The crypto market shows slight volatility but is still above the $1.73 trillion valuation today. Remarkably, Bitcoin is trading above the $43,000 price level as the buyers continue to force a price increase for the asset. 

This positive sentiment has influenced the altcoins, with some tokens posting impressive gains in the last 24 hours. 

Although the U.S. Federal Reserve still insists on hawkish rates, the crypto market has rebounded from the slight decline suffered on Monday, February 5. 

Meanwhile, DeFi has seen an inflow of investment in recent months after the launch of Bitcoin spot ETFs in America. 

These factors have created favorable market conditions, leading to massive gains for some altcoins. More details on these top gainers and their price outlook are captured below.

Ethereum Name Service (ENS) – The Naming System Built on Ethereum 

ENS is gaining massively today with a 24.1% surge to trade at $22.34. Also, it has gained 15.9% in the last seven days as buyers continue to support it.

Apart from the buyers, other factors push the price gains. For instance, ENS developers announced a partnership with popular website hosting provider GoDaddy.

This implies that millions of customers can use their DNS domains in the ENS ecosystem. 

We're thrilled to announce our partnership with @GoDaddy

Millions of customers can now use their DNS domains in the ENS ecosystem!

Let's dive into what this means pic.twitter.com/PyrZi4e5cV

— ens.eth (@ensdomains) February 5, 2024

Also, GoDaddy has integrated a new section in their domain management interfaced labeled Crypto Wallet. So, users can easily combine their Ethereum addresses with their DNS domain names.

This will enable seamless integration with applications that support Ethereum Name Service. 

This integration is supported by the Ethereum Name Service Gasless DNSSEC launch, which makes the process entirely free. So, this announcement likely resulted in a surge in ENS value, which is evident on the daily price chart. 

ENS Finds Support at $20.05, Will It Break Above the $22.50 Resistance Level? 

ENS has formed a bullish pattern on the daily chart, with two consecutive green candles confirming increased buying pressure. Remarkably, it flipped the $20.05 resistance level to support and is currently testing the $22.50 resistance level.

A break above this level will send ENS to $23 if the buyers continue accumulating. Also, ENS trades above the Parabolic SAR indicator, confirming that the bulls control its price. 

Additionally, the Relative Strength Index (RSI) indicator is close to the overbought zone, displaying a value of 64.46.

ENS will likely break above the $22.50 resistance level if the RSI enters the overbought zone. Therefore, ENS will likely continue to increase in the coming days if the buyers sustain their momentum. 

Optimism (OP) – The Layer-2 Scaling Ecosystem On Ethereum 

Optimism, the L2 blockchain based on Ethereum, is on this list of top crypto gainers thanks to its significant gains in the market today, February 6.

According to the crypto analytics platform Coinmarketcap, Optimism (OP) is gaining by 6.82%, with its price at $3.26 as of 6:01 am EST.

Furthermore, its 24-hour trading volume is $257.6 million, pumping by 91.61% today. Despite the overall market trend implying a bearish market, optimism is making notable gains. 

Thus, investors and traders are keen to highlight the variables behind this growth and to know whether the coin’s up-move can take a significant turn in the long run.

As the Superchain takes shape, our first priority is emphasizing cooperation, not competition, as a core tenant. The Superchain is designed to encourage growth, ensuring a positive sum game for everyone.

"We're looking to give those fees back to the developer." Learn how… https://t.co/zfIJxNTRwg

— Optimism (@Optimism) February 5, 2024

According to Optimism developers, the Superchain is undergoing development and will focus on cooperation. Also, this chain will encourage growth and hopes to introduce a unique fee structure where developers benefit. 

OP Price Pumps Amid Bearish Market – Will it Exceed the $3 Mark?

In the chart above, Optimism (OP) has formed three green candle sticks showing the increase in buying activities in the market over the last three days. The ascending pattern of the candlesticks further hints at the rise in value due to the high buying pressure in the coin’s market. 

Also, the Relative Strength Index (RSI) is at 53.48 points upward. This movement confirms the bullish momentum upholding the coin’s price today. Buying pressure remains significantly high so the RSI could trail to the overbought zone (above 70).

However, if it moves in the opposite direction, it will plunge into the oversold region (below 30). One factor that could trigger a dip is the dynamic resistance provided by the 50-day SMA.

The position of this moving average shows a supply level that OP’s price could respect. 

Thus, a price rally toward this level could trigger a pullback, driving the RSI to the oversold region. Despite this bearish signal, OP is still above its 200-day Simple Moving Average, which suggests that the overall market trend is bullish in the long term. 

As a result, the coin could rally, breaking the dynamic resistance and targeting the horizontal resistance at the $3.6 mark. If that happens, the coin could commence a bullish trend in the short and long term, making a new series of higher highs and higher lows in the long run. 

Nevertheless, consistently implement strategic trade setups and adequate risk management strategies before entering such volatile markets.

Immutable (IMX) – The NFT and Gaming Ecosystem

Immutable (IMX) is making significant gains in the crypto market today, and one reason for this surge is the upcoming launch of its zkEVM Mainnet, which is excellent news for web3 gamers. 

Sphere by @BuildonBeam is among the first marketplaces to integrate with Immutable zkEVM, powered by @0xPolygon!

This integration means that every single game that goes live on Immutable zkEVM mainnet will be available on the Sphere marketplace.https://t.co/eCbXFcAwR7 pic.twitter.com/AUio3Ofm1E

— Immutable (@Immutable) February 5, 2024

Also, BuildonBeam has become one of the first marketplaces to integrate the Immutable zkEVM backed by Polygon. So, every game on the Immutable zkEVM Mainnet will be available on the sphere marketplace.

This integration has a positive effect on IMX’s price. 

The price of Immutable has shot up by more than 20% in the past week since the zkEVM Mainnet’s announcement. This new protocol promises exciting benefits for gamers, such as better scalability, improved gameplay mechanics, and no gas fees.

With the launch of the zkEVM Mainnet, the value of Immutable has soared past $2, marking a significant increase after a struggle. Trading volume for Immutable has also seen a notable rise in market activity.

Experts predict this bullish momentum could push the token’s value above $3 shortly.

IMX Finds Dynamic Support Level – Can Buyers Be Active Here?

IMX has commended its impulsive move to the upside since early February. However, today, it is forming a black candle stick, indicating increased selling activities in the market. 

The Relative Strength Index (RSI) is plunging from the neutral level at 58.91.

The RSI could reach the oversold region (below 30) if more SELL orders are enabled. However, if not, it could retrace to the overbought region (above 70).

While this may indicate a bearish signal, the coin’s price is still above its 50-day and 200-day Simple Moving Average (SMA), which hints at an overall bullish market trend.

Again, the 50-day SMA is a dynamic support for the coin’s price, indicating a level where buyers can take over if the IMX’s price dips to that level. In the chart above, the coin’s horizontal resistance level is at the $2.6 level.

Given this level’s high supply, IMX will likely pull back upon approaching the resistance. 

However, the distance between the resistance and the current price shows there’s still potential for more gains in the coming days. Considering these indications and the potential for further gains in the long run, traders and investors looking for profit can keep an eye on IMX’s movement to set profitable trade orders.

As always, adopt adequate risk management tactics and work with smart trade setups to make the most out of this market.

Sponge V2 – (SPONGEV2) – The Utility-Based Fun-Themed Cryptocurrency

>>>Visit Sponge V2 Presale<<<

Sponge V2 is a community-based cryptocurrency that started as a memecoin but has become a utility-based token. Version 1 of the Sponge project officially ended on February 5, and all holders are now in the Sponge V2 community. 

Remarkably, Sponge V2 introduces a weekly Play-to-Earn (P2E) game that gives users a fun-filled way of earning rewards. This game comes in free and premium modes, and users can earn SPONGEV2 tokens directly from gameplay. 

Each SPONGEV2 token is currently worth $0,000709, already higher than the version 1 launch price of $0.000025. Also, over 5.63 billion tokens have been staked, preserving the long-term value of the ecosystem.

Sponge V2 is hosted on the Polygon network, which makes it well-positioned for success.  

What are experts saying about Sponge V2?

Experts continue to give positive reviews about the Sponge V2 tokens. According to analyst and vlogger Jacob Crypto Bury, SPONGEV2 will hopefully rally soon.

$SPONGE is getting ready to hopefully catapult!!! Why this can potentially 50X? Well…#SPONGE currently has a $23m market capital $MYRO, $PORK, $BONK, etc all went from a $20-25m market capital up to $250m+ each once they get listed on more TIER 1 CEX's.

Sponge…

— Jacob Crypto Bury (@BuryCrypto) February 5, 2024

Bury notes that SPONGE has a $23 million market cap and mentioned some projects that rose from a similar market cap after listing on top exchanges. So, SPONGEV2 provides a second chance for investors who missed out on the Sponge V1 rally after its listing. 

Conclusion 

Prices are relatively stable in the crypto market today as investors transition into an accumulation phase. The top gainers today all record impressive developments within their ecosystems.

These developments attract investors who accumulate the tokens and remain optimistic about increased value. 

However, uncertainty is a constant factor in the crypto market due to price volatility. Therefore, investors must carefully manage risk exposure to avoid massive losses. 

Overall, the positive sentiment in February could likely lead to a more improved price performance in the coming days. 

The post Top Crypto Gainers on 6 February – ENS, OP, and IMX appeared first on The Tech Report.

XRP has recorded a spike in its transactions on exchanges after the exploit on the Ripple Chairman’s account. The net sales of the token on exchanges rose to almost the 100 million XRP threshold.

Moreover, data indicated that funds withdrawn from exchanges amounted to more than $73 million.

XRP Sales Increase On Exchanges 

The prominent market analytics platform Kaiko recently posted the changes in XRP-related transactions on X. The data provider added a chart revealing the cumulative volume delta (CVD) of XRP.

The CVD metric indicates the overall number of investors and participants within the XRP market. 

It captures all activities relating to the buying and selling of the token on exchanges within a given period. The chart revealed that XRP had a positive CVD as of January 30.

This means users purchased more XRP coins than were sold on prominent exchanges. Just on Binance and OKX, purchases amounted to over 20 million XRP coins.

Ripple’s #XRP Cumulative Volume Delta (CVD) – a measure of net buying and selling – showed a net sell off of nearly 100mn XRP, primarily on Binance and OKX after last week’s hack of Ripple’s co-founder. pic.twitter.com/xxk9uvG6lc

— Kaiko (@KaikoData) February 5, 2024

Also, the data showed that amid the increased buying pressure, XRP declined by 4.58% on the same day due to the impact of the broader market. Subsequently, XRP’s CVD dropped drastically following the increased purchases.

Moreover, the higher transactions on Binance and OKX exchanges contributed to the decline as users massively sold off their XRP holdings on these platforms. The decrease gradually extended to January 31 until ZachXBT discovered the XRP exploit.

Hackers Diverted Stolen XRP Make Massive BTC Withdrawals

After hacking about 213 million XRP tokens, ZachXBT was the first to call out for public attention. As a result, Binance froze $4.2 million worth of XRP related to the exploit on Ripple Chairman’s accounts.

However, some highlighted exchanges were not fast enough to make similar moves. 

In another post on the X platform, the on-chain sleuth ZachXBT reported massive BTC withdrawals connected to the hackers. Based on timing analysis, the attackers sold off most of the stolen XRP coins.

He said the hackers have withdrawn $73.3 million worth of BTC.

Further, ZachXBT mentioned some exchanges used for the withdrawals, which include HTX, Gate.io, and Kraken. 

ZachXBT stated:

Due to the amount and volume of XRP deposits made to centralized exchanges from the addresses above, you can trace $73.3M+ of BTC withdrawals from HTC Gate and Kraken, which likely came from the Chris Larsen hack (Ripple Co-Founder) using timing analysis.

Due to the amounts and volume of XRP deposits made to centralized exchanges from the addresses above you can trace $73.3M+ of BTC withdrawals from HTX, Gate, and Kraken which likely came from the Chris Larsen hack (Ripple Co-Founder) using timing analysis.

Some of the Kraken…

— ZachXBT (@zachxbt) February 5, 2024

Also, he noted that the exploiters deposited some withdrawals from the Kraken exchange on Jambler, a BTC mixing service platform. In detail, HTX has the most considerable withdrawal amount by the hackers, accounting for a whopping $63.7 million.

While Gate.io recorded up to $6.60 million, Kraken saw $2.9 million.

In response to ZachXBT’s earlier post, Ripple co-founder Chris Larsen indicated that he owned the hacked accounts. However, XRP still suffered close to a 5% drop after the incident.

According to data from CoinMarketCap, XRP hit a daily low of $0.4903 on February 1.

XRP trades at $0.5026, indicating a drop of 0.64% over the past 24 hours. The negligible percentage loss suggests that the selling frenzy has waned. 

The post XRP Sales On Exchanges Rise Following Hack On Ripple Chairman’s Account appeared first on The Tech Report.

The flagship cryptocurrency, Bitcoin, has been grappling with bearish pressure following the ETF-engineered rally in early January. However, despite the depressing short-term outlook, many believe BTC could hit $100,000 after the upcoming Bitcoin halving.

BTC trades at $43,100 with a 2% price increase in the last seven days. As the speculations remain, the following analysis will provide insights into Bitcoin’s possible trajectory in the coming days.

Bitcoin Halving: Will BTC Price Skyrocket?

The Bitcoin halving, an event that happens every four years where Bitcoin block reward is slashed by half, is expected in April 2024. Historically, past halving events have preceded big rallies in Bitcoin’s price. For example 2012, the mining reward dropped from 50 BTC to 25 BTC per block.

By late 2013, Bitcoin’s price surged to over $1,000, a massive increase from pre-halving prices below $12. Similarly, the 2016 halving reduced the reward from 25 BTC to 12.5 BTC.

By late 2017, Bitcoin skyrocketed to around $19,000 from less than $1,000 before the halving.

Many experts predict the upcoming halving will also drive up Bitcoin’s price. These past trends indicate Bitcoin could reach a new all-time high in the months following the 2024 halving. 

Moreover, the upcoming halving will cut miners’ rewards from 6.25 to 3.125 BTC, a feat that will reduce the influx of new coins, intensifying the forces of demand and supply to drive up prices. 

Based on this sentiment and previous trends, many traders expect the price to exceed $100,000. Already, many investors have started accumulating Bitcoin, awaiting the next big rally.

On February 4, Whale Alert, a crypto tracking platform, reported the movement of 1,400 BTC, worth over $60 million, from Coinbase to an Unknown wallet.

Another transfer of 737 BTC worth approximately 31.5 million from Kraken to Bitfinex occurred on February 5. The movement of these large amounts of Bitcoin could indicate high demand as investors store up coins in anticipation of a more significant rally in the coming weeks.

It will likely generate upward pressure to trigger a short-term rally on Bitcoin in the next few days.

Bitcoin Price Analysis: Bitcoin Price Shows Bullish Momentum

 BTC recorded a bullish rally this year, climbing from $38,700 to $49,000 on January 11, making over a 13% increase. Since that jump, the price has stayed within the $42,000 and $43,000 range.

Currently, Bitcoin is trading above the simple moving average line, indicating that some bullish activity remains in the market. Just below this moving middle line is strong support at $40,200. 

This support level should keep the price from falling if the bulls were to lose control. But looking at the chart, that doesn’t seem likely anytime soon. Additionally, the MACD indicator is above its signal line, meaning bullish momentum currently outweighs the bearish pressure.

Overall, Bitcoin’s chart suggests the uptrend remains intact. The price is above critical support around $40,200, and the MACD shows bulls are in charge.

The upward trajectory should continue as Bitcoin stays above the moving average line and support level. But failure to hold $40,200 could signal a bearish reversal.

Traders hope BTC’s price will increase significantly to usher in a potential bull run as the following halving approaches. But while the ongoing excitement around BTC continues, traders are also paying attention to the eagerly awaited launch of Sponge V2 (SPONGEV2), which promises significant returns. 

Bitcoin Alternative: Sponge V2 – The Next Big Meme Coin to Explode in Value

>>>Visit Sponge V2 Presale<<<

Early Sponge V2 investors hope to earn significant returns for the upcoming launch of Sponge V2, the upgraded version of the popular Sponge coin (SPONGE) that made waves in May last year.

Shortly after its launch in 2023, SPONGE V2 hit a $100 million market cap, surprising investors with impressive gains.

SPONGE had over 13,000 unique wallet holders at its peak. It still has a big following on Twitter and other social media. The upgraded SPONGEV2 token aims to add more utility to Sponge and consolidate the previous success to dominate the meme coin ecosystem.

Happy Friday, #SPONGERS!

Remember to transition your #SPONGE V1 now before it gets discontinued on the 5th of February.

We strongly advise all holders to withdraw their $SPONGE from centralised exchanges and stake them on our website as soon as possible. pic.twitter.com/Zy3AEHtknZ

— $SPONGE (@spongeoneth) February 2, 2024

It introduced staking rewards and play-to-earn features to attract new users and sustain the ecosystem. Current SPONGE holders can switch their tokens to SPONGEV2 by staking their coins on the official Sponge website.

