The crypto market continues to face volatility as the top cryptocurrencies decline in the last 24 hours. Bitcoin has dropped below $41,000, losing 2.2% of its price gains today.
While there is no definite cause of this retracement, fear of large BTC sales in the market has made investors more conservative.
Moreover, the crypto Fear and Greed Index displays greed at 55, meaning some investors are interested in ‘buying the dip.’ Despite the bearish sentiments, some altcoins still record impressive gains in the last 24 hours.
These altcoins rely on factors such as development and community support to record these gains.
Manta (MANTA) – The Privacy-Focused Layer-2 Solution
MANTA is in the green today, trading at $2.54 with a 4.4% increase in its value in the last 24 hours. One of the factors driving MANTA’s gains is the fact that it is the first L2 on Celestia.
So, it helps the Celestia community save on gas fees.
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 21, 2024
This reduction in gas fees will likely attract more users to adopt the L2 for their transactions. Currently, Manta Network offers users access to two networks. They are Manta Pacific – an L2 ecosystem for Ethereum dApps and cheap gas fees and Manta Atlantic – the fastest ZK L1 on Polkadot.
Additionally, the Manta Staking Launchpad v2.0 is live. This platform will give users access to earning staking rewards, managing their portfolios, and participating in quests.
MANTA was listed on Binance about a week ago and is showing a positive price form as more investors adopt the tokens.
MANTA Gaining Today, What Next For The Token?
MANTA is gaining on the 30-minute timeframe, forming a green candle after finding support at $2.47. Remarkably, its listing on Binance on January 18 has contributed to its price gains, moving the asset above $2 in a few days.
However, MANTA faces resistance at $2.52, and a break above this level will move it closer to $3.
The upper wick on the 30-minute candle rises above the median band of the Donchian Channel, signaling a short-term increase. The Relative Strength Index (RSI) indicator is also rising from the neutral zone with a value of 51.14. This implies that the buyers and sellers are almost evenly matched.
MANTA has already attained an all-time high of $2.74 today and is under pressure from traders hoping to scalp profits. Therefore, it will likely drop to the $2.47 support before rebounding again to re-test the $2.53 support level if the buyers rally again.
Frax Share (FXS) – The Decentralized Platform for Stablecoins
Several milestones have been recorded on the Frax Share network, and it is clear that the excitement coming from this progress is driving the growth of the FXS coin.
On X.com, a profile DefiMoon published said that $FXB bond pools from Frax Finance are now live on Curve, followed by massive $CRV rewards.
Also, in a thread made by the project’s social media team on the X platform, it’s clear that there are more developments expected to occur in the Frax ecosystem.
FXBs will have a plethora of use cases & utility since the Frax ecosystem is already incorporating them.
There are FXB @CurveFinance pools, $FXB Fraxlend pairs for users that want leverage, & more coming sooooon. @hourglasshq is also working on something big • • Reach out if…
— Frax Finance (¤, ¤) 🦇🔊 (@fraxfinance) January 19, 2024
Apart from the FXBs that would come with numerous utility and use cases, there would be FXB pools from CurveFinance and $FXB Fraxlend pairs to empower users who like to work with leverage.
Considering these updates, it’s clear that the positivity in the project’s community is driving the growth of its token $FXS.
Today, January 22, FXS is trading at $9.23, with its 24-hour trading volume up by 124.92% to over $57.4 million. As more achievements are hit within the Frax ecosystem, its token’s worth is expected to climb up as well.
FXS Enters Consolidation Phase – Can It Break Out with an Uptrend?
The daily chart reveals that the FXS token experienced a pullback from the 200-day Simple Moving Average (SMA) but managed to regain strength, demonstrating resilience in the market.
Despite this positive recovery, the token faced a significant hurdle at the $10 mark. The price briefly touched this level, but the bulls couldn’t sustain it, resulting in a rejection wick.
Following this, the cryptocurrency entered a consolidation phase near the breakout zone, hinting at a potential upcoming move.
Amidst prevailing positive market sentiments, Frax Share (FXS) recorded an accumulation phase and successfully recovered over 70% of its recent gains in the past weeks.
This resilient performance is complemented by the fact that the token has climbed above significant moving averages, signaling a bullish trend that buyers are eager to sustain.
The FXS token is trading at $9.27, reflecting an intraday gain of 3.20%. The pullback from the 200-day SMA is evident, but the overall sentiment remains bullish.
Notably, the trading volume has increased by 118.83% to $57.45 Million, underscoring the prevailing bullish bias. The Relative Strength Index (RSI), a key technical indicator, has remained near the midline at 57.10, showing a negative divergence and supporting the potential bearish bias.
If the RSI continues moving down to the oversold region (below 30), the price of FXS could dip drastically. In the chart above, the coin has support levels at $5, $7, and $8.7.
