Bitcoin’s hash rate has dropped this week due to freezing temperatures in Texas. Meanwhile, the crypto market remains essentially unchanged, with a total valuation of $1.77 trillion today.
While BTC struggles to break above $43,000, some altcoins record massive gains in the past 24 hours.
These altcoins benefit from vibrant community support and exciting developers such as DeFi, gaming, NFT, and on-chain government.
More facts and predictions concerning their price actions are captured in detail below.
Flare (FLR) – The EVM-Compatible Blockchain
Flare (FLR) has emerged as a notable frontrunner in the cryptocurrency market, showcasing significant price growth in recent times.
As of today, FLR has experienced a remarkable 8.32% surge, positioning itself as a top gainer among digital assets, trading at $0.02266.
The current bullish trend of FLR can be attributed to the groundbreaking partnership between Flare and Google Cloud. This collaboration has propelled Flare into the blockchain infrastructure sector, with Google Cloud participating as both a network validator and infrastructure provider.
Flare onboards @GoogleCloud as an infrastructure provider to validate the network and contribute to the Flare Time Series Oracle.
— Flare ☀️ (@FlareNetworks) January 15, 2024
The announcement of Google Cloud’s involvement, particularly as a contributor to the Flare Time Series Oracle (FTSO), has not only validated transactions but has also added a layer of credibility to decentralized data within the Flare ecosystem.
The collaboration with a tech giant like Google Cloud not only solidifies Flare’s position in the blockchain space but also sets the stage for future partnerships, hinting at continued growth for FLR.
Notably, the partnership triggered a substantial surge in FLR’s market capitalization, exceeding $700 million, and a remarkable 20% increase in the price per FLR token.
Investors are now eyeing FLR as a promising asset with the potential for further price appreciation. As more alliances are forged, FLR stands as an enticing investment, showcasing not only its current strength but also its promising trajectory in the evolving landscape of blockchain and decentralized systems.
FLR Attempting Rally Above $0.226, Will The Bulls Prevail?
FLR has posted positive price action in the past week, with a notable price surge on January 15. Although it suffered a brief retracement between January 16-17, the buyers have regained control of FLR’s price today.
Also, the $0.0209 support has prevented a further decline for FLR, leading to a recovery.
FLR is currently testing the $0.0226 resistance level, and a break above it will continue the uptrend. The long upper wick of today’s candle suggests that the buyers are still attempting to break above $0.0226 with more pressure.
Moreover, FLR is trading above the 50-day and 200-day Simple Moving Average (SMA), which is a bullish sentiment.
Also, the 50-day SMA is above the 200-day SMA, hinting at a short-term rally for FLR. Furthermore, the Relative Strength Index (RSI) indicator shows price volatility in the past weeks with a zig-zag pattern.
However, the RSI is rising to the overbought zone above 70 with a value of 64.50. The entry into the overbought region signals further price gains for the asset.
Therefore, FLR will likely continue on its rally in the coming days if the buyers overcome its closest resistance at $0.0226. However, a rejection at this level could cause a decline below its support zone.
So, traders should watch out for the close of today’s candle for further confirmation.
Sui (SUI) – The Decentralized Smart Contract Platform
SUI continues to build on its gains in the past week as more buyers accumulate the tokens. Exciting developments in its ecosystem aided its gains in the past week and will likely lead to higher highs on the daily chart.
On January 14, SUI surpassed BTC’s TVL, breaking above $300 million. This confirms the rising interest from investors for the token.
Additionally, Sui’s programming language MOVE added some upgrades, such as macro functions. This provides developers with new methods to define data and call functions.
Get ready for #Move 2024 Edition, with major new features including Enums, Macro functions, and Method syntax.
Get building on Sui, the most performant blockchain, by increasing your Move knowledge today.https://t.co/DugViu0HxR
— Sui (@SuiNetwork) January 17, 2024
Some of the new updates are Method Syntax, Index Syntax, and Macro Functions, which will give developers a better experience. On the daily chart, SUI shows signs of a possible retracement as the buyers begin to cash in on long positions.
SUI Facing Resistance at $1.30, Is the Rally Over?
SUI is facing resistance at $1.30 after finding support at $1.24. It rallied between January 11 and 15 before a slight decline on January 16 as buyers began to take profits.
Today, the Relative Strength Index (RSI) indicator is dropping from the overbought region and approaching the neutral zone.
The RSI displays a value of 65.31, and if the indicator declines further, then the SUI will likely continue to decline on the daily chart. Furthermore, the Moving Average Convergence/Divergence (MACD) is dropping, suggesting that the sellers are gaining control.