According to the official site, this switching ends today, February 5, 2024.

Users who stake their SPONGE coin can earn staking rewards of up to 290% APY annually. Once SPONGEV2 launches, the old SPONGE token will be discontinued. Its value is expected to be fully transferred to the new version.

This transition encourages current and new investors to join the SPONGEV2 ecosystem.

After the 100x price surge of the first version, analysts remain bullish on Sponge V2’s potential. Given the renewed interest in meme coins, Sponge V2 could gain massive exposure and investor interest when it launches, a move that will skyrocket its price.

You can buy the token for as low as $0.000530 by swapping USDT or ETH on the official presale website. 

The post Bitcoin Consolidates Around $43,000 as ETF Buzz Quiets Down – Will It Reach $100,000 After Halving? appeared first on The Tech Report.

Ripple has taken a gallant step to expand its payment services within the US market. Following its three years of quietness and low performance due to the SEC lawsuit, Ripple is revolutionizing its cross-border payments in the US using XRP. 

As disclosed by Oliver Segovia, Ripple’s Senior Director and Head of Product Marketing for Payment, the company is introducing new products using its money transmitter license in the US.

Plans to Reinforce Its Domestic Payment Services with XRP in the US Market

In the announcement, Segovia admitted that Ripple has maintained minimal engagements within the US crypto market over the past three years. He noted that up to 90% of the company’s businesses focused on entities outside the country. 

Notably, Ripple’s subdued presence in the US market followed its multi-year-long legal battle with the Securities and Exchanges Commission (SEC), which kicked off in late 2020. However, with the recent plan, Ripple is about to end the long period of silence.

The cross-border payment firm has determined to roll out product innovations relying on its local money transmitter licenses (MTLs). Notably, Ripple holds more than 31 MTLs with the US after it acquired Fortress Blockchain to earn a Nevada license.

Moreover, the firm noted that MTLs form a powerful backing for Ripple in its services. Ripple Payments, which is pioneering the expansion, leverages XRP as the bridge asset in its services. 

With such an innovative payment solution, Ripple can provide speedy transition settlements in just a few seconds.

Also, the transaction fee is relatively lower than the costs of traditional methods. Ripple aspires to leverage its global experience (with a majority of its businesses conducted outside America) to promote its presence locally and enhance its payment services within the US market. 

Measures to Enhance Its Domestic Engagement

The blockchain firm has started laying out steps to support and enhance its plan for domestic services. As part of its strategy, the company is looking to hire personnel from different regions, including locals within San Francisco.

Some of the positions include senior blockchain engineer, senior software engineer, principal software engineer, staff data engineer, and more. Also, Segovia disclosed that Ripple is kicking off its plan with an upcoming fintech meetup.

There will be a casual panel discussion as part of the event, focusing on Ripple’s 2024 outlook for blockchain and payments. The event will take place on Wednesday, February 7, between 5:00 PM and 7:30 PM PST. The venue is at the recently inaugurated Ripple Headquarters in San Francisco.

Today is the first day for Ripple's new SF global headquarters! pic.twitter.com/w0PiDbWKUq

— David "JoelKatz" Schwartz (@JoelKatz) December 11, 2023

Some of Ripple’s product heads, like Brendan Berry and Pegah Soltani, will lead the session. The moderator will be Ripple’s US Managing Director, Joanie Xie. Also, David Schwartz, Ripple’s Chief Technology Officer, will be part of the meeting.

While extending an invitation to the public, Segovia noted that representatives from prominent companies like Adyen, Plaid, Marqeta, and more will attend the event.

The post Ripple to Introduce Novel XRP Powered Payment Solutions to the US Market appeared first on The Tech Report.

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.

It's with this question in mind that we look at the data from @pixels_online post… pic.twitter.com/TjhS29kff8

— 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…

$327.8M TVL (excluding non-LRT pools)
Good for 3rd largest behind @ether_fi and @puffer_finance

But we're not.

Instead, we're a complimentary #LRTfi platform, one that can help both the space and other protocols to grow. Every dollar… pic.twitter.com/WgbeBZwwhX

— 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 

>>>Visit Sponge V2 Presale<<<

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. 

Today is your last chance to stake your $SPONGE V1 tokens before the transition to #SPONGE V2!

Deadline: 5th February 11 PM UTC

If you do not stake your $SPONGE tokens you will not recieve any #SPONGEV2.#MemeCoin #Presale #Web3 #Crypto #Binance #Altcoins pic.twitter.com/IUSHYrv014

— $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!

1/4 pic.twitter.com/qPSTIX6dNT

— $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 

>>>Visit Meme Kombat Presale<<<

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. 

Conclusion

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.

The post Top Crypto Gainers on 5 February – RON and PENDLE appeared first on The Tech Report.

Chainlink’s price is booming, rising by over 25% in the last week. Due to its performance, Chainlink is outshining the overall crypto market, which is up by 2.3%. As of 8:29 a.m. EST, LINK is trading at $17.82, showing its strength among alternative coins.

Bullish investors are eyeing a significant $20 target. The surge is a positive sign for Chainlink, the top Oracle network on the blockchain. This performance indicates a strong recovery in the crypto market. 

As such, investors are optimistic about LINK’s potential for further growth.

Renewed Interest: Chainlink’s On-Chain Activity Shows Investors Are Paying Attention Again, Will This Affect its Price?

Experts say the rally has some clear reasons. The data provider, Santiment, found more action from wallets that were quiet before. This hints that investors are getting interested again. 

Notably, Santiment used a metric called “Age Consumed” to show investors’ renewed interest in LINK.  

network's circulation has likely contributed to the price jump. Additionally, the network had seen minor liquidations of wallets, which is often a sign of #FUD that can contribute to further price rises.

(Cont)

— Santiment (@santimentfeed) February 1, 2024

The metric counts how many days coins stayed still before moving. For Chainlink, this number skyrocketed to 5.38 billion – the highest it has ever reached.

This means more people who haven’t moved their coins for a long time are now active, showing a new wave of interest in Chainlink. Further, Santiment’s info shows that some wallets sold a bit of their stuff.

This usually happens when people are unsure or worried. Even though this can make prices jump up and down quickly, it could be a chance for smart investors to buy in. Also, there’s news that big investors are gathering more Chainlink.

This accumulation adds to the positive feelings in the market, making people think prices will go up.

Crypto Analyst Shared Positive View About Chainlink

In the past 24 hours, prominent crypto analyst Michael Van De Poppe has shown interest in Chainlink (LINK). Earlier yesterday (4:42 PM Feb 1, 2024), the crypto analyst identified a “higher low” on $LINK. This indicates a positive trend in its price movement.

In technical analysis, “higher low” refers to a situation where, during a series of price fluctuations, each low point is higher than the previous one. Further, Michael van de Poppe hinted that LINK could break out from its present level. Should this occur, he predicts LINK to reach a high of $25-$30 in the coming days.

Note that the analyst backed up his analysis with LINK’s chart. Also, the analyst expressed a positive outlook and anticipation for the Chainlink ($LINK) in another tweet.

Good morning,$LINK starting up a new run is a good vibe.

This bull market is likely going to be more impactful than the previous one.

Let’s get it!

— Michaël van de Poppe (@CryptoMichNL) February 2, 2024

According to him, Chainlink starting a new upward movement (a “run”) is a good optimistic feeling. He added that the bull run will have more impact compared to the previous one. Meanwhile, the daily chart below will provide more insight into the next possible direction of the LINK token.

Chainlink Price Surge: Key Support at $12.9, Potential Pullback Ahead

Chainlink’s LINK coin has recently been on a huge increase, pushing its price above the Bollinger Bands indicator. This shows extremely positive sentiment.  However, based on price analysis, LINK may need to drop slightly to fill some open buy orders and balance out the market. 

The MACD indicator is also signaling bullishness. It is above the signal line, and the histogram bars show green candles. LINK looks bullish but may see a minor pullback before continuing its uptrend.

The parabolic rise led to overbought conditions that need balancing out.

Some buyers probably have open orders waiting at lower prices. This will pull the market down. But even though the bearish forces take over, there is support around the $12.928 region, which could prevent further drops. In all, Chainlink remains in an uptrend, but a minor pullback looks possible in the short term. 

If MACD stays positive, the bullish sentiment should persist. But failure at $12.9 would signal a bearish reversal. So, traders are advised to trade with extreme caution. The good news is that other alternatives, such as Sponge V2, exist to increase investors’ chances of making short-term profits.  

LINK Alternative to Consider: Sponge V2

>>>Visit Sponge V2 Presale<<<

People are talking a lot about the Sponge token ($SPONGE) because its value went up a lot in December and January. The reason for this rise is that the Sponge team wants to connect the coin to Sponge V2, a newer and better meme coin that actually has practical uses.

Investors are thrilled about the upcoming launch of Sponge V2, and because of this excitement, more people want to buy the token.

Sponge V2 Launch: Could it Jump 100x Like Sponge V1 Did in 2024?

This new Sponge token aims to outdo the first one. This means that investors who missed the first now have another shot at big returns. The team introduced a cool Stake-to-Bridge model. If you have $SPONGE tokens, stake them to get $SPONGEV2 tokens later.

Newbies can buy it easily on the Sponge website using a card or swapping ETH or USDT tokens. Tokens you buy get staked automatically, letting you earn passive income at 245% APY.

Based on this, Sponge V2 has become very popular. In a few weeks, over $3.30 million of $SPONGE tokens were staked, totaling over 6.5 billion.

Note that, according to the team, the community has until February 5 (11 pm UTC) to transition their Sponge V1 to the new one. To keep things fun, Sponge V2 also has a new Play-To-Earn racer game for players to earn $SPONGEV2 tokens as rewards. 

To learn about this token, visit its official page or X platform to get an update.

Happy Friday, #SPONGERS!

Remember to transition your #SPONGE V1 now before it gets discontinued on the 5th of February.

We strongly advise all holders to withdraw their $SPONGE from centralised exchanges and stake them on our website as soon as possible. pic.twitter.com/Zy3AEHtknZ

— $SPONGE (@spongeoneth) February 2, 2024

The post Chainlink Price Prediction: LINK Price Surges as Crypto Market Recovers – Bulls Target $20 appeared first on The Tech Report.

The global leading crypto exchange, Binance, froze about $4.2 million worth of XRP tokens on its platform. The frozen funds were part of the massive exploit on the personal wallet of Ripple co-founder Chris Larsen.

The Ripple executive lost 213 million XRP worth almost $112 million through a hack on January 30. Currently, the attack stands as the biggest hack of 2024.

Binance CEP Reports The Freezing Of The XRP Tokens

Binance CEO Richard Teng took to the X platform to disclose that the crypto exchange has frozen the tracked address of the hacker. According to Teng, Binance always maintains a quick response in fighting against hacks in the industry. 

Notably, the exploiter planned to use the Binance exchange to launder the stolen tokens but didn’t succeed as the exchange had frozen them. Further, the Binance CEO appreciated the role of the community in drawing the attention of exchanges to the attack.

Also, he acknowledged the roles and cooperation of the Ripple team and on-chain sleuth ZachXBT in managing the situation. Notably, ZackXBT was the first to discover the exploit and called out the public’s attention. 

After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.

We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…

— Richard Teng (@_RichardTeng) February 1, 2024

Additionally, the Binance CEO pledged the exchange’s support to Ripple in the investigation of the exploit and possible recovery.

Teng stated:

We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance.

Teng had thought the hack to be on Ripple wallets. However, Thomas Silkjær, Head of Analytics and Compliance at the XRPL Foundation, pointed out the ambiguity to him. 

Quickly, Teng owned up to the error and corrected his assertions that the exploit was on Chris Larsen’s wallet. On his part, ZackXBT thanked Teng and commended the Binance security team on its proactiveness on security challenges.

The Exploit on Ripple Chairman’s Wallet

Ripple Chairman and co-founder Chris Larsen recorded a hack on his personal wallet during the late hours of January 30. The blockchain sleuth, ZachXBT, discovered the exploit at the dawn of January 31. Initially, he mistook the attack to be on a Ripple wallet.

According to ZackXBT’s disclosure, a mislabeling on the address from XRPL explorers XRPScan and Bithomp caused the confusion, making it seem like a Ripple wallet.

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

Also, ZachXBT mentioned that the hacker has started moving the stolen funds through some exchanges. 

He said:

So far, the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc.

However, while confirming the exploit, Larsen clarified that he owns the affected accounts, not Ripple.

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg

— Chris Larsen (@chrislarsensf) January 31, 2024

Moreover, Larsen mentioned that they have already notified law enforcement as they intensify their investigation of the attack. While Larsen acknowledged the breach of his personal wallets, he failed to include specifics on the entire incident.

The trend that the hacker has used in the funds transfers seems odd. Before now, attackers used crypto mixers such as the prominent Tornado Cash to drain and conceal stolen funds’ movements.

But the latest incident shows a shift in paradigm, making the entire incident more confusing.  

The post Binance Freezes $4.2 Million In XRP Coins Linked To Exploit On Ripple’s Co-Founder’s Wallet appeared first on The Tech Report.

XRP is in the green today as the crypto market posts a more improved outlook. A top analyst, XRP_SHARK, is optimistic about XRP’s price performance in the long term. 

However, the analyst believes that the sellers in the market could force a decline for XRP before a major rally is recorded. 

Crypto Analyst XRP_SHARK Believes XRP Will Rally To $1.40

1/2 This chart measures the liquidity area from the top we had close to 2$ until today (all the same move as it was downwards). Most liquidity sits at .35-.40 cents. And that liquidity is needed to make price move in the opposite direction. That's why I believe chances are good pic.twitter.com/ND40yRfLme

— XRP_Shark (@XRP_Shark) February 1, 2024

According to crypto analyst XRP_SHARK, Ripple’s native token will first decline to the $0.45-$0.47 range, then rebound to $0.53-$0.57. 

1/2 This chart measures the liquidity area from the top we had close to 2$ until today (all the same move as it was downwards). Most liquidity sits at .35-.40 cents. And that liquidity is needed to make price move in the opposite direction. That's why I believe chances are good pic.twitter.com/ND40yRfLme

— XRP_Shark (@XRP_Shark) February 1, 2024

Also, XRP_SHARK posted a chart that measures the liquidity area for XRP. He noted that most liquidity is at the $0.35-$0.40 price zone. 

So, XRP_SHARK noted that liquidity in this zone is crucial for the price to move in the opposite direction, which is the reason he is bullish on XRP long-term. Overall, XRP has improved from a price dip late in January. 

What is influencing XRP’s Price?

XRP’s recovery is likely due to a positive trend in the general crypto market. However, the dip suffered earlier was due to an alleged hack of Ripple for 213 million tokens valued at $112.5 million. 

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

Although Ripple’s Chairman, Chris Larsen, confirmed the hack, he claimed that the affected accounts belonged to him and not Ripple. Larsen stated that security measures were taken, which involved notifying exchanges to freeze the affected addresses.

Additionally, he claimed that the attack was an isolated incident and that Ripple wallets were secure and were never compromised. According to him, nearly all the stolen funds were converted out of XRP, and a significant portion has been frozen by law enforcement. 

But despite Larsen’s efforts at damage control, some investors, such as TheCrypticWolf1, claimed that Ripple was hacked based on on-chain data. These negative events sparked panic in the market as some traders decided to short their XRP tokens, leading to a price decline. 

How is XRP’s Performance Today?

XRP entered a downtrend on January 30, as selling pressure forced it to re-test the $0.49 support level. Currently, XRP is moving in a sideways trend as the buyers attempt to force a rally and overcome resistance at $0.51. 

However, XRP is in a sideways trend and lacks sufficient pressure from the buyers to begin a rally. 

Also, XRP is in the lower region of the Donchian Channel (DC), which is a bearish signal hinting at a possible drop in its price. 

Additionally, the Relative Strength Index (RSI) indicator is close to the oversold region with a value of 34.10 and moving sideways. This confirms traders’ indecision for the asset. 

Therefore, XRP will likely decline further if the $0.49 support fails to hold. As such, traders should look out for the close of today’s candle for confirmation. 

The post Top Crypto Analyst Predicts XRP Surge to $1.40 After a Decline appeared first on The Tech Report.

The crypto Prices have surged in the last 24 hours as the buyers enter into an aggressive accumulation phase. The total market cap has increased to $1.73 trillion, with a 2,5% increase in the last 24 hours. 

Remarkably, Bitcoin once again exerts its dominance as its recovery has influenced the prices of altcoins positively. Binance’s launch of an Inscription Marketplace trading of BRC-20 tokens is likely supporting this recovery. 

Also, crypto platform Celsius’ dramatic recovery from bankruptcy and repayment plan for investors might have influenced the market. As a result of these events, some coins have emerged as the top gainers today, also benefiting from their internal ecosystem developments.

