The crypto market is soaring again after a price dip early in 2024. Bitcoin trades above $46,500, bringing the altcoins back to life in the last 24 hours. Bitcoin historically rallies around the Chinese New Year and could rise even further to $48,000 in the coming days.
Also, Bitcoin has surpassed its one-month high of $46,000 as steady inflows into the spot ETFs support the rally ahead of the Halving in April. Despite BTC’s gains, Solana and Cardano recorded higher profits, with SOL reclaiming the $100 price.
Also, other altcoins have emerged as the top gainers today, benefiting from the bullish dominance in the market to post impressive gains.
Dymension (DYM) – The Modular Blockchain Ecosystem
DYM continues to impress this week as more investors accumulate the tokens. It records a 19.6% increase in the last 24 hours to trade at $7.76. Although DYM is relatively new in the crypto market, it is rising in popularity due to strong community support.
The introduction of Dymension to the Interchain has created a framework for making standard rollups with IBC. Also, it enables the easy deployment of app-specific rollups (RollApps).
Welcome @dymension to the interchain ⚛️
Dymension mainnet paves the way for standardizing rollups with #IBC and enables the easy deployment of app-specific rollups (RollApps).
The Interchain Stack empowers the modular era! pic.twitter.com/paT4EcFYjs
— Cosmos – The Interchain ⚛️ (@cosmos) February 6, 2024
According to data from Mintscan, Dymension has recorded over 1.09 million transactions, with 26.27 transactions per block. So, Dymension’s utility for Rollup-as-a-service (RaaS) is likely leading to its price gains.
DYM Shows Strong Bullish Pattern, Will the Rally Continue?
DYM has formed a fourth consecutive green candle on the daily chart with higher highs. Its rise from $0.1 to $2.8 in a few days confirms that the buyers are active and in an accumulation phase.
On the 15-mins timeframe, DYM has found support at $7.79 as the buyers attempt to break above the $7.87 resistance level.
However, the formation of the red candle confirms that some buyers are closing long positions to scalp quick profits. Even at that, DYM is trading close to the Median Band of the Donchian Channel (DC) and will likely move above it today.
Based on DYM’s performance on the daily chart, it will likely continue its rally in the coming days before the sellers force a retreat.
Stacks (STX) – BTC L1 For Smart Contracts
Today, February 9, the Stacks coin is making significant gains. In the past day, its value increased by 18.67% to $1.81, against its recent downtrend.
Looking back over the past year, Stacks has shown impressive growth, with its price increasing by 468%. This puts it in the top 5% of all cryptocurrencies.
Furthermore, it’s been consistently trading higher than its average price over the last 200 days, showing that it’s been doing well for a while.
As such, Stacks now ranks #36 in market capitalization, with about a 10.78% increase in its value. Its 24-hour trading volume has also increased by over 92.38% to $276 million, now at #25.
In addition to Stacks (STX) gains, the coin had 16 days where its value went up in the last month, making up 53% of the time observed. This suggests it’s been steadily climbing.
Also, Stacking DAO hit a TVL milestone of over $35 million, which will boost the Stacks DeFi ecosystem.
Another week, another TVL milestone 🎇
Stacking DAO hits a new high with $35M+ in TVL 📈
— Stacking DAO (@StackingDao) February 8, 2024
As of 3:54 am EST, Stacks is being traded at $1.85, with a daily increase of 10.70%, showing a positive trend on the charts.
STX Rallies Towards Strong High – Can It Break This Resistance Level?
Today, the STX Crypto coin is trading at high levels, indicating many people are interested in buying it. Looking at its recent performance, it’s been steadily increasing and staying above essential price levels that help measure its momentum.
On the chart above, it’s clear that the coin is on an upward trend.
This means that it’s likely to keep increasing in value shortly. Bullish investors are confident and are buying more of it, increasing the price even more. The price movements on the chart also show that each peak is higher than the last one, and each low point is also higher.
This pattern suggests that the coin may keep increasing toward the $2 mark. Looking at other indicators, Stacks (STX) is above its 50-day and 200-day Simple Moving Average (SMA), confirming the bullish trend in the coming days.
Also, the RSI indicator’s value is currently at 68.20 and rising.
This bullish sentiment suggests a further increase to the overbought region above 70. Based on the indicators, the price of STX might go past $2 and even reach $2.5.
However, traders and investors must watch for a possible reversal once it enters the overbought zone.
