The crypto market cap value is slowly rising to approach $1.75 trillion due to an improvement in the prices of tokens. However, Bitcoin has retraced below $43,000 as some buyers seek to make a profit.
But despite BTC’s retracement today, some altcoins rank among the top gainers, posting impressive gains in the past 24 hours.
More details on their price and ecosystems are covered below.
Chainlink (LINK) – The Decentralized Oracle Network
LINK records slight gains in the past 24 hours as the buyers continue to accumulate it. On a longer time frame, LINK is up by 8.6% this week, mirroring the general improvement in the crypto market.
Remarkably, Chainlink developers announced that MUWPAY is joining the Chainlink BUILD program to gain access to quality Oracle services.
This development might be driving today’s slight gain.
🏗️ #ChainlinkBUILD 🏗️@muwpay is joining Chainlink BUILD to gain enhanced access to Chainlink's industry-leading oracle services and technical support.
In return, MUWPAY will make 3.5% of its total native token supply available to Chainlink service providers, including stakers.… pic.twitter.com/XJvqGGsxeW
— Chainlink (@chainlink) January 30, 2024
Based on the announcement, MUWPAY will make 3.5% of its native token supply available to Chainlink service providers and stakers. So, MUWPAY will become a part of BUILD and provide decentralized and affordable solutions for transfers in the DeFi market.
Additionally, MUWPAY will access Chainlink’s decentralized computing services and have access to new products on the blockchain.
Apart from the news above, the Chainlink Data Streams are live on GMX_IO and PancakeSwap with other exciting integrations. All these events have pushed LINK up as it displays a bullish pattern on the daily chart.
The buyers have continued to sustain the recovery rally.
LINK Testing the $15.76 Resistance level, Will The Bulls Prevail?
In the last 24 hours, LINK has entered into an uptrend, overcoming the decline between January 20 and 25. It shows a strong bullish trend on the daily chart and is now attempting to overcome its nearest resistance.
Notably, LINK overcame the $15.48 resistance level, flipping it to support, which aids its price gains today.
Currently, it is testing the $15.76 resistance, and a break above this level will send the asset back to $16. A closer look reveals that LINK is trading in the upper region of the Donchian Channel, confirming that the buyers are in an accumulation phase.
Also, the Relative Strength Index (RSI) indicator is rising from the neutral zone to the overbought region above 70. The RSI displays a value of 57.10 and will enter the overbought zone if LINK overcomes its nearest resistance.
So, LINK will likely break above the $15.76 price level in the coming days if the buyers maintain control.
Render Token (RNDR) – Ethereum-Based GPU Rendering Network
Render Token (RNDR) achieved a significant milestone as it secured the second spot among top-performing tokens, thanks to the news of its upcoming listing on Coinbase.
The renowned cryptocurrency exchange included Render (RNDR) in its roadmap to indicate future support for the digital asset.
Assets added to the roadmap today: Render (RENDER)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) January 30, 2024
This exciting update led to an instant 5% surge in RNDR’s price, reaching $4.81, plus a remarkable 70% increase in trading volume, as reported by CoinMarketCap
Although the specific timeline for the Coinbase listing remains undisclosed, the announcement had a profound impact on RNDR’s market performance.
The coin’s price exhibited a positive reaction, climbing up by 10% above the $4.80 mark. Subsequently, there was a slight retracement, with the current trading value settling around $4.63 at 6:56 am EST today.
RNDR Breaks Flag Pattern and Critical Resistance – What’s Next?
The Render token experienced a correction in late December 2023, dropping from $5.27 to $3.5 within a month. This decline coincided with the 38.2% Fibonacci retracement level.
Recently, with renewed buying interest in the crypto market, RNDR’s price has rebounded by 32% from the support, reaching $4.6.
The upward movement has surpassed the resistance trendline of the flag pattern on the chart, suggesting the end of the correction phase.
In an ideal bullish scenario, the breakout from the flag could lead to a rally, aiming for $5.3 and potentially reaching $7.2. But as cryptocurrencies are known for volatility, a dip could occur.
Meanwhile, RNDR is trading above its 50-day and 200-day SMA, which implies that the overall market trend is bullish in the short and long term. These moving averages also serve as dynamic support levels for the coin’s price.
Given the position of the 50-day SMA, buyers can flood the market as the next market move approaches this support level.
If that happens, then a strong rally could start, driving RNDR’s price up and further above. On the contrary, the RSI moving sideways at 61.31 level shows indecision and lack of control among the buyers and sellers.
If the number of buyers increases, the RSI will continue upward to the overbought region (above 70), but if sellers increase, the RSI will plunge toward the oversold zone (below 30).
Ronin (RON) – The Ethereum Gaming Chain
The surge in Ronin Network’s (RON) value can be attributed to strategic moves and a confluence of factors boosting its price.
Presently, investment firm Arca holds an impressive $4 million in RON following substantial transactions, including a recent transfer of 680 Ether (ETH) to the Ronin bridge, in addition to 200 ETH and $500,000 in USDC.
RON’s outstanding performance, marked by nearly 180% gains over the past year, has drawn the attention of investors. Insights from Nansen reveal a surge in monthly active addresses, reaching 1.3 million between November and December.