Chainlink (LINK) – The Web3 Hub 

Chainlink’s cryptocurrency, LINK, has surged by over 12% in the last 24 hours, reaching $18 for the first time since April 2022. An on-chain analysis provider, Santiment, observed a spike in activity in previously inactive Chainlink wallets, indicating renewed interest.

This influx of LINK back into circulation is seen as a contributing factor to the price increase. 

#Chainlink has jumped ahead of the #altcoin pack after some previously dormant wallets created the highest Age Consumed spike (5.38B, calculated by multiplying coins moved by the amount of days those coins had been dormant). This influx of $LINK back into the

(Cont) pic.twitter.com/eHVpeJz2HW

— Santiment (@santimentfeed) February 1, 2024

The analysis suggests that, based on these on-chain trends indicating increased network usage and token circulation, LINK could potentially rebound to $20 and beyond. The recent surge in Chainlink’s LINK token is drawing attention as it outpaces other digital assets in the market. 

Santiment’s analysis today highlights a significant increase in Age Consumed, indicating LINK moving after a period of dormancy. This uptick in circulation is believed to contribute to the rise in LINK’s price.

The token reached an intra-day peak of $18.13, and current trends suggest $28 as the next significant resistance point. 

This rally has increased Chainlink’s profitability by 30% over seven days, pushing its market capitalization above $10 billion, surpassing Tron, and securing the twelfth rank by market value. The excitement in the market and Chainlink’s price movements are closely tied to its role in tokenizing real-world assets. 

Chainlink Breaks Out of the Ranging Market – Is the Next Resistance Targeted?

In the chart above, LINK is on an overall bullish market trend as it trades above its 50-day and 200-day Simple Moving Average (SMA). This implies strong price growth momentum for the coin in the coming days.

Furthermore, it has broken out of the ranging trend, suggesting a break in market structure.

As such, an uptrend is likely to occur, with LINK trading towards the $19.5 resistance level. Moreover, the Relative Strength Index (RSI) is at 68.88, pointing upward. This shows the bulls are strong and driving the market to the overbought region. 

If the buying pressure is upheld throughout the weekend, LINK’s RSI could go above 70.

However, if not, it could plunge to the neutral level or oversold zone (below 30). For now, LINK is trading above its dynamic support levels (50-day SMA).

If any pullback occurs, this level should trigger a bounce, as buyers may wait for the price to hit the discount level. If that happens, the coin could pump further, even above the $19.5 resistance, before the next week.

Immutable (IMX) – The NFT scaling Solution for Crypto Projects

Immutable (IMX) has recently made a significant move by launching its IMX Mainnet. This development is playing a key role in boosting the value of the Immutable token. 

Immutable zkEVM Mainnet Early Access is live!

The future of gaming is here with the launch of Immutable zkEVM Mainnet, powered by @0xPolygon.

Immutable zkEVM is an ecosystem that empowers games to thrive. It offers massive scalability, smart contract compatibility, and gas-free… pic.twitter.com/zSrUOwnsQo

— Immutable (@Immutable) January 29, 2024

In a recent post on X, Immutable announced the extension of zkEVM’s mainnet access to selected gaming studios and partners. 

zkEVM is an important achievement for Immutable as it brings new features to its ecosystem, reducing gas fees and making it more attractive for a larger audience interested in blockchain games developed on the IMX platform.

Since October 19, 2023, the price of Immutable (IMX) tokens has been consistently rising. It reached its peak on December 27th at $2.60. However, there was a correction, and by January 23rd, it had temporarily dropped to $1.70.

Fortunately, the token has since rebounded and is currently valued at $1.95 as of January 31. 

The launch of the IMX Mainnet and the expanded access to zkEVM contribute to the positive momentum, as these developments enhance the overall ecosystem. Today at 9:34 am EST, the IMX coin is trading for $2.21, with an increase of 12.71 %.

Also, its trading volume is up by 101.68%, sitting above $129.9 million.

IMX Rallies Above 50-day SMA – Can This Become a Dynamic Support Level?

In the chart above, IMX has pumped, pushing its price above the 50-day Simple Moving Average, which could serve as dynamic support. If BUY orders increase at this rate, the coin’s price could continue upward, recording new higher highs in the coming days.

The long and healthy green candlestick formed today confirms the strong bullish momentum on IMX’s market. This is reflected in the Relative Strength Index (RSI) as it points upward from the 60.73 level. 

If the rally continues, the RSI could enter the overbought region (above 70), but if not, it could drop to the neutral or potentially the oversold region (below 30).

However, IMX is still above its 200-day SMA, indicating an overall bullish market trend in the long term. As such, the coin will likely record more price gains before the coming week and before any significant pullback.

While these may play out as expected, it’s advisable to adopt ideal risk management practices and use strategic trade setups to profit from this market.

Pendle (PENDLE) – The Yield Protocol For Blockchain Finance 

PENDLE has gained 13% in the last 24 hours as the buyers continue to uphold its price action this week. Also, PENDLE is up 19.6% on the weekly chart, with a positive start to February.

Remarkably, Pendle continues to set new records in the crypto scene due to massive investor interest. 

Pendle achieved impressive all-time values for trading, with the recent record being $86.9 million daily trading volume.

Back-to-back ATHs for daily trading volume on @pendle_fi

We've just hit a new high, reaching $86.9 million in daily trading volume https://t.co/auoGeJRNEo pic.twitter.com/rd0TgKWb7h

— TN | Pendle (@tn_pendle) February 2, 2024

According to the developers, the upcoming $PENDLE V3 will enable margin trading and larger swaps with lower slippage. Also, the Pendle team will focus on asset tokenization and support for re-staking assets. 

Pendle is shaping up to become a mega ecosystem, with more than $40 million yield daily.

Also, it records a trading volume of $569.41 million as the TVL is locked across all chains and supports the widest range of re-staked Ethereum assets. On the daily chart, PENDLE has formed a bullish pattern and will likely break above the trendline. 

PENDLE Display Rising Wedge Pattern On Daily Chart, What Next For The Crypto?

PENDLE has formed a rising wedge pattern on the daily chart, teasing a break above the trendline, which is a bullish signal. It has formed a large green candle today after finding support at $2.53.

Also, PENDLE is testing the $2.88 resistance level, and a break above this level will likely send the asset to $3. 

Additionally, PENDLE is close to the upper band of the Donchian Channel (DC), displaying a strong bullish signal. Furthermore, the RSI indicator is at 68.84 and rising to the overbought region above 70.

This confirms that the buyers have entered an accumulation phase.

Therefore, PENDLE will likely break above the $2.88 price level in the coming days to enter the overbought region. 

Sponge V2 (SPONGEV2) – The Memecoin Crypto With A Difference

 >>>Visit Sponge V2 Presale<<<

SPONGE V2 relies on staking to preserve its value and reward holders. It returns with a fun Play-to-Earn (P2E) where participants can earn the tokens in the premium mode. 

The massive interest in the ecosystem has attracted numerous investors, evident in the millions already staked. Interested investors aiming to be part of this success story should visit the website now to accumulate this token at an affordable entry price.   

Sponge V2 Important Security Update

According to a post on X from the Sponge V2 team, Sponge V1 will be discontinued. This is because of a malicious attack on the token. 

Important project update!

Due to a malicious attack on the Sponge V1 token, we’ll be moving all holders to Sponge V2 on the 5th of February at 11:00 PM UTC.

Please be aware the $SPONGE V1 will be discontinued.

We strongly advise all holders to withdraw their tokens from… pic.twitter.com/itZelxAL9V

— $SPONGE (@spongeoneth) January 31, 2024

Consequently, holders of Sponge V1 will be migrated to Sponge V2 on February 5 by 11:00 pm UTC. So, holders are advised to withdraw their $SPONGE tokens from centralized tokens and stake them through the Sponge official website.

The Sponge V1 will be stopped to limit the scope of the attack.

Also, the liquidity of the Sponge V1 will unlock on February 6 based on the original contract. Therefore, the Sponge V2 is working hard to move the V1 holders to V2 over the Polygon network.

This migration will enable the fully decentralized Play-to-Earn game and low transaction fees. 

Additionally, exchanges have been mandated to suspend the trading of Sponge V1 on February 5. So, the $SPONGE token will become worthless to limit the access gained by hackers. 

Nevertheless, staked SPONGE V1 tokens will migrate automatically. Also, DeFi users can stake their tokens in the new pool for the same APY now. 

However, for those who don’t stake their tokens, a snapshot will be taken on February 5 at 11 pm UTC, and their tokens will be moved to a new V2 contract at 0% APY. Daily updates on events in the Sponge V2 ecosystem will be posted on Discord and Telegram. 

Conclusion 

The uptick in prices in the last 24 hours could signal a more positive trend in the coming weeks. However, with cryptocurrencies, volatility is constant, and proper risk management remains vital to prevent devastating losses. 

Historically, a bull run often follows each Bitcoin halving, and the pattern will likely repeat in 2024. Nevertheless, investors must pay attention to external economic events that could also influence projections and prices for cryptocurrencies.

The post Top Crypto Gainers on 2 February – LINK, IMX, and PENDLE appeared first on The Tech Report.

Binance crypto exchange recently claimed that a code leak on GitHub was negligible. Also, Binance claimed that the code was outdated; therefore, the threat was minimal. However, the GitHub takedown request posted labeled the code leak a significant risk. 

404 Media Reveals Binance Code and Internal Password Leak 

According to news outlet 404,  a sensitive cache of code, diagrams, internal passwords, and technical information from Binance was exposed to the public. 404404 also stated that this sensitive information has been on a publicly accessible GitHub repository for several months. 

Binance succeeded in convincing GitHub to remove the data through a copyright takedown request last week. However, some members of the public already had access to the information. 

Also, Binance, in the takedown request, stated that the account is using their client’s internal code, posing a significant risk to it. One diagram in a folder detailed scripts and codes on Binance and how it implements passwords. 

These leaks were posted on GitHub by an account named Termf. However, it remains uncertain if the information was uploaded accidentally to GitHub by a Binance employee or if a hacker accessed the information. 

While Binance claims that the information was negligible, the takedown request makes it obvious that some sensitive data was exposed. 

Other Significant Issues Surrounding Binance and Its Operations

In another development, three families of American victims affected by the October 7, 2023, Hamas attack on Israel sued Binance and ex-CEO Changpeng Zhao. The complainants sued the respondents on the grounds of providing tangible assistance to terrorists. 

The affected families are represented by Seiden Law LLP. Also, Iran and Syria are labeled as state sponsors of terrorism and are also on the lawsuit. According to the filing, BNB and its co-founder Changpeng Zhao allowed Hamas to use its crypto platform for transactions. 

However, BNB arrived at a $4.3 billion settlement with the US Treasury Department in 2023. Also, Binance acknowledged that Hamas and other terrorists illegally used the exchange, leading to the resignation of Zhao as CRO. 

Consequently, analytical platform Kaiko noted that its market share is recovering its market share is recovering two months after the BNB settlement. Also, the volumes increased to 49%, recovering from multi-year lows. 

Two months post-settlement, Binance's market share is recovering.

Volumes rose to 49%, up from multi-year lows. pic.twitter.com/Xuo4JQxpY9

— Kaiko (@KaikoData) January 29, 2024

Another event unfolding in Binance’s turf is that the judge, in its ongoing case with the SEC, Amy Berman Jackson, has ordered a court review to find out if digital assets are securities. Judge Jackson stated that she would hear arguments on the SEC’s treatment of cryptocurrencies under the present regulations. 

So, lawyers representing Binance.US will be permitted to respond to whether a digital asset remains a security or not. Additionally, Judge Jackson stated that the court intends to hear the argument that an investment contract must involve a contractual undertaking. 

Amid the legal tussles, the BNB native token (BNB) has dropped below $300  as the crypto market sheds some gains. 

The post Binance Downplays Code Leak on GitHub as Outdated and Low Risk appeared first on The Tech Report.

After releasing the ‘JUP’ token worth $700 million yesterday, January 31, many traders made huge profits. However, due to the rate of selling pressure, the token entered a bearish trend, causing others to lose. 

According to the report, some traders bet on the wrong Jupiter token’s price before releasing the primary token. 

Traders Pumped Wrong JUP While Other Profits from Real Solana JUP Airdrop

On January 31, hours before the Solana-based Jupiter’s JUP airdrop launch, an Ethereum token with the same ticker was introduced. The confusion occurred because they both had a similar ticker symbol. This fake Ethereum-based Jupiter spiked over 350% within a few hours of launch.

Unfortunately, it plummeted just hours later. Data from CoinMarketCap shows the Ethereum-based JUP went from $0.005 on January 30 to $0.026 on January 31. It then fell back to its current $0.007 price after the pump.

The Ethereum Jupiter was launched in 2017 and used for decentralized apps.

But its website says it is “no longer active.” So, it was surprising to see price action. Meanwhile, the Solana Jupiter is a DEX aggregator for swapping and limiting orders of Solana tokens. This was the actual project doing the airdrop.

Unfortunately, the 350% Ethereum JUP price pump came just hours before the $700 million airdrop for Solana’s Jupiter opened claims.

This shows traders likely bought the wrong token. This was further proven when a 17-year-old trader said he made $1 million from the real Jupiter token airdrops and shared his profit data publicly online.

A 17-year-old @notxavierj earned over $1 million from the Jupiter airdrop as part of a careful strategy requiring time and capital investment.

His success highlights both opportunities in crypto for outsized gains but also the need for a nuanced understanding of DeFi.

— Benzinga (@Benzinga) January 31, 2024

Solana Processed Millions of Transactions Quickly

On January 31, Jupiter Exchange shared its progress on the X platform. According to the exchange, it can now handle a whopping 80% organic trading volume. 

Also, it holds the title of the most used program in the Solana ecosystem.

Further, the platform stated it has become “One of the top prep platforms recording $1.4B volume last week,” In another post, Solana Foundation executive Austin also revealed that Jupiter’s massive airdrop went smoothly on Solana without any significant technical issues.

In the first 2.5 hours, Solana handled 2.5 million non-vote transactions for the airdrop claims. This influx of activity did not disrupt the network.

According to the Flipside dashboard, over 20% of the 1 billion JUP reserved was claimed immediately after launching the token. Still, nothing happened to the network.

An X user, Zaheer, posted that the airdrop “was a huge stress test on the network.” “Yet Solana, like all chains, still has a lot of work to do to improve things,” the X user added. This user made this tweet highlighting Austin Federa’s (Solana Foundation’s head) post.

Well, that was boring pic.twitter.com/erKTtWZa79

— Austin Federa | (@Austin_Federa) January 31, 2024

Notably, in the post, the head of Solana Foundation, Austin, shared a chart and mentioned that it represents 102,229 claims, implying the network is resilient despite the pressure. 

In response to the post, Zaheer pointed out that the Solana network still has room for improvement, meaning it could do better. 

The post Crypto Market Turmoil: Traders Manipulate ‘JUP’ Token After $700 Million Jupiter Airdrop appeared first on The Tech Report.

XRP remains one of the most trending crypto assets in the market thanks to its utility, advancements, and even challenges. Its partial victory against the US Securities and Exchange Commission last year led to a massive pump and more visibility as of 2023. 

However, the recent news of a successful hack that led to the theft of many XRP coins is driving a negative market trend. The confusion and fear in the coin’s community and the crypto market hint at a further loss in the coin’s value.

If investors withdraw to avoid being a victim in the future, XRP could fall drastically. Notably, it’s confirmed that the hack occurred only against the network’s co-founder and not XRP itself. However, can XRP regain momentum for a pump in the long run?

XRP Records Loss Chain After 1-Year 21% Gain – More Losses Ahead or A Rebound?

The Coingecko platform recently shared data showing that XRP gained about 21.7% in the past year, which was good news for 2023. However, more recently, XRP has faced some losses.

It went down by 22.3% in the last 30 days, 12.5% in the past 14 days, and 3.9% in the previous week. Today, February 1, it is further down by 2.5%, sitting at $0.4938 as of 7:28 am EST.

Its trading volume dropped by 25.61% during this time, reaching over $1.33 billion. This represents the pause in the trading XRP due to the threatening news in the market.

However, given the up-and-down nature of the market, XRP could regain its momentum after the current downward phase. 

XRP Co-Founder Loses $112,000,000 of XRP Coin to Hackers Triggering a Downtrend

On January 30, hackers successfully stole approximately $112 million worth of XRP, Ripple Lab’s coin. This amount of coin stolen was from the wallet of the lab’s co-founder and executive chairman, Chris Larsen. 

Larsen instantly disclosed the incident on X (formerly Twitter), stating that there was unauthorized access to his personal XRP accounts, not Ripple’s. 

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg

— Chris Larsen (@chrislarsensf) January 31, 2024

The team quickly addressed the issue by notifying exchanges to freeze the affected addresses. Also, law enforcement is now involved.

The news about the hack was first reported by well-known crypto security researcher ZachXBT, who mentioned that the stolen XRP funds had been laundered through various crypto exchanges. 

They included Binance and Kraken. As a result, both Binance and Kraken are actively supporting the investigation. Details surrounding the ownership of the hacked wallet remain unclear, as it may or may not belong to Ripple.

