The crypto market has found stability in the last few days as buyers dominate. The current investor sentiment is greed, which confirms an ongoing accumulation phase. However, Bitcoin is trading below $43,00 today.
One reason for the decline might be the US Department of Energy’s (DOE) close monitoring of Bitcoin mining energy consumption.
Also, the declining adoption of Bitcoin Spot ETFs is another possible cause for a decline as investors conduct more detailed research. Nevertheless, some altcoins show impressive gains today driven by strong community support and developments, emerging as the top gainers.
More of these altcoin price analyses and ecosystem developments are detailed below.
Ronin (RON) – The Ethereum-Based Sidechain for Gaming
RON has posted impressive figures in the last 24 hours, trading at $3.48 with a 15.4% increase in the previous 24 hours. Also, it has gained 35.4% in the last seven days, confirming bullish solid pressure for the asset.
RON is approaching its all-time value of $4.29, confirming that more buyers are accumulating the tokens.
With the rapid growth in the crypto gaming sector, RON’s rising profile is likely due to its utility in gaming.
A key question in web3 gaming is how to use incentives to bootstrap attention for a product that will naturally retain users via game immersion and the social relationships formed around the game.
— Jihoz.ron 🦌 (@Jihoz_Axie) February 3, 2024
Ronin Network has over 870,000 active users, with 98 million events hosted in the gaming ecosystem last month. Also, over 706,000 new users were recorded in the previous 30 days, showing massive interest in the ecosystem.
Furthermore, the Ronin Wallet is handy for storing crypto assets. So, users can add custom networks and enjoy access to dApps on mobile or use a browser extension.
As a result of all these developments, RON shows a solid bullish pattern on the daily chart as investors accumulate the tokens.
RON Buyers Begin to Take Profit, Is the Rally Over?
RON has formed a bearish engulfing pattern on the daily chart, posting a large red candle as the buyers begin to take profit. The altcoin rallied between January 30 and February 4, forming higher highs on the daily chart as buying pressure increased.
However, the sellers at the $3.32 resistance level are forcing RON’s price down to the $2.71 support level. If this support level fails to hold, further price decline is expected.
Also, RON is dropping to the median band of the Donchian Channel, confirming a decline in buying pressure.
A drop below this band will confirm that the sellers are in control. Furthermore, the Relative Strength Index (RSI) indicator is in the neutral zone with a value of 59.53.
As such, Ron will likely retreat to rest on the $2.71 support level that can act as a price pivot for its recovery.
So, expect a price retreat in the coming days before the next accumulation phase resumes the rally. However, these movements can change, given the volatile nature of the crypto market.
Pendle (PENDLE) – The Yield Finance Platform
Pendle’s performance in the last 24 hours today, February 5, puts it on the list of top gainers in the crypto market. The coin is trading for $3.05 as of 9:02 am EST with a gain of 3.92%.
Also, its trading volume is up by 105%, above $88 million within the same period.
One factor that could be driving this growth is the positive sentiments and excitement garnered around the project’s developments. In a tweet on the X platform, the network team assumed they could have hit massive milestones like becoming the third largest behind Puffer_Finance and Ether_fi, etc.
If Pendle were an #LRT protocol…
But we’re not.
— Pendle (@pendle_fi) February 5, 2024
However, Pendle is a complimentary LRTfi platform that can simply help the space, as well as other protocols, to grow. Nevertheless, they can give their partners massive perks like boosted yields, growth, liquidity, etc.
As such, Pendle remains a revolutionary protocol for future yield trading and tokenization.
PENDLE is Facing a Short and Long-Term Bullish Market Trend – Where’s the Possible Resistance?
Pendle is trading above its 50-day and 200-day Simple Moving Average (SMA), implying a short and long-term bullish market trend. As such, the coin’s price is expected to make more series of higher and lower highs in the long run.
Also, the price action has formed an engulfing green candle stick along with other series of green candles, indicating increased buying activities in the market. Additionally, its Relative Strength Index (RSI) is in the overbought market region (above 70), showing strong bullish momentum for Pendle’s price.
For this reason, the coin will likely rally in the coming days, approaching the $3.2 high and potentially the $3.5 mark. However, investors must note that the RSI is moving sideways. This move hints at the potential for a dip in buyers’ momentum.
If buyers can’t uphold their strength in the market, the RSI will go neutral, potentially plunging to the oversold region (below 30). Notwithstanding, the market looks positive and could reward traders with enticing gains in the long run.
Nevertheless, adopting adequate risk management practices and using strategic trade setups to make the most of your investment decisions is always advisable.