With their transfers over to @Ronin_Network, Arca sent the tokens to 0x5b7 to then accumulate $RON. This address now holds over $4.3M of the token
Arca has also received vesting unlocks from the Axie Infinity Strategic Sale in this wallet, and has withdrawn $7.8M from the bridge pic.twitter.com/hyupB1uNit
— Nansen 🧭 (@nansen_ai) January 24, 2024
This positioned Ronin Network as the 7th blockchain with the most activity, showcasing a remarkable 193% growth during that period. Again, the revival of the gaming narrative, particularly fuelled by the popularity of Pixels Online, has been pivotal to this surge in activity.
Pixels, a ‘farming game,’ has attracted over 352,000 unique active wallets in the past 30 days, reflecting a 16% increase, as reported by DappRadar.
Furthermore, Edward Wilson from the Nansen research team talked about the potential of blockchain gaming and its play-to-earn (P2E) dynamics. According to Wilson, teams funded during the bullish cycles and continued with development when the market retraced.
Also, established teams are preparing exciting updates, promising improved user experiences. Therefore, the potential for further price increases for RON based on ecosystem developments is high.
The constant development of games and updates, combined with the adoption of play-to-earn dynamics, makes RON a special crypto project.
On the daily chart, RON re-tests old resistance levels as the buyers seek a breakthrough.
RON Sets Series of Higher Highs and Higher Lows – Can The Weak High Be Broken?
In the chart above, RON has formed a series of higher highs and higher lows in the last few days. This shows the market is trending and expected to hit new price levels in the coming days.
Additionally, the coin is trading above its 50-day and 200-day SMA, indicating an overall bullish market trend in the short and long term.
As such, RON could record up to a 5% gain before the weekends. Also, the coin is forming a green candle stick today, showing an increase in BUY trades. If the BUY trades remain significant and higher than SELL orders, then the price will close above the previous higher high indicated in the chart.
Moreover, RON’s RSI is pointing upward at the overbought market zone (above 70). This implies a strong momentum of the bulls in the market. If any dip occurs during a pullback move, RON’s Relative Strength Index could plunge to the neutral level or potentially to the oversold zone (below 30).
Given the market trend and signals in the chart above, RON is a profitable asset to consider. However, you must implement adequate risk management strategies and strategic trade setups to make the most of the market movement and price actions.
Sponge V2 (SPONGEV2) – The Community Token for Exciting Rewards
According to crypto analyst and YouTube vlogger Michael Wrubel, with over 300,000 followers, Sponge V2 is a token worth buying. Wrubel believes that this token can turn investors into millionaires in 2024.
He recalled the performance of $SPONGE after its original launch in 2023 when it did a 100X, reaching its all-time high value.
So, Wrubel is quite bullish on Sponge V2, expecting it to outperform its V1 based on utility and its strong community. The first version faced criticism as a memecoin based on limited use cases.
Version 2 will launch a Play-to-Earn (P2E) game where users can earn SPONGEV2 tokens as rewards. Users can play this game just for fun or participate in the paid version to earn tokens as rewards.
The higher a gamer is ranked on the leaderboard, the more rewards are unlocked. Sponge V2 has a large community across all social media channels, and its reliance on staking is vital to the long-term sustainability of the project.
Wrubel claims to have realized $100,000 from $SPONGE and hopes to buy the SPONGEV2 to make more profit.
Can Sponge V2 List On Top Exchanges Like Binance?
Tier-1 centralized exchange listing is one of the developers’ goals, according to the roadmap. Remarkably, the first version launched on exchanges such as Uniswap, LBANK, Gate.io, Bitget, and MEXC.
Now, its relaunch and a possible bull run in the crypto market might lead to a massive price increase for the token. Therefore, a Binance listing remains possible if more investors accumulate the token and the community continues supporting the project.
Sponge V2 Hits Staking Milestone Confirming Rising Interest from Buyers
Huge milestone alert, #SPONGERS! 🔥
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14! 🤯
Our holders are enjoying an impressive current APY of +250%. 🚀
Join us and absorb the damp!! 🧽🧽💦💦#SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
Sponge V2 staking is ongoing, and new tokens purchased are automatically staked. There are over 6 billion $SPONGE tokens staked worth $3.95 million. These tokens will be bridged from the version 2 staking pool. Also, $SPONGE holders will receive equal Sponge V2 tokens.
Also, the staking rewards are impressive but will likely reduce as more tokens enter the pool. Therefore, investors must take advantage of the relatively low price of SPONGEV2 before a possible price increase when it is listed on exchanges.
Overall, Sponge V2 could succeed in 2024 if community support and team spirit prevail.
Conclusion
According to data from analytical firm Cryptoquant, Bitcoin short-term investors are dumping the token at a loss. Therefore, it could present a buying opportunity for the whales, leading to a sustained rally.
Despite the retracement, BTC will likely rally again based on new investor interest from its spot ETFs.
Also, a potential launch of Bitcoin ETFs in Hong Kong could increase demand and boost its price. Thailand’s Security and Exchange Commission (SEC) is also moving towards more crypto-friendly regulations.
Furthermore, the upcoming BTC halving will likely trigger a bull run in 2024, giving the crypto market a facelift.
However, there are no guarantees in the crypto market, and prices can dip anytime. So, investors must conduct careful research and apply proper risk management.
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Nick Dunn
Crypto Journalist
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