But the hacked wallet, named “Ripple (50),” was activated by a separate wallet, “~FundingWallet1,” on November 5, 2018, that traces back to Larsen’s account.

Ripple’s spokesperson, Stacey Ngo, clarified that the hack did not impact Ripple. Despite this, some XRP holders are urging co-founders to disclose their crypto wallets and XRP holdings for increased transparency. 

Some voices, like “Thinking Crypto podcast host” Tony Edward, recommend that Larsen distance himself from Ripple.

This incident is noteworthy as the most significant cryptocurrency theft of 2024 and ranks as the twentieth-largest cryptocurrency theft in recorded history, according to data collected by Rekt, 

The news has led to a 2.36% decline in XRP’s market capitalization, which is currently at $26.9 billion.

Death Cross Commences on XRP’s Daily Chart – More Dip Ahead!

XRP has formed three bearish candlesticks, indicating a plunge in today’s market value. It is trading below its 50-day and 200-day Simple Moving Average (SMA), indicating an overall bearish market in the short and long term.

Furthermore, the Relative Strength Index (RSI) is at 31.53, sliding toward the oversold region (below 30). 

Given the overall market trend, it’s likely that XRP will hit the oversold market region (below 30) before the weekend. Therefore, it could lose more value in the coming days.

The appearance of the death cross on the chart further confirms the bearish trend in the coin’s market. As such, XRP could hit $0.45 in the long run.

XRP Falls Towards Support at $0.45 – Can It Hold or Continue Downward?

XRP coin is trading at $0.49680 with a support at $0.45874 and a resistance at $0.55560. considering the solid bearish momentum, the coin is expected to proceed toward the support level at the $0.45 mark.

At this level, the performance of buyers and the number of BUY orders will determine if the price will rally.

XRP could regain a few values from its massive loss if a rally occurs. However, considering the hesitations in the market due to the Ripple Lab’s co-founder hack, there could be little trading activities.

As a result, it could take longer before XRP approaches the resistance at the $0.5 mark.

While things turn out against expectations, it’s advisable to have adequate risk management strategies and strategic trade setups to make the most out of this volatile market.

Given the downtrend projected on XRP’s price, investors can grab this new revolutionary project early to be part of its momentous pumps in the future, Meme Kombat. 

Ripple Coin Stumbles While Meme Kombat Makes Waves – XRP Alternative 

>>>Visit Meme Kombat Presale<<<

Meme Kombat is gearing up to be the next big thing in meme coins, focusing on practical uses and opportunities for users to earn rewards. The ongoing presale has generated significant interest from potential investors, showcasing early enthusiasm for the project.

Our Telegram community has grown to over 9000 memebers

We are a strong community and only getting stronger each day! pic.twitter.com/MqOeiQyAra

— Meme Kombat (@Meme_Kombat) February 1, 2024

According to the whitepaper, Meme Kombat is all about utility, emphasizing features that cater to gamers and offer a unique blend of betting and staking options to enhance the usefulness of MK tokens. 

The project has already raised over $7,717,893.90 out of the $8,000,000.00 target during the presale, with a maximum cap of $10 million.

Each MK token is currently available at $0.279 in the ongoing presale. Notably, 10% of the tokens are reserved for liquidity when listed on decentralized exchanges, underscoring Meme Kombat’s commitment to promoting decentralized trading. 

The strategic integration of betting and staking features makes Meme Kombat an intriguing choice for users and investors.

You can join the project by purchasing $MK using ETH, BSC, or USDT.

The post XRP Coin Slumps Amid Online Exploit News – Can It Regain Momentum for a Pump? appeared first on The Tech Report.

There is a suspicion that the recently approved Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) will be risky to the broader financial system.

This move has become the topic of discussion amongst experts who are concerned about the future of the financial sector.

The U.S. SEC reportedly approved 11 spot Bitcoin ETFs from key issuers, which include BlackRock and Invesco/Galaxy Digital. This marks a departure from the SEC’s previous rejections, citing concerns about investor protection. 

Warning on Bitcoin ETF Risks

Before now, the SEC had rejected such products due to concerns about investor protection. However, a court challenge by Grayscale Investments prompted the regulator to reconsider its stance. 

Despite excitement from crypto enthusiasts about these ETFs providing easier and safer access to bitcoin, SEC Chair Gary Gensler has cautioned investors about the continued volatility of bitcoin as an asset.

The combined assets of these ETFs currently stand at around $21 billion, with some analysts predicting potential inflows of up to $100 billion this year from both retail and institutional investors.

Meanwhile, since their launch, Bitcoin has recorded a decline of over 6%.

While supporters argue that these products offer increased exposure to bitcoin, skeptics, including Better Markets CEO Dennis Kelleher, express concerns about heightened interconnectedness between the traditional financial system and the crypto ecosystem.

Also, experts highlight potential risks, such as worsening bitcoin price volatility during market stress or creating dislocations between ETF prices and actual bitcoin values.

They point to the experiences of previous financial disturbances, like the U.S. banking crisis in the past year, as evidence that risks can be transmitted between financial and crypto markets.

For instance, the collapse of a crypto exchange triggered withdrawals from a crypto lender, leading to a cumulative effect that affected traditional banks.

Further, an economist at the European Systemic Risk Board, Antonio Sánchez Serrano, warns that bitcoin ETFs could intensify market volatility, especially during stressful periods. He noted the complexity of these products compared to traditional stock ETFs, emphasizing potential risks like decoupling from underlying assets.

The debate extends to the potential systemic risks posed by complex, less liquid, and highly leveraged exchange-traded products. Notably, the ETF industry generally denies claims of systemic risks.

However, issuers of bitcoin ETFs acknowledge various market, policy, and operational risks, citing the immaturity of bitcoin as a factor that may introduce unforeseeable hazards.

Bitcoin ETF Impact on Crypto Assets

The advent of Bitcoin ETFs is poised to have weighty impacts on the acceptance of cryptocurrencies by institutional investors and traditional financial entities. These funds serve as a regulated and well-known avenue for mainstream investors to participate in the cryptocurrency market. 

They reduce entry barriers, particularly for institutional investors wary of direct involvement due to regulatory uncertainties, security issues, and custody concerns. 

The familiarity of ETF structures, coupled with regulatory oversight, instills confidence and trust among these investors. Spot Bitcoin ETFs represent a crucial stride toward widespread cryptocurrency adoption.

They provide a convenient means for asset managers to establish positions in Bitcoin, lending credibility to the asset class.

So, these ETFs are anticipated to find favor among institutions due to their resemblance to traditional investment vehicles, potentially driving greater institutional adoption and fostering the maturity of the crypto industry.

Moreover, Bitcoin ETFs, subject to SEC regulations and rigorous reporting protocols, bring essential transparency and oversight to the crypto landscape.

This addresses apprehensions about market manipulation and investor protection, key obstacles to institutional adoption. The introduction of these ETFs also signals the emergence of new institutional custody solutions, mitigating the risk of Bitcoin theft or loss.

The post Experts Envision Broader Financial Risks Following US Bitcoin ETFs Launch appeared first on The Tech Report.

An American-based crypto exchange, Uphold, has demanded more detail about Shiba Inu’s partner, Bad Idea AI (BAD). The exchange laid out its demand on the X platform. 

A crypto enthusiast and X user, SpecialK, sparked up the trend through a recent tweet asking Uphold when it would list BAD.

X User Provides Details About Bad Idea AI (BAD)

In its post, SpecialK asked when the exchange plans on listing BAD on its platform. He highlighted that the AI-based project is an official partner with Shibarium, the Shiba Inu layer-2 scaling solution network. 

Following the request, Uphold demanded more information about the project, stating;

Tell us more about it.

Tell us more about it

— Uphold (@UpholdInc) January 30, 2024

SpecialK reacted to the post from the exchange, pointing out that the Bad Idea project parades a strong team with progressive initiatives for its growth. 

We are planning on Having a Validator set up for Badideaai which we are currently working to set up our own Layer 2 Node on Shibarium. What does this mean to our Holders. Badideaai community will be able to Delegate with $Bad and earn Bone which are the current rewards on…

— SpecialK  (@SpecialShib) January 30, 2024

According to the post, the team is working toward building a Layer-2 node for the BAD ecosystem on Shibarium, the Shiba Inu blockchain. The move is to set a validator for Badideaai.

On this note, BAD holders can delegate their tokens to earn rewards in the Shibarium’s official gas asset, BONE. 

Also, the user narrated the commitment of the BAD community to the ecosystem. Members of the community generated funds on three different occasions to facilitate BAD’s listing on exchanges.

Additionally, SpecialK mentioned some exchanges and DeFi applications (DApps) that support BAD on their platforms.

These include Crypto.com, OKX, IvendPay, NOWPayments, and others. Currently, Uphold has not responded to the user’s post with information about the BAD. However, its inquiry regarding the project could suggest a certain amount of interest and may result in a possible listing of BAD.

If Uphold lists BAD in the future, it will make the token available to over 1.7 million of its users. The exchange’s customer base has completed more than $6 billion worth of crypto trades from 2015 till date.

Uphold Attraction To Shiba Inu

The Uphold crypto exchange has always indicated an intense attraction to Shiba Inu and its related projects. Usually, Uphold’s official X account responds to most comments involving BONE, Shibarium’s gas token. 

The exchange responds with a GIF having an exclamation of “BONE” to posts that mention the coin.

Further, Uphold extended its support for BONE by positioning the coin in its list of Tier 3 tokens. Recently, the exchange’s subsidiary in Canada relisted Shiba Inu along with other prominent assets.

It had delisted the crypto tokens following some regulatory issues within the region.

Alert for our Topper users in Canada. The following tokens have been relisted on Topper and are available via our widget or with any of our Topper partners.

$ADA, $CSPR, $DOGE, $HBAR, $INJ, $KAS, $SHIB, $XDC and $XLM

Head to Topper https://t.co/rkSQQYvoRF pic.twitter.com/GXbboobvB7

— Uphold (@UpholdInc) January 25, 2024

However, the relisting came forth after resolving the challenges, bringing SHIB and other coins like ADA and DOGE to its platform.

Besides listing the token, Uphold owns a reasonable amount of BONE, worth over $778,000 at the time of writing on January 31. So there’s a possibility of also paying attention to  Shiba Inu’s partner, Bad Idea AI (BAD)

The post Uphold Seeks Information Regarding Shiba Inu Partner, Bad Idea AI appeared first on The Tech Report.

The price fluctuations in the broader crypto market (Binance) have continued today, January 31, as the bears retain dominance. Subsequently, several assets remained in the red, with XRP following the current trend to drop some of its gains.

Amid the low price pattern, the leading crypto exchange, Binance, shuffled over 120 million XRP tokens. The company completed its movement in two different transactions within a fifteen-minute timeframe.

Binance Shuffles Millions Of XRP Coins Across Its Associated Wallets

Data from the on-chain whale tracking site Whale Alert revealed that Binance moved more than 120 million XRP within its accounts. The two separate transactions are worth over $61.8 million and took place at XRP’s price below $0.5100. 

According to Whale Alert, the first transaction involved the transfer of 100 million XRP coins.

The tokens are worth over $51.28 million based on the crypto market prices. 

100,000,000 #XRP (51,281,714 USD) transferred from unknown wallet to #Binancehttps://t.co/HUgnszN9o7

— Whale Alert (@whale_alert) January 31, 2024

The transaction occurred on January 31 at 07:25 UTC, and both the sending and receiving. According to reports, the sending wallet is a new account Binance activated last month.

The records of the address indicated that Binance had moved about 300 million into the new account as of December 26, 2023.

Also, the exchange has been using the wallet to transfer millions of XRP coins to different Binance wallets. For instance, Binance moved 139 million XRP from the new account within an hour of the 300 million XRP receipt. Currently, the address now has about 64 million XRP in its holding.

Notably, the receiving address of the 100 million XRP is a known Binance wallet. Usually, the exchange uses the address to complete several small XRP transfers to other entities like banks, Upbit, Coinbase, and Bithumb. Such transactions are part of the exchange’s withdrawal redemptions.

The second transaction, as noted by Whale Alert, came in less than 15 minutes after the first. It involved the transfer of 20.62 million XRP worth over $10.57 million.

20,620,032 #XRP (10,572,279 USD) transferred from #Binance to unknown wallethttps://t.co/PoVVjUt5KO

— Whale Alert (@whale_alert) January 31, 2024

Data from Bithomp also revealed that the receipt account is Binance-related.

Recent XRP Transactions Could Correspond With Binance Periodic Movements

The entire motive for the XRP has attracted the attention of crypto enthusiasts. However, given that all the wallets involved in the transactions are associated with Binance, the movements could reflect in-house transfers.

They could be part of the exchange’s account balancing exercises or redemption of withdrawal requests. 

So, there’s no reason to panic for now, given that Binance maintains periodic transfers of large volumes of XRP that don’t affect the token’s price. For instance, on January 16, the exchange moved more than 94 million XRP coins to an anonymous wallet. 

Also, over 300 million XRP have changed hands between Binance accounts and other whale wallets since last December. None of these movements of coins have pulled XRP below the $0.5 level. 

Notably, as of 07:40 AM EST on January 31, XRP hovers around $0.5063, indicating a 4.63% decline over the past 24 hours.

The post Binance Moves More Than 120 Million XRP Amid The Token’s Price Drop appeared first on The Tech Report.

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

>>>Visit Sponge V2 Presale<<<

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. 

The post Top Crypto Gainers on 31 January – LINK, RNDR, and RON appeared first on The Tech Report.

After a long week of volatility, Dogecoin is now positive. The top meme coin follows an upward trend and maintains strong support around the $0.0780 zone. Dogecoin has been on a bearish trend for a long time, and the bulls want to take control of the market.

Based on this, there’s a slight possibility that the coin could erase one zero before the next bull market.

This Dogecoin analysis will provide more insight into DOGE’s next potential move.

DOGE Shows Sign of Bullish Recovery; $0.1 Next Potential Stop?

Dogecoin’s value has been dropping since this year, with the chart revealing a downward trend since December. Despite this, Dogecoin has strong support from a dedicated community.

Dogecoin trades at around $0.08, a modest decrease of over 2% in the last 24 hours.

Although there’s a bullish vibe in the past week with a nearly 2% rise, the overall momentum remains sluggish. Over the last month, Dogecoin experienced a bearish trend, recording a decline of 12.6%.

However, based on the chart pattern below and market behavior, there’s a chance for a rebound.

As mentioned earlier, Dogecoin has been on a downward trend for a while. The price kept falling over the last month, trapped in a descending channel. 

But the latest chart shows a new upward trendline forming, acting as a strong support to prevent the price from falling further. 

If this new upward momentum continues, Dogecoin could start rising in price. But the buyers need to keep up the momentum to maintain this upward direction. This would restart the bullish ride that saw Dogecoin hit $0.10 last year.

However, the bears threaten to break below and extend the downtrend, and It is uncertain which direction the price will go next if this happens.

But one thing is sure: the downtrend will continue if the new support line breaks, meaning more losses will happen for Dogecoin holders. Overall, Dogecoin now has the potential to bounce back if buyers can hold the new trendline support.

And if it successfully breaks out of this descending channel, it may rally over 21% of its current value. 

On the other hand, if DOGE drops below the channel, it will likely decrease to $0.058, which is a 38% drop.

The MACD indicator is above the signal line, meaning momentum is currently on the upside, and the price may continue rising. But remember that crypto is highly volatile, and prices can go up and down very fast. So, trade with caution.

Billionaire Mark Cuban Reaffirms Dallas Maverick’s DOGE Support

In a recent Ask Me Anything session on X, billionaire Mark Cuban confirmed the NBA team’s (Dallas Mavericks) ongoing support for Dogecoin. When asked by the community, Cuban stated that the Mavericks still happily accept the meme-inspired cryptocurrency. 

Yes

— Mark Cuban (@mcuban) January 29, 2024

Recall that in March 2021, the Mavericks let people use Dogecoin as a payment option to buy tickets and other team stuff for the first time in basketball history. Of course, it boosted investor’s confidence in digital currencies.

Reaffirming support from a high-profile figure like Mark Cuban might generate positive sentiment among Dogecoin investors. This could strengthen DOGE’s ongoing rally. 

Other Potential Triggers of Dogecoin’s Bullish Recovery 

Crypto analyst Muro Crypto hinted on X that if DOGE bounces from its support level again, it might break its resistance levels and could rise to $0.083.

In a previous X post, Muro said DOGE would go up, and it did before retracing halfway to the $0.083 target. So, Muro’s predictions can influence investor sentiment.

Update $DOGE

Spider senses were right it popped after my tweet but scammed back to entry from halfway to target, seems like it’s bouncing it might give another push https://t.co/OjCSqsOXMU pic.twitter.com/BPzGi7e0fI

— Muro (@MuroCrypto) January 28, 2024

DOGE’s price has ascended above $0.80 and may be getting ready to go up more. The ongoing speculations that Elon Musk’s X platform may adopt DOGE in its upcoming payment system is another factor boosting DOGE’s rally.