Also, the fading green Histogram bars confirm an increase in selling pressure on SUI in the last 24 hours. Therefore, SUI will likely retrace to $1.24 in the coming days. However, if the buyers return, a recovery is expected after the brief decline.
Sponge V2 – The Relaunch Of The Fun-Themed Project
SPONGE V2 is a popular cryptocurrency inspired by the Sponge Bob Square Pants series. After enjoying massive success following its launch in 2023, the developers have re-strategized to create Sponge V2.
This version 2 represents a second chance for investors who missed out on the 2023 $SPONGE rally.
📘 Visit our website and stake your $SPONGE to be part of V2’s TAKEOVER.
Simple steps to significant rewards!
— $SPONGE (@spongeoneth) January 18, 2024
Why Version 2?
SPONGE V1 rewarded early investors nicely with massive profits. These investors took advantage of the hype and community support to make gains. Consequently, Investors who missed the $SPONGE early rally hoped for another chance to invest wisely.
Therefore, Sponge V2 is the perfect opportunity to stake a claim in the ongoing crypto revolution in the ecosystem. Users who staked their old $SPONGE tokens must withdraw their tokens from the V1 smart contract to re-stake in the new V2 pool.
New buyers do not need to worry, as staking is automatic after purchase. Stakers will reserve an equivalent amount of $SPONGEV2 tokens and enjoy staking benefits at a minimum APY of 40%.
Sponge Play-To-Earn (P2E) Game Adds Utility To Ecosystem
Sponge V2 not only repackaged the tokenomics but added utility to its ecosystem with a fun P2E game. Users can earn SPONGEV2 tokens while playing the game and ranking high on the leaderboard.
Ultimately, the goal of SPONGEV2 is to mop up liquidity from competition and give users a second chance. Also, SPONGEV2 hopes to list on top exchanges and have a minimum of 10,000 unique holders.
This race to a $100 million market cap begins after listing and relies on community support.
So, SPONGEV2 has transitioned from just a memecoin to a token of utility with long-term value assured through staking. Over 5 billion $SPONGE tokens have been staked, confirming the massive interest from investors in the token.
Bitcoin Minetrix – Mine and Stake to Earn
Bitcoin Minetrix has emerged as a top gainer in the crypto space today, captivating the attention of investors and enthusiasts alike. Its presale success and the variables driving its momentum present it as a compelling asset to consider for investment.
Bitcoin Minetrix has attracted much media attention and is a success in the crypto community.
Also, it has raised over $8.7 million USDT from its $9.5 million target. The high demand for BTCMTX reflects the rising interest in this cutting-edge cryptocurrency. So, the project’s innovative technology, strong community support, and strategic partnerships are likely contributing to its massive success.
Additionally, Bitcoin Minetrix relies on innovative technology based on its unique features and functions that differentiate it from other cryptocurrencies. Furthermore, its blockchain technology is designed to handle specific challenges and boost its overall performance.
Bitcoin Minetrix enjoys support from a strong community. Also, a large section of individuals and organizations are joining this revolution based on the utility of the tokens.
This support has led to a successful presale so far, and the late presale stages are moving investors into an accumulation frenzy.
Bitcoin Minetrix has formed strategic partnerships and collaborations with top crypto contributors. This will help the long-term vision of the project. Also, the partnerships have played an important in creating awareness and adoption of cryptocurrency.
Why Bitcoin Minetrix Is a Great Investment
Bitcoin Minetrix has exciting features that make it one of the hottest tokens in the crypto space. Its innovative utility and real-world application make it vital in the modern era.
It creates practical cloud mining solutions to counter the rising mining difficulty worldwide.
The Stake-to-Mine feature also makes mining accessible even for new investors without technical skills or knowledge. Miners can enjoy profit without paying for electricity and eliminating noise and heat, which are problems for traditional mining.
Also, expensive hardware and maintenance costs are not an issue since the cloud mining is done remotely by Bitcoin Minetrix. BTCMTX will be listed on top exchanges after the presale, likely leading to a further increase in its price and rewarding early investors.
Price volatility is a constant factor in the crypto market. However, altcoins still record gains, encouraging investors to diversify their crypto holdings. One common factor among the top gainers is exciting updates and developments in their ecosystems.
Additionally, crypto adoption and utility are growing with innovations such as the tokenization of Real real-world assets (RWA). Furthermore, Metaverse technology and networking events boost the community spirit and attract more investors who are willing to explore.
However, proper research and risk management are important to minimize losses and protect investments.
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