to merge the #Klaytn and @finschia blockchains to create Asia’s largest Web3 ecosystem! Details below 🧵https://t.co/rNsqxxjBsj pic.twitter.com/mvJHPGdYof
— Klaytn (@klaytn_official) January 16, 2024
Also, the proposed new blockchain will support EVM and CosmWasm, enabling builders to have access to the benefits of the two ecosystems. Additionally, a new native coin will be issued with a low inflation rate, a three-layer burning model, and a Zero Reserve strategy.
So, all KLAY and FNSA holders will be able to swap their tokens for this new coin when it is issued. Furthermore, the governing council of Klaytn and Finschia will be unified to create Asia’s largest decentralized governance hub.
This merger boosted the price of KLAY as it gained almost 28% in the daily timeframe.
KLAY Finds Support at $0.192 Will It Break Above $0.225
KLAY is currently testing the $0.225 resistance level after finding support at $0.192. It has formed a second consecutive green candle on the daily chart after a brief retracement on January 14.
The large green candle formed today suggests that the buyers are active and seek to move KLAY’s price higher.
Also, the Relative Strength Index (RSI) indicator is rising with a value of 55.25 above the neutral zone. If the RSI breaks above 60, then the uptrend will likely continue in the coming days.
Additionally, the Moving Average Convergence/Divergence (MACD) indicator has crossed above its signal line, forming a buy signal.
This signal is confirmed by the green Histogram bar on the chart today. Therefore, KLAY will likely close above $0.225 and record higher highs in the coming days if the rally is sustained.
Flare (FLR) – The EVM-Based Utility Blockchain For Data
FLR is among the top gainers today, recording a 16.5% increase in the last 24 hours to trade at $0.0205. Also, it is up 16.9% this week as more investors begin to adopt the tokens.
FLR recorded gains in the past 24 hours after announcing the integration of GoogleCloud as its infrastructure provider.
Also, Google Cloud will serve as a data provider retrieving data from external sources to supply to the FTSO system. Additionally, it will provide accurate and decentralized data feed for smart contracts by Flare.
Flare onboards @GoogleCloud as an infrastructure provider to validate the network and contribute to the Flare Time Series Oracle.
— Flare ☀️ (@FlareNetworks) January 15, 2024
Google Cloud will help to validate the network and contribute to the Flare Time Series Oracle. This confirms Flare Blockchain’s commitment to becoming a data hub for its users.
Furthermore, Google Cloud will provide financial and technical support to Web3 builders on Flare through the Google for Startup Cloud Program. These developments are quite exciting, although FLR still faces resistance on the daily chart.
FLR is Facing Pressure from Sellers. Will it Drop Below the $0.0204 Support?
FLR is under bearish pressure, forming a red candle today after a massive rally to break above the $0.0204 resistance level on January 15. Remarkably, FLR flipped the $0.0204 resistance level to support and is testing the $0.234 price level.
The red candle formed today is likely due to traders closing long positions to scalp profits. However, FLR still trades above the upper band of the Donchian Channel (DC), which is a bullish sentiment.
This implies that the retracement is likely a temporary phase, and FLR will likely rebound again.
Even though the RSI indicator is at 58.85 in the neutral zone and facing downwards, it will likely retrace to the upside once the buyers re-enter the market. So, FLR traders must watch out for price volatility and a likely rally for the asset in the coming days.
Chiliz (CHZ) – Leading Digital Asset for Entertainment and Sports
CHZ, which was valued at $0.0809 in the last 11 days, has climbed to $0.1042 today, January 16, 2024. As of 7:21 am EST, the coin surged by 20%, with its 24-hour trading volume up by 358.57% to $225.9 million.
Chiliz (CHZ) is the primary digital currency for sports and entertainment from the Malta-based FinTech provider.
Also, it operates the Socios blockchain platform. This platform allows users to engage in the governance of their favorite sports brands actively.
Fooballcraft is coming to you in 2024! 🤩
— Chiliz ($CHZ) – The home of SportFi ⚽🏆 (@Chiliz) January 11, 2024
The introduction of fan tokens on Socios.com exemplifies this interaction, providing a unique way for sports clubs and associations to connect with fans and create new revenue streams.
One key factor contributing to the increase in the value of CHZ, Chiliz’s native token, is the innovative use of fan tokens.
These tokens empower fans to influence club-related decisions through surveys and polls, giving them a direct role in aspects like choosing messages for the captain’s armband.