Moreover, Dogecoin activities have increased significantly.

The number of new addresses on the network surged by 1,100% in the past week. On January 29 alone, a record-breaking 247,240 new DOGE addresses were made.

This trend bodes well for DOGE if it continues because more people buying DOGE means higher demand, which could drive up prices.

SpongeV2 – Top Dogecoin Alternative Investors Should Consider in 2024

>>>Visit Sponge V2 Presale<<<

Sponge is launching an upgraded version called Sponge V2 at the start of the next crypto bull market. Sponge V2 introduces a play-to-earn (P2E) utility to the Sponge ecosystem.

Rather, it’s a new token gearing up for a big rally in 2024 with its latest plan and improved V2 features.

Sponge V2 is gearing up to surpass the $100 million market cap attained by its V1 in May 2023. Such a feat will mean massive returns to early investors should it come to fruition. 

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

SpongeV2 provides staking opportunities to earn more tokens. You can join the project by buying and staking Sponge v2 tokens from the project’s official website or staking your existing SPONGE tokens. 

Staking the coin can earn you a 250% APY return. Already bullish investors have staked over 6 billion tokens, and given the presale momentum, it might end soon. So, now is the best time to join to avoid missing out.

Remember, Sponge V2 is not associated with Nickelodeon’s SpongeBob SquarePants.

The post DOGE Price Maintains Bullish Trendline – Will it Pump Further? appeared first on The Tech Report.

Wall Street Analyst Linda Jones believes that Ripple might set an unmatched IPO valuation if XRP returns to its all-time high of $3.84. However, Jones’s predictions rest on different imaginary scenarios.

The main factor is the ongoing legal battle between Ripple and the SEC. 

Jones believes a favorable resolution could push XRP above its ATH of $3.84. 

Linda Jones Shares Projection For XRP’s Price 

Will we see a record setting #iPO for #Ripple after the Judges decision?
Listen to 25yr Wall St veteran discuss what a @Ripple iPO could look like,a 20x Valuation=$600+ Ripple share price? #RETWEET #XRPArmy
Credit: @LindaPJones pic.twitter.com/Ph7vdoeR0e

— Digital PerspectivesPermaBull (@DigPerspectives) May 31, 2023

Currently, XRP has an escrow balance of 40.5 billion tokens. According to Jones, if XRP reclaims its ATH, the tokens in the escrow account will increase in value to around $150 billion. 

Also, Jones stated that if this scenario plays out, then there must be a commensurate rise in the value of Ripple stocks. 

Jones stated that Ripple stocks might hit a value of $350 billion or even rise to 500 trillion dollars. However, she noted that Ripple’s current revenue figures will be vital in determining its valuation. 

Nevertheless, Jones admits that her forecasts are largely speculative but remains optimistic about Ripple’s potential. 

Bill Morgan Raises Doubts On Ripple Going Public 

Pro-XRP lawyer Bill Morgan, in reaction to Linda Jones’s predictions, raised questions about the possibility of such an event. In the video, Jones also stated that Ripple could go public in 2024, and mid-May would be the ideal time for such an event. 

However, Bill Morgan asked how Ripple would go public amidst its legal battles with the US SEC. 

According to the court order he attached on X, the last motion in the case is the remedies stage of the lawsuit. This motion will be filed on April 29, 2024. 

Therefore, the final judgment on the case may occur weeks after the last motion of the case has been filed. This could extend the timeframe for the judgment to May 2024 or beyond. 

To support Jones’s speculations, a CNBC report revealed that Ripple explored markets outside the U.S. for an initial public offering (IPO). However, the CEO revealed that the company has currently put plans for an IPO on hold.

The executives will likely explore the public listing option after the lawsuit with the SEC ends. 

Also, Garlinghouse noted that the SEC actions have contributed to the delay in Ripple going public, citing Coinbase as an example. According to the executive, Coinbase has their S-1 approved, and the SEC is suing them for complying with terms in their S-1.

Notably, the SEC sued Coinbase in 2023, claiming they acted as an unregistered broker and exchange. Regarding how XRP is faring in the market, the token price remains at $0.5.

Even when Ripple moved 80 million XRP tokens from the total of 200 million unlocked in January, the effect of this movement on XRP’s price was not pronounced. 

So, for now, predictions from analysts such as Jones rest on the positive resolution of the SEC vs Ripple lawsuit in favor of XRP as it will likely affect XRP’s price and prospects.

The post Wall Street Analyst Forecasts New IPO Valuation Record of $500 Billion for XRP at $3.84 ATH appeared first on The Tech Report.

The San Francisco-based blockchain company Ripple Labs has awakened the attention of many within the crypto space through its recent activities. The firm engaged in what appears to be a sell-off of millions of XRP tokens as it transferred the coins from its associated account.

The transactions occurred as XRP’s value moved upward, suggesting a potential asset dumping.

Ripple Completes Two Huge XRP Movements Within 24 Hours

According to data from the crypto on-chain tracking platform for massive transactions, Whale Alert, Ripple made two transactions within this week. The first transaction involved the transfer of $46.34 million XRP tokens.

46,340,000 #XRP (24,746,250 USD) transferred from #Ripple to unknown wallethttps://t.co/5Tr5MjBt2m

— Whale Alert (@whale_alert) January 30, 2024

The transaction took place on January 30 at 00:15 UTC. The coins were worth over $24.74 million, in line with market prices. Moreover, Ripple moved the assets between two wallets associated with it. The activity log of the Bithumb Explorer indicated Ripple often uses the sending account in its transactions.

Also, the receiving wallet is under the control of the blockchain firm, dispersing any possible fears over the transaction. The second transaction involved the transfer of 27.1 million XRP coins, worth about $14.57 million. The funds originated from an account that Ripple created on January 2023.

Moreover, the wallet has been active and now holds about 20.18 million XRP after the transfer. The receiver’s account for the second transfer is on the Bitstamp crypto exchange, a different flow from what is noted in the former transaction. 

27,100,000 #XRP (14,572,197 USD) transferred from unknown wallet to #Bitstamphttps://t.co/j9jjY43sxE

— Whale Alert (@whale_alert) January 29, 2024

Notably, Ripple initiated the transactions following a slight positive change in XRP value. The token recorded a 1.7% increase over the past 24 hours, taking the price to around $0.5339.

Are there Implications For The Transfers On the XRP Market?

Ripple’s massive fund transfers seem to be generating some concerns within the crypto community. Fund movements to crypto exchanges and trading platforms are common, as they could be for potential liquidation. In the case of Ripple, such a trend is quite familiar.

For instance, Ripple transferred 27.7 million XRP coins to a wallet on Bitstamp on January 28. The tokens were worth more than $14.48 million.

27,700,000 #XRP (14,482,315 USD) transferred from unknown wallet to #Bitstamphttps://t.co/JmHPN5e6CS

— Whale Alert (@whale_alert) January 28, 2024

Ripple has been using Bitstamp as one of its major exchanges to liquidate its holdings. However, it’s still unknown if such liquidations are coming. Moreover, the massive flow of XRP could also trigger fears among holders and traders.

Also, the blockchain company will soon release more XRP coins from its escrow, which could dilute its value and impact the token’s outlook.

For now, there’s a mixed reaction over the transfers. However, some believed that Ripple was dumping the coins. A growing sentiment of sell-off will affect the XRP’s value and expected growth within its community.

As of 06:40 AM EST on January 30, XRP trades at $0.5333, reflecting a surge of 0.94% over the past 24 hours. 

Its daily trade volume increased by 33.12%, taking the value to $908.24 million. Also, the market cap sits at $29 billion. There’s no certainty on how XRP prices will move due to the massive transfer of tokens to exchange.

But it finally becomes a sell-off, and the token price will likely drop.  

The post Ripple Transfers Millions Of XRP Tokens, What Could Be The Market Effect? appeared first on The Tech Report.

The crypto market has transitioned into a positive phase as the market cap has increased to $1.74 trillion. Remarkably, Bitcoin has risen above the $43,000 price level, which is likely driving the price gains in the market.

This recovery is likely because Bitcoin whales accumulated $3 billion worth of BTC this month.

Also, the total number of wallets holding at least 1000 BTC increased by 76,000 BTC. Therefore, this accumulation will likely support the next rally in the crypto market. Furthermore, Invesco and Galaxy Asset Management lowered the fees of their spot Bitcoin ETF to $0.25% from $0.39 to attract more investors. 

So, these positive developments have resulted in a rally among the altcoins in the past 24 hours. More facts about the top gainers are captured below. 

Pendle (PENDLE) – The Financial Protocol 

PENDLE is up by 20.1% in the last 24 hours, trading at $2.68. Also, it has gained 39.1% in the last seven days, confirming that the buyers are in control of its price action.

Pendle’s ecosystem is all about creating massive yields for investors. Impressively, progressive developments are ongoing in 2024 that are likely to boost PENDLE’s price. 

Also, BitgetWallet and Pendle_fi are hosting a staking campaign to reward loyal users. 

Stand a chance to win a share of $3,000 worth of $PENDLE with @BitgetWallet

Details below: https://t.co/WKp02BMvD9

— Pendle (@pendle_fi) January 29, 2024

Participants in this campaign stand a chance to earn a share of a $300 airdrop, earn 10.25% APY, and split daily additional $500 rewards. 

To qualify, the users must stake in any pool in the Pendle staking dashboard in the Bitget Wallet, and the top ten speakers qualify for prices.

Meanwhile, Pendle_fi has some of the highest yields based on the massive increase in the yield trading volume, which exceeds $950 million. So, users can earn more than 30% fixed APY from the PENDLE pools. 

Another factor driving the price increase for PENDLE is the rETH pool on the network crossed $50 million in TVL within four days on January 29. 

Users can earn $ARB by filling their Limit Order on Pendle. According to the announcement on January 29, the total reward for the week is 10,000 ARB, and the pool will be refreshed each week. 

So, yield traders will earn a share from the pool weekly, depending on their Limit Order Volume Contribution. 

Furthermore, Pendle_fi partnered with Ondo Finance to create yield swaps for DeFi participants. They hope to achieve this by leveraging on tokenized cash equivalents.

 As a result of all these developments, PENDLE displays a bullish recovery pattern on the daily chart as the buyers continue to accumulate the tokens. 

PENDLE Approaching $2.70 Resistance Level, Will It Break Above?

PENDLE has snapped out of the descending chart pattern formed between January 26-28, forming a bullish recovery pattern on January 29. 

Today, it has formed higher highs on the price chart and is attempting to break above the $2.70 resistance level. If PENDLE rallies above this level, $2.9 will become the next price target. 

Also, PENDLE trades close to the upper band of the Donchian Channel (DC), confirming strong buying pressure for the asset. Additionally, the Relative Strength Index (RSI) is close to the overbought zone above 70, with a value of 69.09. 

The RSI indicator is still rising, which means it will likely enter the overbought zone, confirming a strong bullish signal. So, PENDLE will likely break above the $2.70 resistance level in the coming days since the buyers are still accumulating the tokens. 

SUI Token (SUI) – The Smart Contract L1 Platform 

The Sui token has made an impressive comeback, reaching a new high of $1.63, marking a significant 52% weekly increase today, January 30. This is the highest point since May 3 of the previous year, as the price surged by an astounding 342% from its lowest point in 2023.

The rise of Sui can be attributed to its innovative structure and ecosystem fund. Its design enables fast transactions and reduces costs in comparison to similar networks such as Ethereum.

So, fast transactions and lower costs attract more users to the ecosystem.

Also, the recent announcement of Banxa’s expansion to the Sui network has aided SUI’s price gains. This expansion provides users with an easy way to acquire Sui tokens using Banxa’s on-ramp platform.

Meanwhile, Sui’s expanding Decentralized Finance (DeFi) ecosystem also makes it more attractive to investors. 

Fiat on-ramps for Sui are coming thanks to @BanxaOfficial!

Banxa will be adding the SUI token to its platform and @Mysten_Labs’ Sui Wallet will give users the opportunity to purchase SUI tokens through Banxa’s on-ramp. https://t.co/1jIOMYjK7r

— Sui (@SuiNetwork) January 29, 2024

Sui’s ecosystem has a Total Value Locked (TVL) of over $443 million, making it rank among the top 10 DeFi networks globally.

Source: Defillama

Remarkably, Sui has outperformed top cryptocurrencies like PulseChain, Base, Cardano, Cronos, and Aptos. Also, Sui has surpassed the Cardano network, which has a market cap exceeding $17 billion.

Data from Defillama reveals 22 DeFi applications, with NAVI Protocol leading the pack as a liquidity provider with over $98 million in assets. 

The NAVI Protocol is vital for lending and borrowing on the Sui network, contributing to its growth. With its innovative features, expanding ecosystem, and notable partnerships, Sui has captured the attention of investors worldwide, making it a promising asset in the days to come.

Today, January 30, SUI is bullish on the daily chart as the buyers continue to accumulate the tokens ahead of further price increases. 

SUI Set to Enjoy Bullish Market Trend in the Short and Long Term – Where Could Resistance Occur?

The chart above represents a clear bullish market for SUI in the long run. It is trading above its 50-day and 200-day Simple Moving Average (SMA), which serves as dynamic support levels.

Again, it has formed two green consecutive candlesticks representing the massive BUY orders placed in the market in the last 2 days.

As a result, the Relative Strength Index (RSI) is at 68.37 and approaching the overbought market region (above 70). If the BUY orders remain significantly higher than SELL orders, then the RSI will enter the overbought region (above 70). 

However, since crypto prices can fluctuate dramatically, the RSI could retrace to the neutral level at 50 or dive into the oversold region (below 30).

While this could happen, SUI is still very much bullish, so the chances for a dip are slim. The coin has a horizontal support level of $1.37, hinting at a significant demand zone for the coin.

If any pullback toward this level occurs, buyers could enter the market at such a zone to trigger a price bounce in no time.

Considering these positive signals for SUI’s market, it’s likely that the coin will hit new price levels in the coming days to weeks. Nevertheless, crypto traders must adopt adequate risk management strategies and devise smart trade setups to make the most of their trading decisions. 

Sponge V2 (SPONGEV2) – The Crypto Revolution Season 2!

>>>Visit Sponge V2 Presale<<<

Sponge V2 is an exciting crypto project beyond a memecoin and comes with extra utility in its Play-to-Earn (P2E) game.  Investors’ interest in the project continues to rise, as evidenced by over 6 billion tokens already staked. 

Sponge V2 relies on staking to preserve its long-term value and control inflation within its ecosystem. 

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

Following the launch of version 2, $SPONGE holders must bridge their tokens by transferring them to new staking pools to earn exciting rewards. After the staking period, users can claim their Sponge V2 tokens on the website. 

Positive Reviews Of Sponge V2 Confirms Rising Popularity

Crypto analyst Connor Kennedy is bullish on Sponge V2, stating that there is more to come from the cryptocurrency in 2024. Also, analyst Jacob Crypto Bury shared a similar sentiment, describing the token as a 100X cryptocurrency. 

Apart from the commendations, the introduction of the Play-to-Earn game will attract more users to the ecosystem since they can earn $SPONGEV2 as a reward for playing this game. 

Exciting Roadmap and Tokenomics Hints at Sponge V2’s Vast Potentials

According to the roadmap, there are three main stages of development for the Sponge V2 ecosystem. The first stage features the staking of Sponge V2 tokens, buy-and-stake, game research, and liquidity. 

Next, the second stage will feature SPONGEV2 token claims, listing on top exchanges, game development, and at least 10,000 token holders. 

Finally, the third stage will focus on Tier-1 centralized exchange listings, the game app launch, and the race to a $100 million market cap. Also, more social dominance and liquidity from investors are the targets in this stage. 

Overall, marketing and community are important aspects of this project.

Sponge V2 already has a strong community across social media channels and is poised to be the next memecoin success in 2024. Moreover, 43.09% of the total token supply of 150 billion tokens is reserved for staking rewards.

All these investor-centric provisions will likely push $SPONGEV2 higher in price gains. 

Conclusion

Investor sentiment is largely positive in the crypto market today, with the crypto Fear and Greed Index displaying greed. This means that most investors are buying cryptocurrencies due to Bitcoin’s recovery. If BTC rallies above $45,000 in the coming weeks, an uptrend will likely begin in 2024.

But while BTC might be out of reach for most investors, they can diversify into other altcoins for profitable investment. Nevertheless, all investors must carefully consider the risks associated with crypto investments since they are volatile. 

The post Top Crypto Gainers on 30 January – PENDLE and SUI appeared first on The Tech Report.

Cardano (ADA) price is bullish today, January 30, 2024. Also, the chart shows more than 3 green daily candles have emerged. With this present pressure, it could reach $0.61 soon. Plus, big wallets are showing interest again, which could lead to further rallies.

The bulls, or buyers, seem to be preparing for a surge in Cardano’s value.

Cardano (ADA) Recent Price Performance

The price of the cryptocurrency ADA has been going down since December. It was in a descending channel, meaning the price kept falling lower over time.