If selling pressure triggers a downtrend in the coming days, the nearest support at $8.7 poses a significant level for a price bounce.
However, a breakout below this level could hint at further losses coming. Nevertheless, indicators and candlestick patterns hint at an overall bullish market trend, so it’s likely that FXS will reverse upward after pulling back in the coming days.
Sponge V2 – The Return Of The Exciting Altcoin Project
Sponge V2 is the relaunch of the largely successful $SPONGE tokens with an upgraded staking mechanism for additional rewards. The goal is to combine fun and utility to keep the Sponge community engaged.
Eventually, all $SPONGE V2 tokens will be staked to launch the new Sponge V2 tokens. Also, all new tokens purchased will be automatically staked for the migration to V2.
How Sponge V2 Works?
Sponge V2 relies on staking of $SPONGE tokens to reward its community and token holders.
📢 $SPONGE Update!
We’ve hit a new milestone with 5,390,882,888 tokens staked, valued at $5,233,589.24! 🌟
With a current APY of +300% and a price of $0.0009663 (+18% increase), $SPONGE is stronger than ever. 🧽
— $SPONGE (@spongeoneth) January 19, 2024
Currently, over 5.39 billion tokens have been staked, confirming massive interest from the crypto community. Also, tokens staked in the previous version 1 staking pool are not lost. However, they must be un-staked and migrated to the Version 2 staking pools.
Staking will add to the long-term value of the project, similar to its success in the version 1 attempt. Furthermore, the Play-to-Earn (P2E) game is another innovation that will boost the overall value of the ecosystem.
This game will have a free and paid version where users can purchase game credits for access to an exciting future. So far, the community response to the Sponge V2 is positive.
According to crypto analyst Jacob Crypto Bury, SPONGE is headed to the moon.
We were just getting started with Sponge V1. Don’t miss your chance to join #SpongeV2! 🧽🧽🧽🚀
🧽 Proven 100x potential
🧽 12,000+ Holders
🧽 10+ Exchanges
🧽 30k Strong community
— $SPONGE (@spongeoneth) January 18, 2024
Also, the developers believe that Version 1 is just a shadow of what Version 2 will become. With a community of over 30,000 followers, Sponge V2 will reward early investors when it lists on top exchanges.
So, investors can securely purchase these tokens from the official website with any of the options available.
Bitcoin Minetrix (BTCMTX) – The Reliable Cloud Mining Solution
Bitcoin Minetrix is closing in now on their sale, and fairly, there are just a few more days before it ends. The targeted hard cap is at $9.5 million, and so far, the presale has raised over $9 million in the long run.
As a high-risk, high-reward token presale, you can use the last few days to potentially get involved in the growth journey of Bitcoin Minetrix, a revolutionary and tokenized cloud mining software.
The massive amount raised in the project’s presale so far has triggered excitement amongst the Bitcoin Minetrix community.
Lots of people are bullish about what could potentially happen next when BTCMTX finally launches on decentralized and centralized exchanges. Bitcoin Minetrix has appeared in several top stories on leading websites in the crypto space.
People are exploring its whitepaper to find out how it works to get an edge on its utility.
One of the most attractive attributes of the project so far is the staking platform integrated into the Bitcoin Minetrix website. BTCMTX holders can stake with 75% per annum rewards and even mine to earn more crypto coins.
ChatGPT Predicts BTCMTX’s Price along with other coins – What’s the future of Bitcoin Minetrix.
According to this generative AI technology (ChatGPT), the stake-to-mine model of Bitcoin Minetrix is one feature that could fuel 681% growth in the long run.
The AI tool further explains that Bitcoin Minetrix intends to reshape the mining system by adopting a “stake-to-mine” mechanism, which allows users to stake their coins and earn credits from cloud mining.
With these credits, they can automatically qualify for virtual Bitcoin mining. This method makes BTC mining accessible to many people without the lofty barriers to entry of specialized software or gear.
Furthermore, Bitcoin Minetrix has a substantial staking protocol for its token $BTCMTX, and so far, there are over 531 million tokens staked.
Considering the project’s ground-breaking features, ChatGPT is bullish on Bitcoin Minetrix’s value increase potential. With BTCMTX selling for $0.013 in its presale fundraising campaign, the project has already garnered more than $9 million, hinting at strong investor demand for the token.
While the top cryptocurrencies bleed, some investors see the retracement as a valid entry point before the rally continues. Bitcoin has dropped below $41,000, leading to a decline for most altcoins correlated to its price.
Nevertheless, some altcoins still record positive price moves based on massive community support.
Although most investors rely on unique strategies, proper research and risk management are vital. Also, the upcoming Bitcoin halving in April 2024 might be the catalyst to force a major rally in the crypto market in the coming weeks.
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