Beam (BEAM) – Privacy-Focused Blockchain for Web3
Today, BEAM trades for $0.1025, a daily increase of 12.39%. Its trading volume in the last 24 hours has also pumped by 18.40%, around $896K. BEAM is the primary cryptocurrency on the Beam blockchain, used for transaction fees.
As Beam moves to a PoS validation model, BEAM tokens will become stake-compatible tokens. This means BEAM holders can delegate funds to validator nodes and earn rewards. The founder of Merit Circle DAO previously relied on MC for governance.
However, with the launch of Beam, Merit Circle announced the migration of MC tokens to BEAM at a ratio of 1 MC to 100 BEAM. So, MC holders can move their tokens to BEAM until October 26, 2024.
Also, BEAM tokens will gain governance functions after the migration process.
So, the integration of BEAM into Merit Circle DAO governance further solidifies its role within the ecosystem. Meanwhile, the recent announcement concerning BEAM’s role in the ecosystem could be a significant factor behind its price gains.
With BEAM serving as the primary cryptocurrency for transaction fees and staking on the network, the demand for BEAM is expected to increase substantially. Another interesting feature in the ecosystem aiding its price gains is the Beam Asset Minter, which enables the creation of confidential assets.
🚀The use cases are endless. Think private-by-default #stablecoins. Perhaps confidential on-chain gold?
— BeamPrivacy (@beamprivacy) February 8, 2024
BEAM Records Increased BUY Trades – Can Buyers Trigger a Breakout?
In the chart above, BEAM trades above its 50-day and 200-day SMA, a bullish market trend. By trading above these levels that serve as dynamic support, it’s clear that buyers may step into the market for BUY orders.
To confirm this, the Relative Strength Index (RSI) at 56.45 pushes upward to the overbought region (above 70).
If buyers remain active today, the RSI could reach the overbought region. Again, the Moving Average Convergence Divergence (MACD) is above the signal line, signalling a bullish momentum in the market.
Furthermore, the histogram bar has formed healthy green bars, showing the strength of the bulls.
Given these points, BEAM is expected to rally throughout the weekend, approaching the resistance at the $0.13 mark. If buyers remain prevalent as expected, the coin’s price could begin the next week with a breakout above the critical resistance level. Remember the volatile nature of cryptocurrencies.
It’s advisable to adopt adequate risk management strategies and work with strategic trade setups to be on the winning side.
Sponge V2 (SPONGEV2) – The Fun-Themed Ecosystem for Massive Rewards
Keep your eyes peeled, #SPONGERS.
— $SPONGE (@spongeoneth) February 8, 2024
Sponge V2 is an exciting crypto project built from the foundations of the original Sponge V1 project. However, Version 2 has exciting features like the weekly Play-to-Earn (P2E) game.
This game gives Sponge V2 tokens real-world utility, thus improving its chances of success.
Investors who buy SPONGEV2 tokens will have their tokens moved automatically to a staking pool for extra rewards. Investors can easily purchase these tokens from the official website using their preferred payment method. Interestingly, there are plans to list on top exchanges such as Binance in the future.
What Are the Experts Saying?
Crypto Analyst and Vlogger Jacob Crypto Bury calls Sponge V2 a potential 10X cryptocurrency.
He also noted that Sponge is already listed on top exchanges like Gate, io, and MEXC but is determined to get more Tier-1 listings. 8.05 billion tokens have been staked at an APY of 201%, confirming the rising interest from investors for the token.
Bury also noted that the Play-to-Earn Racing Game could be the game changer for Sponge V2 in terms of its utility. So, the analyst believes that listing on top exchanges could lead to a surge in SPONGEV2’s value.
Therefore, investors should take advantage of the presale to buy in at very low rates.
But they must research its possibilities before making a decision. Overall, SPONGEV2 is one of the hottest topics among presales in the crypto community. If it moves at least 10X of its current value, then early investors will reap massive rewards in addition to their staking rewards.
The buyers have regained control of the crypto market as most tokens have recorded impressive gains in the last 24 hours. Remarkably, the total market cap has increased from $1.7 trillion to $1.85 trillion, confirming an inflow of liquidity from investors.
Also, the Fear and Greed Index has moved to 72, which is Greed confirming that buyers are accumulating tokens. Since BTC has broken above $45,000, it will likely rally to $48,000 in the coming days, thus affecting more altcoins and their price trends.
If BTC rallies above $50,000, then the bull run in 2024 will likely begin prompting more for altcoins as well. However, investors should watch out as a brief retracement for consolidation might occur in the coming weeks due to price volatility.
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