The daily chart shows that there were some attempts to break out above the descending channel, but they failed due to strong selling pressure.

On January 9, the market switched direction for a bit. ADA rose back up to $0.60 temporarily. But slowly went down again after that. However, since January 26, the market seems to be gaining positive momentum. Technical indicators are signaling buying opportunities for ADA.

As of 7:25 am Eastern Time, ADA was trading for $0.49, which was over 8% increase in the past 24 hours. The trading volume was high at over $538 million, up by 79%.

This means a lot of buying and selling activity is happening. There is still hope for ADA to rise further in the coming weeks.

But it needs strong momentum to break the descending channel first. 

ADA’s Recent Comeback: Signs Point to a Bullish Market

Based on the daily chart, ADA is above the middle simple moving average line on the Bollinger Bands indicator. The coin is heading towards the top of the Bollinger Bands next.

This shows the bulls are in control of the market right now. With the current upward momentum, ADA could soon reach $0.60.

That would be a 13% increase from its price today. The bulls need to keep buying to lift ADA to the target of $0.60. Looking at the MACD indicator, ADA is bullish. The MACD line is above the signal line right now.

And the histogram bars are printing green candles, which reflects the bullish momentum.

Overall, the technical analysis suggests ADA is very bullish currently. If it can break out above the descending channel pattern confirming the uptrend, ADA could surge higher.

But if the price hits the descending channel’s resistance, it risks losing its price again. So, the bulls must have enough strength to push through this resistance.

For now, $0.60 is the next target if bulls remain in control. But the descending channel remains a risk until ADA closes above it.

Cardano (ADA) Whales Reawaken During Price Dip, A Positive Sign?

Due to ADA’s drop below $0.5, more people with wallets holding at least 1 million ADA, which is worth about $550,000, are accumulating it. Whales tend to accumulate significant amounts of ADA in the $0.47 to $0.49 price range.

Data from IntotheBlock highlights a noteworthy shift during ADA’s dip below $0.5.

Whale transactions, which typically numbered 5,000, surged to 7,000. In just a few days, these substantial wallets gathered an impressive sum of over $14.34 million worth of Cardano. 

Meanwhile, smaller retail investors opted to sell their holdings, driven by concerns that ADA might undergo further decline.

This recent trend indicates that despite market fluctuations, large investors see potential in Cardano at certain price points, leading to increased activity and accumulation. 

Retail investors, on the other hand, may react more cautiously to price drops, choosing to sell in anticipation of further declines.

The good news is that while ADA threads on turbulent waters, a new coin, Sponge V2, might be the answer for small investors aiming to buy in at low prices. 

Cardano Alternative – Sponge V2: Exciting Upgrades and Rewards for Investors

>>>Visit Sponge V2 Presale<<<

Sponge V2 is an exciting new crypto project attracting investors’ attention right now. Over 6 billion tokens are already staked in the project due to the many features the project offers investors. 

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

The Play-to-Earn video game gives it extra utility, and the staking activities used in Sponge V2 to preserve value and control inflation speak continuity. Since many investors bought $SPONGE, they must now bridge their tokens to the new staking pools. This lets them earn rewards. 

After staking, users can claim their Sponge V2 tokens on the website.

Sponge V2, Next 100X Memecoin to Move the Market

Crypto analysts are very bullish on the cryptocurrency Sponge V2 in 2024. Connor Kennedy and Jacob Crypto Bury both predict it could go up 100X. Sponge V2 is building on the success of Sponge V1, which reached a $100 million market cap.

The new Play-to-Earn game will also attract more users as they can earn $SPONGEV2 tokens.

Sponge V2 already has strong community support on social media. Memecoins like this rely on an active community. In all, analysts are very positive about Sponge V2 due to the V1’s success.

If the project stays on the ambitious roadmap, it could see massive growth in 2024. 

Interested investors should rush now and accumulate the token at low prices before it becomes the next big memecoin. Notably, those who took a chance on Sponge V1 made some good profits when the price spiked. 

The post Cardano (ADA) Forms Green Candles – Are the Bulls Preparing for a Rally to $0.61? appeared first on The Tech Report.

Many people in the crypto industry have condemned the United States’ strict crypto regulatory approach. However, Ripple CEO Brad Garlinghouse believes that the regulatory clarity in the United States would favor XRP’s position in attracting more investors in the US market.

Before this ongoing meeting, the CEO was interviewed by Fox Business, where he first opined that the court’s decision on July 2023 gave Ripple a landmark position in the industry.

According to Garlinghouse, XRP was declared as a non-security that will enable the company to achieve its goals even in the US.  

Garlinghouse Relates How XRP Will Attract More Investors Within The US Market With Regulatory Clarity

During his speech at the World Economic Forum (WEF) meeting in Davos, Switzerland, Garlinghouse related Ripple’s market opportunities in the US and its implications for XRP. 

Further, Garlinghouse revealed Ripple’s solutions in the financial industry as a whole. Also, he elaborated on the role of XRP in the entire process. In his explanation, the CEO pointed out the underlying blockchain and digital assets as an intriguing technology and asset class that would last.

Moreover, he called on individuals and businesses worldwide to understand and accept it. Additionally, Garlinghouse talked about the US regulatory stance on cryptocurrency.

He believed that the US would set the regulation right, though it could take more time to achieve it. 

With optimism, the CEO noted that Ripple’s legal win laid out a new era for the company within the US market. Also, he pointed out that XRP’s categorization as non-security will promote its market appeal within the country. 

Garlinghouse stated:

My hope is that now that there is at least clarity for Ripple that XRP is not a security, that that opens up the US market a little bit.

Ripple Creates Solutions To Cross-World Payments 

Further, Garlinghouse reflected on the need for financial institutions to embrace the services of blockchain technology-related firms like Ripple. The CEO recapped how Ripple solutions have bridged the slower and more expensive cross-world payments. 

He said:

Cross-world payments have been slow; they have been expensive. Using these technologies [including Ripple’s], we can dramatically reduce the costs and increase the speed and efficiency.

Additionally, Garlinghouse cited how new technologies receive a slower adoption rate globally. He also enumerated the potential steps that blockchain systems could apply to attract more clients and extend the users’ population. 

According to Ripple CEO, closed and narrow-minded networks can’t promote mainstream blockchain adoption.

Instead, there’s a need for expansion and innovative inclusions to foster faster growth. Further, he stressed that financial institutions ought to embrace crypto and the beneficial operations that come along.

He noted that crypto offers interoperability across many banks for users’ seamless transactions.

According to the Ripple boss,

We stand to receive a notable improvement in cash movement, at faster rates and cheaper costs compared to traditional means.

The post Ripple CEO Believes Regulatory Clarity Will Favor XRP in the US Market appeared first on The Tech Report.

The crypto community has seen different levels of expectation for XRP and its price growth after its certification as non-security. Notably, many predicted a potential XRP price rally, which ranges from $100 to $500 or even more.

A prominent banking expert, Shannon Thorp, who gave an earlier forecast, came back with more explanation.

Expert’s Massive Prediction of $100 to $500 Surge For XRP and Skeptical Challenge

Thorp, a former Operational Specialist at Citi, has indicated her optimistic position as she predicted a whopping 71,328% increase in XRP’s price. She stated that the rally would emerge within a period of two to seven months.

Thorp’s forecast came six months ago after the court declared XRP to be a non-security.

In her argument, Thorp mentioned that XRP’s price could rise between the $100 and $500 region in seven months. According to the forecast, the stated timeline corresponds to February 2024. However, the expected growth is still far from reality.

In January 2024, XRP still trades within the $0.5200 and $0.5300 thresholds, appearing quite impossible to reach the anticipated surge. Reacting to Thorp’s prediction, a notable technical analyst, “JD,” expressed skepticism about the $500 projection in a recent X post.

He called out Thorp, questioning the validity of her predictions.

JD said:

Saying charts don’t work? We are literally still within my orange box posted months ago. Charts win over nonsense.

So what's up w/this $100-500 in 7 months theory you posted last July 2023?

Saying charts dont work? We are literally still w/in my orange box posted months ago..

Charts WINS over these NONSENSE$XRP #XRParmy #XRPCommunity https://t.co/v9upVaYEtm

— JD (@jaydee_757) January 28, 2024

Thorp has always maintained a strong position regarding the relevance of historical charts in XRP’s price predictions. However, such a notion does sync with analyst JD’s views and principles.

Expert Argues The Injustice Of XRP Analysis Without Utility

Defensively, Thorp launched a counter-argument over JD’s skepticism. The banking expert’s argument challenges the traditional approaches to market analysis, especially those that focus only on chart trends.

Further, Thorp argued that analyzing XRP’s value without utility charts would give inadequate results.

She views all predictions that are based on past trends as an injustice to the community members. 

Thorp stated:

Current charts for XRP utility do not exist. The premise of your argument is based solely on what ‘was’ the speculative nature of XRP founded on market sentiment and buy/sell pressure. Do you know how nonsensical it is for you to dismiss utility in your quantifiable approach?

Current charts for XRP UTILITY do not exist! In fact, what you are doing is a true injustice to the #XRPCommunity.

The premise of your argument is based solely on what “was” the speculative nature of XRP founded from market sentiment and buy/sell pressure. Do you know how… https://t.co/YjBvmWuvO8 pic.twitter.com/Ge1Gk2hsrk

— Shannon Thorp (@thorpshannon87) January 28, 2024

Additionally, Thorp maintained that charts no longer solely represent the XRP trajectory following its US classification as a non-security. Instead, she believes the overall XRP outlook depends on its utility in different business sectors.

Moreover, the banking expert emphasized the need for XRP to witness a change from speculation to utility-focused valuation.

She noted that charting is mainly suitable for crypto protocols such as Bitcoin. Finally, Thorp ended her explanation with a rhetorical question to analyst JD. She asked: “How do you solve a multi-trillion dollar problem with a $0.50 XRP?” She pointed out that the use of XRP in the payment systems reflects it can’t remain a low-cost asset.

With time, the token would grow and become quite expensive. Also, she noted that her prediction of $500 for XRP is an undervaluation for such a high utility token.

Thorp’s assertion revolves around the expectation that the XRP cross-border payment market would hit $250 trillion in the next three years.

The post Banking Expert Addresses Previous Prediction of $100 to $500 Rally for XRP appeared first on The Tech Report.

Ethereum, the second largest cryptocurrency, consolidates around the $2,200 level, with a slight price decline in the past 24 hours. It seems the bulls dominate the market but with low momentum, which is evident in the rising green candlestick on today’s chart.

ETH is trading at $2,253 with a more than 1% 24-hour decline and a trading volume of over $6 billion. 

Given the ongoing market setup, investors wonder what will happen to Ethereum (ETH) next.

New X Crypto Payment Cause Buzz in the Market: Will Ethereum Price React?

Elon Musk’s X (formerly Twitter) recently made a special account for future payments, stirring up talk in the crypto world. Crypto researchers, including Mason Versluis and others, speculate that the X app, set to launch payment services in mid-2024, might include XRP, Stellar, ETH, and BTC. 

BREAKING: X creates a new "Payments" account on @xpayments!

BULLISH!

HOPING FOR A CRYPTO INTEGRATION ON THIS PLATFORM!

Make it happen Elon! $XRP $DOGE $BTC $ETH $XLM pic.twitter.com/kAmIMKKi3r

— MASON VERSLUIS (@MasonVersluis) January 20, 2024

Firstly, if the market speculation and increased support for Bitcoin create positive sentiment in the crypto market, it could also lead to a favourable atmosphere for Ethereum.

Integrating ETH on a popular platform like X exposes Ethereum to a broader audience. This means more people will interact with Ethereum, which could increase demand and interest.

In addition, joining a platform like X will attract more investors and businesses. This increased adoption could attract more users and investors to the Ethereum ecosystem.

However, even if the anticipations come to fruition, the impact of X’s crypto payment on Ethereum’s price is uncertain.

SEC Delays Decision on Ethereum ETFs: Potential Impact on Crypto Market

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale Investments’ request to turn its Ethereum trust into an ETF. This comes as the SEC also delayed a decision on BlackRock’s similar ETF proposal.

For context, an ETF tracks the digital asset’s market value, allowing investors to gain exposure without owning the actual currency. Earlier this month, the SEC’s approval of 11 bitcoin ETFs marked a significant moment for the crypto industry, triggering widespread gains for cryptocurrencies.

Bloomberg ETF analyst James Seyffart shared a depressing post on January 24 about the possibility of the SEC delaying the ETH spot ETF approval until May 23.

While this report cast doubts amongst investors, an approved spot in Ethereum ETF could undoubtedly lead to increased interest and investment in Ethereum, which could result in a price surge. 

Ethereum Price Analysis: Crucial Levels and Patterns to Watch for Potential Price Moves

Ethereum recently established support around the $2,200 level after dropping from its year-high of over $2730 recorded earlier this year. ETH remains below its 50-day simple moving average line, which indicates a short-term bearish trend.

On the daily chart, Ethereum appears to form a symmetrical triangle pattern.

This is often a continuation pattern, suggesting the previous downtrend could resume. The lower boundary of the triangle, around $2,158, provides support, while the upper boundary, around $2,320 ac, is tinged as resistance.

A breakout or breakdown from this triangle pattern should signal the next significant price move.

The MACD is below the signal line, but the histogram bars are fading, indicating that the selling pressure is dropping. If Ethereum can break out above the triangle’s upper boundary and the 50-day SMA near $2,340, it would bullish the short-term outlook. 

In that scenario, ETH may rally back toward the $2,700 and $3,200 resistance levels.

However, failure to break above the triangle resistance could lead to a breakdown and retest of support around $2,158.

In summary, Ethereum is at a critical juncture, so traders should watch for a decisive breakout above resistance or breakdown below support to signal the next significant price move. Maintaining the $2,158 support will be critical for the bulls to prevent further downside.

Ethereum Top Alternative: Sponge V2, The Next 10x Memecoin

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 is making a big comeback with its awesome new version, Sponge V2. With its new plan and improved features, $SPONGE is gearing up for a significant rally in 2024. 

>>>Visit Sponge V2 Presale<<<

Sponge V2 introduces something cool called P2E Utility to the Sponge Ecosystem, poised to attract game lovers to crypto, a feat that could boost SPONGE’s demand and value.

Last year, investors who bought $SPONGE early went home with a massive 10x return after major exchanges like MEXC, Gate.io, and Poloniex accepted the Spongebob-themed coin.

Recall that, in May 2023, $SPONGE soared from $1 million to over $100 million in market value.

Sponge is out with a better and improved version, aiming for more wins than Sponge V1 in 2023. Users can stake their $SPONGE to earn the latest Sponge V2 token.

In addition, the team recently introduced a feature that locks V1 tokens in staking and helps reduce the number of tokens in circulation.

You can acquire this token by buying and staking your Sponge V1 token on the official website. Those who stake their SPONGE coins will earn more than 250% APY return.

Over 6 billion tokens have been staked on the platform, demonstrating high investor interest in the project. 

The post Ethereum (ETH) Consolidates at $2,270 – Will it Hold Strong During the Bearish Cycle? appeared first on The Tech Report.

Solana has made an impressive recovery in the past week, attracting positive reviews from top crypto analysts who are highly bullish on its potential. Ali Martinez and Raoul Pal believe that SOL’s price will remain positive after its recovery from a drop to $79 on January 23.

SOL is currently trading in an uptrend and approaching the $100 price level. SOL has recorded a nearly 2% gain in the last 24 hours as more buyers join the market, raising the trading volume by over 53%. 

Top Crypto Analysts Reveal Bullish Chart Patterns and Uptrend for Solana

Renowned crypto analyst Ali Martinez noted that Solana is breaking out of a descending parallel channel. This breakout signals a price recovery for SOL from a price slump on December 25, 2023. 

#Solana appears to be breaking out from a descending parallel channel. If $SOL can hold above $94, it has a great chance of advancing toward $113! pic.twitter.com/cNdS6GeXXK

— Ali (@ali_charts) January 28, 2024

According to Ali, if SOL remains above the $94 price level, its value will likely increase to $113. But if it eventually rises to $113, it will reclaim its one-year high of $125.19. 

Analyst Raoul Pal also shares a similar sentiment. According to Pal, SOL snapped out of a descending pattern channel, which is a strong bullish signal.

Therefore, he advised investors to continue to believe in SOL, stick with it, and remain positive.  

Stick with the program… The Sun Also Rises $SOL

Log chart perfection? Maybe, just maybe… pic.twitter.com/S9Ctcs15pl

— Raoul Pal (@RaoulGMI) January 27, 2024

Solana’s ecosystem growth is one of the key drivers of its price gains with the launch of Solana mobile, DeFi growth, and NFT development. A close look at the daily chart confirms the sentiment expressed by these analysts and the possible price moves for SOL in the short term. 

How Is SOL Faring Today?

SOL is trading at $97 after forming a bullish engulfing pattern on January 26. It has formed four consecutive green candles on the daily chart, flipping the $95.66 resistance to support today. 