Also, Chiliz has formed significant partnerships with renowned sporting institutions globally, including FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain.
Collaborations with the UFC and gaming organizations have further strengthened its position. The integration of fan engagement, partnerships with top sports entities, and the unique utility of CHZ as a gateway to fan tokens are key variables contributing to the increasing value of Chiliz’s token.
CHZ Forms Consecutive Green Candles on Impulsive Move – Will the Uptrend Continue after the Retracement?
In the chart above, CHZ has commenced a series of higher highs and higher lows, which indicates a trending market structure. As such, the market is on an uptrend, suggesting price appreciation in the coming days to weeks.
Also, the Relative Strength Index (RSI) is at 79.80 and is moving upward in the overbought region (above 70). The support levels for CHZ are $0.92 and $0.97.
Considering the market structure routine, including an impulsive and retracement move, it’s clear that CHZ could retrace in the coming days before taking another impulsive move.
If the pullback hits the supports before the impulsive move, then it’s clear that buyers are winning and thus pushing the price of CHZ higher. But if the pullback breaks the horizontal supports and fails to return to the upside during its impulsive move, then the sellers are in charge.
Meme Kombat – Battle with Memes for Crypto Coins
Gaming crypto projects are attractive because they merge two popular realms – cryptocurrency and video games. These projects often involve online games where a cryptocurrency serves as the in-game currency.
Players can use this digital currency to make in-game purchases, and some games follow a play-to-earn model, allowing players to earn cryptocurrency as they achieve tasks.
Meme Kombat stands out for its unique and playful approach, injecting excitement into the crypto world by merging meme culture with tokenized battles. Also, Meme Kombat introduces randomness and unpredictability to each battle, making it exciting for participants.
MK tokens are used for wagering on these digital clashes, providing potential profit for accurate predictions. Winners in the arena can participate in integrated staking, offering a chance to diversify their holdings and earn annual percentage yields of up to 138%.
The game’s unique concept aims to attract a broad audience, from casual players to dedicated fans of specific meme coins. This not only enhances the enjoyment of the game but also increases the potential value of $MK tokens.
As enthusiastic fan communities join the platform, the demand for $MK tokens rises, potentially contributing to the coin’s price growth.
Meme Kombat Token Sells Fast – Can MK Presale Reach $7 Million Before Weekend?
Meme Kombat’s presale is experiencing strong demand, nearing the impressive funding milestone of $7 million out of its $8 million goal.
With heightened interest, the project plans to list on Uniswap post-presale, allowing the market to determine the value of MK—an exciting prospect for the project’s community.
$6.9 million! NICE! ♋️
— Meme Kombat (@Meme_Kombat) January 16, 2024
Potential investors looking to participate in the presale can acquire MK tokens by visiting the project’s website and making purchases using Ethereum (ETH), USDT, or Binance Coin (BNB).
In contrast to the typical characteristics of meme coins, characterized by secretive teams and unpredictable tendencies leading to a lack of transparency.
Meme Kombat, led by Matt Whitman in the Netherlands, prioritizes accountability and security. This departure from the norm, emphasizing functionality and transparency beyond marketing, distinguishes Meme Kombat from other meme currencies.
Sponge V2 (SPONGE) – The Return of the Classy Memecoin Project
SPONGE V2 has faced price volatility in the last 24 hours. However, it records massive interest from investors keen on staking their tokens for rewards.
🎉 Huge Milestone Alert! 🎉
We’ve just surpassed an incredible 5,010,192,318 $SPONGE tokens staked, valued at $3,998,276.67!
With a current APY of over 300%, our community is thriving like never before.
— $SPONGE (@spongeoneth) January 15, 2024
Impressively, over 5 billion tokens have been staked, valued at $3.99 million. Currently, the APY is over 300%, which is attracting more investors daily. Users who buy or stake $SPONGE tokens will earn SpongeV3 as a benefit.
The developers hope to move SPONGE from Version 1 to 2 by transitioning to new staking pools and bridging tokens. On the daily chart, $SPONGE is facing resistance after an impressive rally in recent weeks.
Uncertainty is a common factor in the crypto market, as the retracement in the last few days halts the early 2024 rally. As the early Bitcoin ETF hype dies down, investors have begun to embrace other altcoins with profit potential.
Notably, 2023 ushered in fierce competition in terms of development among most crypto ecosystems.
This trend will likely continue in 2024 and beyond as mainstream crypto adoption continues to expand. However, investors must always remain aware of the risks associated with crypto trading and conduct proper research.
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