Sponge V2 – The Fun Crypto Gaming and Staking Community
SPONGEV2 entered the crypto market with promises of additional utility and higher targets. This second version of the popular meme coin $SPONGE introduces a Play-to-Earn (P2E) game with free and premium modes available. Users can earn tokens directly by engaging with the game.
Meanwhile, SPONGEV2 developers announced a significant update concerning the migration from V1 to V2.
⏰ Deadline: 5th February 11 PM UTC
— $SPONGE (@spongeoneth) February 5, 2024
Important Update for $SPONGE Holders
🚨 Important information 🚨
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it’s too late! 👇
— $SPONGE (@spongeoneth) February 2, 2024
According to the Sponge development team, the V1 Snapshot will occur today, February 5, by 11 pm UTC. Once the snapshot is taken, Sponge V1 will be discontinued, and all tokens not migrated to new staking pools will be lost.
Those who hold $SPNGE tokens on centralized exchanges must withdraw and stake their tokens before the deadline.
This will enable them to gain more tokens as staking rewards. Additionally, centralized holders who do not stake are entitled to a swap with a ratio of 1:1 for the SPONGEV2 tokens.
Consequently, centralized deposits, withdrawals, and trading were suspended from February 4.
When Version 2 token claims begin, the CEX tokens will be swapped for V2 tokens, and then trading, withdrawals, and deposits will continue at the previous V1 price. Also, Decentralized holders must stake their tokens before the snapshot deadline. Staking enables them to earn extra tokens as rewards.
All stakers can claim their V2 tokens when the presale ends and claiming goes live on the website. However, those who do not have a stake can claim SPONGEV2 at a ratio of 1:1.
Overall, SPONGEV2 is set for success and enjoys a massive following from the crypto community.
Meme Kombat (MK) – The Battle Ground for Crypto Rewards
Meme Kombat (MK) is an exhilarating crypto project racing to achieve an impressive $10 million hard cap. Remarkably, it has secured over $8.1 million already from early investors.
Meme Kombat blends the fun side of meme culture and decentralized gaming, creating an exciting space for community rewards.
We did it memers!
The $8 million milestone has been smashed🥊 pic.twitter.com/QZMpfjHSgv
— Meme Kombat (@Meme_Kombat) February 2, 2024
Users can battle epic characters like Pepe the Frog and win exciting rewards. So, Meme Kombat is attracting numerous investors due to the long-term potential of the project and its features.
Also, $MK token holders can participate in legendary meme battles by placing bets on their favorite characters.
If the character selected is victorious in battle, you reap the rewards. Also, Meme Kombat introduces an intriguing twist by adding wagers to make gameplay more exciting and rewarding for those who love to gamble.
Growth Potential and Drivers for Surge in the Future
Meme Kombat presale is a straightforward process. Each MK token is worth $0.279 at this presale stage, coming a long way since the project began. This rate will be maintained until the $10 million milestone is reached.
So now that we have passed $8m in the presale, we look to the future.
We continue to put hours and hours into development of the game and, despite a few delays, want to assure you that we are here and still pushing to create something fun and engaging⚔️
We now push to our final… pic.twitter.com/wImg83v8lv
— Meme Kombat (@Meme_Kombat) February 4, 2024
Also, the Meme Kombat project will kick off Season 1 with 11 characters, and more development and features will come in Season 2. Additionally, Meme Kombat’s foresight in incorporating NFTs into the platform makes a project for now and the future.
These Meme Kombat NFTs will add utility to the ecosystem and attract NFT lovers to invest in the project. Also, the NFT integration adds an extra layer of excitement for investors, giving them opportunities to experience the thrills of gaming.
Meanwhile, Staking is a vital part of Meme Kombat’s operations. Staking allows token holders to earn an impressive Annual Percentage Yield (APY) of 115%. Over 34 million MK tokens are already locked in by stakeholders, and $7.5 million worth of stake rewards are distributed.
So, investors can easily buy these tokens from the official Meme Kombat using their preferred payment method in crypto after connecting to a secure wallet.
If a bull run occurs in 2024, then MK will likely be one of the tokens to post an impressive rally based on strong community support.
Prices are more positive in the crypto market as another accumulation phase begins. Bitcoin shows slight improvements but has not returned to its post-ETF price level above $45,000.
Nevertheless, investors have turned their attention to altcoins that are pretty affordable and yield exciting rewards.
Also, investors take advantage of presale tokens, hoping to catch an upswing in prices after the token lists on exchanges. If the positive sentiment persists, the general market cap will likely increase to $1.8 trillion in the coming days.
Despite the improvement in the crypto market, proper risk management is still important due to price volatility.
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