Currently, SOL faces resistance at $99.59, and a break above this level will send it above $100 for the first time in 2024. 

Remarkably, SOL has broken out from the descending chart pattern formed between January 18 and 22. Its recovery began on January 23 after a bullish recovery pattern was observed. 

Meanwhile, SOL is trading in the upper region of the Donchian Channel (DC), which implies that the price might increase even further.

The Relative Strength Index (RSI) is rising from the neutral zone with a value of 54.65; a move to 60 will confirm buyers’ dominance. Therefore, Ali’s prediction of $113 for SOL could likely happen if it breaks above the $99.59 resistance level.

However, a break above $100 will likely usher in a retracement phase for price consolidation. Therefore, SOL will likely break above $100 in the coming days as the buyers continue to support its rally.

Solana (SOL) is currently outperforming most of the other altcoins as Bitcoin rallies to trade above $42,000 today.

The post Crypto Analysts Bullish On Solana (SOL), Predict a Rise to $113 Soon appeared first on The Tech Report.

The crypto market shows price volatility as investors shift sentiment from neutral to greed today. Some traders have entered an aggressive accumulation phase in anticipation of the next bull run. 

This accumulation phase will likely increase the buying pressure in the market and result in another rally. 

Remarkably, Bitcoin has found some stability above $42,000 as the buyers regain control of its price, readying for the next rally. Altcoins again dance in tune with Bitcoin, recovering in the last few days to record impressive gains.

Today’s top gainers are driven by positive investor sentiments and increased enthusiasm in their ecosystems.

Conflux (CFX)—The Home of dApps, E-commerce and Infrastructure

The Conflux (CFX) shows an impressive performance today, gaining 11.6% on its price to trade at $0.24, with an over 35% seven-day increase. Conflux Network unveiled the BSIM card, an impressive development likely supporting CFX’s performance today. 

A look at the Conflux BSIM card.

1) A BSIM cold wallet that interacts with a mobile wallet.

2) 70GB of 5G internet.

3) 500 minutes across all networks.#Conflux #ChinaTelecom https://t.co/T4uNiP9VA1

— Conflux Network Official (@Conflux_Network) January 26, 2024

The BSIM comes with a cold wallet that interacts easily with a mobile wallet and gives users access to 70GB of data for 5G internet services. Users can access 500 minutes of call time across all networks, making it a welcome innovation. 

Meanwhile, Conflux Network announced a vital partnership with Asia-based studio  BlockBuster. The focus is developing Web3 infrastructure and building social and gaming projects on the network.

Both teams will collaborate to host significant events for Conflux Builders. 

Furthermore, Conflux Network announced support for GoledoFinance to investigate the recent attack on their lending pool. With these developments, CFX is in a bullish phase as the buyers continue accumulating the token, leading to massive gains. 

CFX Testing The $0.24 Resistance Level: Will It Break Above?

As the buyers returned, CFX recovered from a slump earlier in the week to form a large green candle on January 25. The Maribozu candle formed on January 26 confirmed that buying pressure has increased.

However, a red candle formed on January 27 showed that the sellers attempted to force a retracement for the asset. 

Nevertheless, CFX has rallied above the $0.23 resistance level, flipping it to support. It is currently testing the $0.24 resistance, and a break above this level will send the asset up to $0.25 as the next price target. 

The upper wick of today’s candle is touching the upper band of the Donchian Channel (DC), confirming that the bulls are in control of CFX’s price gains.

The Relative Strength Index (RSI) is close to the overbought region with a value of 66.49, suggesting further price increments ahead for CFX. Therefore, based on CFX’s price performance this week, it will likely break above $0.24 in the coming days if the buyers sustain their charge. 

Injective (INJ) – Interoperable L1 Blockchain for DeFi Apps

The Injective Protocol (INJ) is a blockchain platform focused on decentralized finance (DeFi), covering areas like spot and derivatives exchanges, prediction markets, etc. Injective native token, INJ facilitates governance, staking, value capture, and developer incentives.

Priced at $37.86 as of 9:16 AM EST, INJ has seen an 18.5% increase from its all-time high of $45.13 on January 9, 2024. Over the last 24 hours, INJ has recorded a 0.73% increase with a trading volume of over $148.79 million.

In a January 29 X post, Injective shared an update on its achievement, which might drive its incredible price journey in the crypto space.

Ninjas, time for a thrilling recap of the week at @Injective_!

Dive into the latest accomplishments and exciting collaborations propelling #INJ's adventurous journey in the crypto world. #INJ $INJ #Injective pic.twitter.com/LRUr0mexrk

— INJ Hub (@Injective_Hub) January 29, 2024

According to the update, 49 million $INJ tokens have been staked on-chain, a remarkable feat for the Injective ecosystem. Not only that, Injective observed several partnerships, including integration with Inspect, as the primary provider of data and analytics to empower over 350,000 users on-chain.

This partnership introduces a unique infrastructure layer to Injective and caters to the extensive needs of the protocol’s users. This development, alongside other notable achievements, as indicated in the X post, could be among the drivers of INJ’s ongoing rally.

INJ Consolidates Around Nearest Support at $36.65 – Where Could A Breakout Occur?

Injective (INJ) has recorded impressive strides in the past few days, and today, January 29, it is on an impulsive move toward the resistance at the $43 level. The coin has formed four consecutive green candle sticks in the last four days.

Given the bullish momentum, INJ will likely touch the $43 resistance before any potential retracement.

Moreover, a breakout will occur above the critical resistance if the buying pressure prevails. Affirmatively, INJ’s 50-day and 200-day SMA is below the coin’s trading price, showing an overall bullish market trend in the short and long term.

Again, the Relative Strength Index (RSI) is at 55.07, pointing upward.

This shows the strength of buyers, suggesting that INJ could become overbought in the next few days if the momentum sustains. However, if sell pressure prevails, INJ could plunge into the oversold region and record further losses, which may continue if it drops below the support level at $36.65.

Flare (FLR) – EVM-Based L1 Blockchain

In the last few days, Flare Network, a platform for blockchain interoperability, sealed a significant partnership with Google Cloud, one of the top cloud computing providers globally.

This collaboration is a big deal for Flare, marking the first time Google Cloud is involved with a decentralized Oracle system.

Flare onboards @GoogleCloud as an infrastructure provider to validate the network and contribute to the Flare Time Series Oracle.

Enshrining decentralized data delivery in a dual role with network validation is what makes Flare the Blockchain For Data.https://t.co/bJF9yX7GrX pic.twitter.com/oGySMD4vVq

— Flare (@FlareNetworks) January 15, 2024

Currently, Google Cloud is taking on a dual role with Flare. First, it supports the network’s security by validating new blocks on the blockchain. Second, it contributes to Flare’s native oracle, the Flare Time Series Oracle (FTSO), providing decentralized price and data feeds.

The FTSO is crucial for Flare’s infrastructure, ensuring accurate data access for decentralized applications (dApps). This partnership propels Flare forward as a leading blockchain platform for decentralized finance (defi) and real-world asset tokenization (RWA). 

Leveraging Google Cloud’s expertise, Flare aims to be the preferred platform for building the next generation of apps. For Flare users, this collaboration means more reliable and secure data feeds on the network, empowering developers to create advanced apps with access to a broader range of data sources.

The recent partnership spread excitement across the Flare ecosystem, positively pushing FLR’s price. As of 10:30 AM EST on January 29, FLR is up by 2.90%, trading at $0.022, with a 255.39% increase in 24-hour trading volume.  

FLARE Sits Above Its 50-day and 200-day SMA – Can This Bullish Trend Trigger a Breakout?

The candlestick pattern in the chart above shows FLR in a consolidation period. Its horizontal trend hints at indecision between buyers and selling. Thus, a breakout can occur depending on the players ahead in the market.

If the buyers remain persistent, the FLR price will push upward. If not, a dip could occur.

Flare (FLR) ‘s price is above its 50-day and 200-day SMA, which serves as dynamic support levels in the market. The horizontal resistance on the chart is far from FLR’s trading price, indicating the distance it would take before the price stalls in the coming days.

Moreover, the Relative Strength Index (RSI) is at 57.29, in the neutral zone, showing that buyers and sellers are in equilibrium. As such, WOO could likely dip, plunging towards the horizontal support at $0.02100.

This could mean more loss as profit-taking traders may seize the opportunity to profit. 

Nevertheless, the overall market trend is bullish, and an uptrend is projected. If buyers continue to push the market, given the affordable level of FLR, it can hit new gains, rallying to the resistance at the $0.02915 level in the coming days.

Sponge V2 (SPONGEV2) – The Return of A Crypto Community Favorite

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 is officially above the 6 billion milestone as more investors stake their SPONGE tokens. Impressively, the developers have created Sponge V2 to provide another opportunity for investors who missed out on version 1 to enjoy massive returns. 

>>>Visit Sponge V2 Presale<<<

This ecosystem operates with staking, and all version one tokens staked must be un-staked from version 1 pools and re-staked. Regarding utility, version 2 incorporates a Play-to-Earn (P2E) game mode where users can earn additional tokens by participating in exciting games.

Why Buy Sponge V2?

Fear of Missing Out (FOMO) is one of the reasons investors rush to join new projects. Sponge V1 proved that the project has all it takes to succeed and surpass a market cap of $100 million. 

Squeeze out the doubt, soak up the gains! $SPONGE is mopping up the market! #SpongeV2 #100x #AltcoinRise pic.twitter.com/y6jdaw1uPh

— $SPONGE (@spongeoneth) January 27, 2024

With the extra utility added, Sponge V2 will likely break the $100 million market cap record set by version 1. Also, staking adds long-term potential to the project.

If a bull run occurs in 2024, it will bolster SPONGE V2 growth, which will launch right in the heat of the bull run, yielding massive returns for early investors. 

Conclusion

The current crypto market outlook suggests a possible price recovery for most cryptocurrencies as Bitcoin regains strong support. Nevertheless, the volatile nature of cryptocurrencies should make investors wary of taking risks without proper consideration and control.

Strong community support and developments are internal factors that support the price gains for the market gainers. While Bitcoin and established altcoins continue to make waves with high uncertainty for future moves, investors can consider alternatives like Sponge V2.

Adopting presale tokens like Sponge V2 could amass notable returns when they launch on top exchanges. The next few days could set the pace for February and a possible uptrend in the crypto market.

However, investors must remain cautious and apply adequate risk management strategies.

The post Top Crypto Gainers on 29 January – CFX, INJ, And FLR appeared first on The Tech Report.

In today’s crypto market, CFX, ENS, SPONGE v2, and Bitcoin Minetrix stand out as the top gainers, showcasing significant price increases. These digital assets highlight the potential for substantial profitability.

Understanding the driving factors is essential for investors to navigate the fast-paced world of crypto trading. 

Let’s explore the top crypto gainers that are making waves in the market today, measuring their market trends, technological developments, and overall sentiment.

Conflux (CFX) – Pioneering Layer 1 Protocol

Conflux Network, is recording significant gains in the crypto space today, thanks to the launching of its Bitcoin Layer 2 (BTC L2), which is also EVM-compatible.

This article explores how Conflux's Bitcoin Layer 2 integration revolutionizes asset management and network security in blockchain.https://t.co/enWw1cItGy

Proof-of-Stake (PoS) consensus acts as a reliable Bitcoin Oracle.

Comprehensive metadata connects Conflux and…

— Conflux Network Official (@Conflux_Network) January 25, 2024

The purpose of this new BTC layer 2 solution is to leverage the strength of Bitcoin to boost the Conflux Network. By implementing this new solution, the BTC L2 will pay for gas fees using BTC.

This way, it opens up opportunities for an integrated and more efficient system.

As a result of this development, the CFX token is taking a massive surge. As far back as January 18, the token pumped by 8% to $0.213, and today, January 26, it is trading at $0.2067, up by 16% at 8:03 am EST.

CFX Ranges After Historical Golden Cross – Will the Market Go Upward?

In the chart above, CFX is trading above the 50-day and 200-day Simple Moving Average (SMA). This price movement shows that the coin is on a short and long-term bullish trend.

Affirmatively, the price has formed three green candlesticks in the past 3 days.

This shows that buyers are more active, pushing the value of the token during a trade to higher levels. Furthermore, the Relative Strength Index (RSI) is at 58.39 (neutral zone) and is pointing upwards.

Its movement suggests that the trade’s bullish momentum could trigger potential movements to the overbought market zone (above 70). 

However, if sellers counter this momentum, then a dip could send the RSI to the oversold region (below 30) as profit-taking traders could seize the opportunity to make massive gains.

On the other hand, CFX has its resistance at $0.229. This high level implies that there’s a long way to go before the price stalls.

Again, the dynamic support levels indicated by the SMA lines show levels where buyers could enter the market. As such, expect CFX to push up further throughout the weekend.

Nevertheless, make sure to use strategic trade setups and appropriate risk management practices to make the most of this trade.

Ethereum Name Service (ENS) – Leading Web3 Username Creator

Ethereum Name Service has commenced an up-move today after finding support and bouncing at a low point of $16. 

This boost is attributable to the announcement from the CUBE exchange about supporting ENS and SNS domains. As excitement and optimism grew, the ENS token reached a new peak at $18.46.

Cube now supports SNS & ENS domains @bonfida @ensdomains pic.twitter.com/WRnPssH3uD

— CUBE (@cubexch) January 24, 2024

By partnering with CUBE, it’s expected that ENS domains will be more accessible, thereby increasing the demand for the service. As of 9:19 am EST, the ENS token is trading at $20.20, marking a 14.86% increase from its lowest point in the past day. 

If the positive trend continues and breaks through the $18.46 resistance, the next target is around $19.00. This could attract more buyers, leading to further price gains in the short term. 

On the flip side, if the negative trend takes over, the price might drop, revisiting support levels near $17.00.

Throughout this upward movement, the market capitalization of ENS has gone up by 15.05%, reaching over $620.7 million. These rising numbers indicate growing interest and activity in ENS, suggesting potential price stability and future growth.

ENS Enjoys Overall Bullish Market Trends – Can The Next Impulsive Move Break the Resistance?

From the chart above, ENS has recorded a few series of higher highs and higher lows in the past days to months. This implies the start of an uptrend. To support it, the 50-day and 200-day SMA of the coin are below the trading price today.

As such, ENS is bullish in the short and long term.

Furthermore, the coin has formed a consecutive green candlestick on the chart, indicating increased buying pressure. As such, the price could hit new values before the trade today ends.

Moreover, the Relative Strength Index (RSI) is at 59.63, pointing upward. This shows that bullish momentum is strong and could trigger a push to the overbought region (above 70). 

However, if a dip occurs as a result of persistent bearish actions, then the RSI could plunge to the oversold region (below 30). Considering ENS is on an overall bullish trend in the short and long term, it is likely for the coin to rally in the coming days and weeks, breaking the resistance at $27.44.

If that happens, then $35 could become the next targeted resistance. While that is expected to occur, it’s vital to know that cryptocurrencies are volatile and can deviate from predicted movements. 

So, ensure you adopt adequate risk management strategies and strategic trade setups to make the most of your trading decisions.

Sponge v2 – Utility-Infused Play-to-Earn Project

>>>Visit Sponge V2 Presale<<<

Sponge V2 emerges as an enticing investment opportunity, positioning itself for success amidst the crypto landscape. The project’s journey from Sponge V1 to Sponge V2 is marked by strategic rebranding, shifting away from its meme-coin origins to focus on enhanced utility and sustainability. 

The initial success of Sponge V1 during the bear market of 2023, achieving a near-$100 million market cap, provides a solid foundation for the relaunch. The timing of Sponge V2’s reintroduction aligns with the onset of a new bull market, opening doors for potential growth. 

Unlike its predecessor, Sponge V2 is not merely relying on meme appeal; it introduces ground-breaking features like play-to-earn gaming and an innovative staking model, setting it apart from conventional meme coins. 

This evolution aims to create a vibrant and engaged community while ensuring long-term viability.

Can Sponge V2 Perform Better Than V1?

One key variable that positions Sponge V2 for a massive spike is its strategic approach to market volatility. By incorporating additional utility and introducing a new ERC-20 token through the Stake-to-Earn process, the project aims to absorb market fluctuations, providing stability to investors. 

Existing stakers are incentivized to migrate from V1 to V2, ensuring entitlement to the new token upon launch. Moreover, the project’s early success is evident, with over $4.12 million worth of tokens already staked and bridged, showcasing investor confidence. 

The clear tokenomics structure, supported by a substantial marketing budget and planned exchange listings, enhances liquidity and fosters a favorable environment for growth.

Sponge V2’s roadmap further instills confidence, highlighting strategic announcements, staking launches, and Tier 1 exchange listings as catalysts for liquidity absorption. 

The allocation of resources for marketing, game development, and in-game earning mechanics underscores a holistic approach toward the SPONGE token’s growth.

As Sponge V2 prepares for launch, the unique combination of a dedicated meme community, play-to-earn gaming, and a robust staking model positions it as an ideal project to consider. 

The innovative features and strategic variables in place contribute to the project’s potential for a massive spike in the future. 

While navigating market fluctuations, Sponge V2 aims to establish itself as a dynamic player in the crypto space, making it an intriguing opportunity for investors seeking both utility and growth.

To explore the potential, consider participating in the $SPONGEV2 presale at sponge-token. VIP and stay updated on project developments through their social media channels.

Bitcoin Minetrix: Time Ticking Bomb Raises Over $9.4 Million in Presale

>>>Visit Bitcoin Minetrix Presale<<<

Despite BTC not performing well this week, a novel cryptocurrency, Bitcoin Minetrix, still gathered over $9 million. Bitcoin Minetrix makes Bitcoin mining easy for everyone.

You can use their platform instead of needing fancy equipment like large computers and technical knowledge. Just buy BTCMTX tokens, like shares in mining power.

Even if you’re not a tech expert, you can join in and maybe earn Bitcoin. The cool thing about Bitcoin Minetrix is the “Stake-to-Mine” idea. If you stake your BTCMTX tokens, you get cloud mining credits.

Burn those credits, and your Bitcoin mining power goes up. It’s a way to reward people who stay involved and could boost your mining rewards.

Bitcoin Minetrix Presale Gains Popularity as Investors Seek for BTC 10X Alternative

Unlike other ways, with Bitcoin Minetrix, you stake BTCMTX tokens to help actively with Bitcoin mining. People are excited about this unique idea. In the presale countdown, you can grab a BTCMTX token for just $0.013.

You can pay with BNB, MATIC, ETH, USDT, or credit cards.

But here’s the thing: if you pick MATIC or BNB, you miss out on the 72% APY. Staking depends on what you like and how much you’re investing. For those not staking, especially with smaller investments, it’s better to go with BNB because of lower transaction fees.

Conclusion

The coins reviewed above are among the top performers in the crypto market today, January 26. As seen, their gains are attributable to recent developments, market trends, and investor sentiment.

If you’d consider investing in these top gainers, it’s advisable to work with adequate risk management strategies and always have strategic trade setups. These will guarantee high chances of profitable results as the trades play out.

The post Top Crypto Gainers on 26 January – CFX And ENS appeared first on The Tech Report.

The Athey and Mitchnick fair value calculator has estimated XRP’s value at a trading volume of $50 billion. The calculator estimates that XRP will be worth above $5 when it hits a $50 billion trading volume milestone. 

Why is This Calculation Important?

The Athey and Mitchnick calculator was introduced in 2018 and has garnered commendable recognition. It was created based on a research paper by former Stanford professor Susan Athey and Stanford MBA candidate Robert Mitchnick. 

The research focused on establishing XRP’s actual value because the researchers believe the cryptocurrency is undervalued. So, developers created this calculator that summed up XRP’s potential value if its volume increases massively in the next two years. 

The calculation was done with an estimated daily transaction volume of XRP at $50 billion.

Also, the assumption is that XRP will reach a market cap of $80 billion in two years. These parameters and others led to an estimate of $5.38. But despite the positive estimate, XRP has remained below $1 since December 2021.

Although it ranks as the fifth largest cryptocurrency, it has remained between $0.3 and $0.9 for the last two years.  

Legal Problems Likely Influencing XRP’s Price 

The ongoing legal battle between Ripple Labs and the US Security and Exchange Commission (SEC) significantly contributes to the XRP slump. Despite Ripple getting a favorable summary judgment in 2023, the case is still ongoing.

On January 11, the SEC requested the US District Court in New York to issue an order mandating Ripple to produce financial statements from 2022 to 2023. 

Unpacking the SEC's reply to #Ripple
(#5 will be discussed!)
The SEC wants 3 things:
1) Audited financial statements for '22 & '23
2) All post-complaint contracts for #XRP sales
3) The XRP Institutional Sales proceeds received after the complaint
1/7https://t.co/A6Qoj7pruZ

— WrathofKahneman (@WKahneman) January 24, 2024

According to an XRP analyst Kahneman on X, the SEC wants three things. These are audited financial statements for 2022 and 2033 and all post-complaint contracts for XRP sales.

Also, they want access to the XRP Institutional Sales proceeds received after the complaint. 

Kahneman stated that the SEC claims it is proper to discover these things and attempted to get these records in 2021. However, Ripple filed a response opposing the SEC’s motion, compelling them to release these documents. 

According to Kahneman, Ripple opposed the motion, stating that it is untimely as the discovery of the facts for their case ended months ago. Also, Ripple Labs’ legal team believes such information is irrelevant as it won’t affect potential penalties or court injunctions. 

Additionally, Ripple notes that violating the standard procedure will set a dangerous pattern where people ignore discovery deadlines. Furthermore, it will cause a compromise in fair trial procedures. 

However, while Ripple argues that finances are irrelevant to assessing penalty size, the SEC believes that the courts must consider wealth in making decisions.

According to attorney Bill Morgan, much is at stake with this issue. Unfortunately, the Ripple vs. SEC lawsuit has affected XRP’s price over the years, and a conclusion in Ripple’s favor will aid XRP’s price recovery. 

Such a recovery might enable XRP to hit the price estimates projected by the Fair Value Calculator. 

The post Fair Value Calculator Estimates XRP Value Increase to $5.38 at $50 Billion Trading Volume appeared first on The Tech Report.

Ripple (XRP) has maintained a steady downward movement since January 1, 2024. The number 6 most valuable crypto token is under strong bearish sentiment. This may be related to the high volatility in the general crypto market.

However, there’s still hope for the coin to reverse in the coming weeks, seeing that more ETF listings and the halving event are around the corner.

Ripple ($XRP) Decline: Keiser’s Expression Confirmed

Keiser, who often questions the authenticity of cryptocurrencies like Solana (SOL), has consistently expressed doubts about them in the past. Recently, he shared his skepticism again, this time targeting XRP.

In a tweet he made on January 19, 2024, Keiser described XRP as “centralized garbage.” 

The analyst claimed that XRP will likely drop to $0.01 soon. Further, the analyst emphasized its ongoing legal battle with the SEC. 

Centralized garbage going to $0.01 pic.twitter.com/mDQ0PPBgWi

— Max Keiser (@maxkeiser) January 19, 2024

In his former X posts, Keiser called altcoins like ADA, XRP, and SOL scams, alleging that their creators are dishonest. He classified these coins as Securities. Surprisingly, Keiser’s most recent criticism on January 23 was a “crash update” on XRP.

In this recent tweet, he called XRP centralized garbage.

Keiser added that XRP is

mathematically guaranteed to trade at virtual zero against Bitcoin.

$XRP CRASH UPDATE $XRP is centralized garbage that is mathematically guaranteed to trade at virtual zero against #Bitcoin 

BY CONTRAST: Bitcoin is Perfect Money, perfectly decentralized, sent by God to unfuck our money. pic.twitter.com/SLefwIcYY1

— Max Keiser (@maxkeiser) January 23, 2024

Around the same time as Keiser’s remarks, the value of XRP went down more than 4%. Since Keiser made this post, XRP has been on a bearish trend. However, despite the negative sentiment present, prominent analyst EGRAG remains unfazed.

Based on his post on the X platform, he seems to be bullish on XRP. EGRAG expressed that XRP has the potential to rally 500% once this correction is over. The analyst predicted this based on past patterns and technical analysis.

#XRP 500% First Move :

Check the inverted chart from December 15th, 2023.

Remember #XRP enjoys toying with everyone's emotions before a mega pump.

But that 500% surge? That's just the start.
The chart below captures just a fraction of the massive surge that I… https://t.co/vIrpZIi70x pic.twitter.com/VaZ8UzGK75

— EGRAG CRYPTO (@egragcrypto) January 6, 2024

Based on the XRP chart, it climbed last year to around $0.7. EGRAG made his prediction with an inverted chart, playfully giving it a funny name. He warned of possible correction for XRP before the surge.

The present XRP chart displays what EGRAG predicted would happen. But on the good side, XRP has met this downward pressure before.

Back in December 2020, June 2022, and January 2023, XRP dipped to this current region. However, it bounced back each time. Therefore, EGRAG believes history can repeat itself as XRP undergoes this last correction.

Despite recent setbacks, XRP has seen a slight recovery and is now trading at $0.5088. However, in the last 24 hours, XRP faced a 1.5% drop. 

This has caused many traders’ XRP positions to be automatically liquidated.

Ripple Price Analysis: XRP Faces Downside Risks Below Key Support Levels

Currently, XRP shows a bearish trend, trading below both its 200-day and 50-day simple moving averages. Remaining under these key averages indicates sustained downward momentum and selling pressure in the market.

XRP now heads toward nearby support around $0.43. Dropping to this level would mark over a 14% decline from the current price.

Further breakdowns below $0.43 risk fueling additional bearish sentiment. However, some traders may try taking advantage if prices become deeply oversold near $0.43, hoping for a reversal higher. 

If XRP bounces upwards off that support, buyers will want to sustain the rebound to protect their investment.

Initial upside resistance to watch is around $0.79 if bulls can spark an XRP relief rally from oversold conditions. However, to confirm a real change in direction, XRP faces more obstacles to overcome after this first resistance.

Unfortunately, the MACD indicator for XRP remains negative, still below its signal line. This reflects bearish momentum exceeding bullish signals in the market currently.

In summary, XRP’s technical positioning remains weak and tilted towards further downside until signs of a bullish turnaround emerge. Dropping below $0.43 support poses substantial risks if buyers fail to appear.

While XRP struggles, investors have another opportunity in Sponge V2 to buy cheaply and reposition for possible gains following a surge. 

Ripple Alternative: Sponge V2 Looks to Build on Original Meme Coin’s Success

The crypto project Sponge V2 emerged to improve on what its predecessor Sponge (SPONGE) failed to do in 2023. The original Sponge spiked in market value following its launch, filling the pockets of its early investors with profits. 

Sponge V2 aims to keep the momentum going and make the coin even more compelling.

Upgrades include staking rewards that let holders earn passive income on their investments. A play-to-earn gaming component is also being added. This gaming component will allow users to win more tokens and climb leaderboards by playing games.

Features like staking and play-to-earn make Sponge V2 more rewarding and fun to own compared to the original. Plus, this extra utility helps strengthen community engagement and loyalty.

By enhancing the core coin with new capabilities, Sponge V2 hopes to be an even bigger success, building on the original’s meteoric rise last year. 

The added activities incentivize participation while improving long-term prospects.

Sponge V2 Presents Another Opportunity for Early Adopters

>>>Visit Sponge V2 Presale<<<

The new token Sponge V2 is currently in its presale stage. The price is affordable right now at just $0.000670.

10 exchanges not enough? #SpongeV2 will be listed on BIGGER AND BETTER exchanges!

You’re not ready for what’s coming next #SpongeV2 #MemeCoin #Presale pic.twitter.com/LdXRYu65Z8

— $SPONGE (@spongeoneth) January 23, 2024

Further, early investors can gain stakes in rewards that add credibility before the launch. Sponge V2 expects significant growth based on past presale success. There are 150 billion tokens allocated for play-to-earn gaming, marketing, staking, liquidity, and more. 

With these unique features, Sponge V2 aims to surpass other popular meme coins in the market. To be part of it, visit the official page and buy the presale token with ETH, USDT, or Card. The key opportunity is getting in early before exchanges list Sponge V2 later this year.

Buying now with the low presale price provides upside potential if the project takes off.

The post Ripple XRP Slips Under 200-Day SMA Line, Signals Weakness – Will the Price Reverse? appeared first on The Tech Report.

The crypto market has found some stability as Bitcoin trades above the $40,000 price level. However, BitMEX exchange founder Arthur Hayes believes that BTC will trade between $30,000 and $35,000 at some point in 2024. 

Despite his bearish predictions, some analysts believe that the upcoming Bitcoin Halving in April will trigger the next bull run. Also, the crypto Fear and Greed Index reveals that investor sentiment is neutral today. Therefore, prices can go either way.  

Despite the uncertainty in the market, some investors still rely on altcoins to make profitable trades. As such, these altcoins now record positive price movement and rank among the top gainers in the crypto market today. 

Helium (HNT)  – The Hotspot Network For Internet Devices  

HNT has posted impressive gains in the last 24 hours, shaking off bearish pressure as the buyers return. One factor likely driving HNT’s recovery is Helium’s 5G hotspot coverage expansion. 

Helium 5G Hotspot coverage has expanded. @Telefonica customers in Mexico City and Oaxaca can now offload mobile data using the Helium Mobile Network. https://t.co/SwH0XPTB48

— Helium (@helium) January 24, 2024

Remarkably, one of the largest telecommunications companies, Telefónica (TEF), is creating mobile hotspots in Mexico City and Oaxaca.

This project is in partnership with Nova Labs, built on the Helium blockchain. So, customers will have access to connect to the Helium Mobile Network securely with their existing SIM.

This project is built based on the OpenWifi standard developed by the Telecom Infra Project (TIP). Some selected Moviestar customers can use their SIM cards to access the Helium Mobile Network. 

This real-world application for Helium technology is likely aiding HNT’s price gains today. The daily chart shows that the buyers and sellers are still battling for control. 

HNT Attempting A Recovery: Will It Break Above $7.27?

HNT has formed a bullish engulfing pattern on the daily chart on January 24, signaling a return of the buyers to force a recovery. It found support at $6.75 and is attempting to break above the $7.27 resistance level.

It faces a possible rejection at this level, which is evident from the doji candlestick formed today. 

Despite the pressure from the sellers, HNT is trading above the median band of the Donchian Channel (DC). This is a bullish signal and hints at further price increases ahead for the asset. 

Also, the Relative Strength Index (RSI) indicator is in the neutral zone, displaying a value of 54.18. The RSI indicator is moving sideways, confirming that the bears and bulls are evenly matched.

Therefore, an uptrend will likely begin if the RSI indicator rises above 60 in the coming days. So, HNT will likely rally again in the coming days if the buyers break above the $7.27 price level today. 

However, a retracement is quite possible due to uncertainty among traders, leading to a decline back to the $6.75 support. 

IOTA (IOTA) –The Feeless Data Transfer Protocol

IOTA has gained popularity in the world of digital currency. It stands out for its unique technology and its emphasis on the Internet of Things (IoT). 

Investors and tech enthusiasts are closely watching IOTA due to its special focus. While it hasn’t seen many changes in recent years, it’s currently showing promising potential.

[ICYMI] What makes #IOTA 2.0 a powerful platform for transactions, #tokenization, and data transfer? From UTXO to Account Outputs and NFTs holding other NFTs – this video explains it all pic.twitter.com/URwveYkQ3A

— IOTA (@iota) January 25, 2024

The IOTA 2.0 is a reliable platform for tokenization, data transfer, and processing transactions. Using a UTXO model and IOTA 2.0 in combination aids data validation in the IOTA ecosystem.

Also, several unique features, such as the account outputs, are vital to IOTA’s operations.

These outputs help users to validate the network, delegate voting power, or simply earn rewards. Additionally, the Foundry and NFT output feature helps users mint Native and Non-Fungible tokens on the IOTA 2.0 base ledger. Furthermore, users can hold or transfer these NFTs.

The NFTs represent a user’s ownership of assets in the ecosystem. Therefore, the NFT model creates a well-organized framework to identify user ownership.

Meanwhile, to prevent the ledger from exceeding its capacity, a small storage deposit is created. This storage is important for transactions that need additional data storage space. 

However, what truly makes IOTA 2.0 unique is that all transactions command no fees for token holders. Therefore, IOTA 2.0 is an extraordinary platform for transactions, tokenization, as well as data transfer.

As excitement grows due to this revolutionary upgrade, the IOTA token is pumping with significant gains in the long run.

Today, January 25, its trading volume is 614.24% up, sitting above $135.8 million. Furthermore, as of 5:59 am EST, the price of the coin is at $0.2414, up by 11.83% in the last 24 hours.

As more upgrades are hit, IOTA is likely to make massive gains over time.

IOTA Trades Between Key Support and Resistance – Is the Market Set to Range?

IOTA’s current price movement reveals some interesting dynamics. With established support at $0.2041 and resistance at $0.2671, the coin is currently navigating within this range. 

This indicates a period of consolidation or range-bound trading. These levels serve as significant markers for potential shifts in the coin’s trajectory.

Adding to the analysis, the Relative Strength Index (RSI) is pointing upwards from the neutral zone at 45.40. This upward movement suggests an increase in buying momentum, indicating a potential strengthening of the bullish sentiment. 

If the buyers remain strong throughout the week, the RSI hit the overbought market zone (above 70).

Otherwise, it could plunge to the oversold region (below 30). In conjunction with the RSI movement, the formation of two consecutive green candlesticks in the past two days further supports the bullish outlook.

 Considering these factors collectively, there is an indication of potential upward movement in the price of the coin. 

The RSI’s upward trend and the bullish candlestick patterns suggest a growing dominance of buyers in the market. While these may pose a good buy opportunity, it is advisable to watch for a potential breakout from the current trading range.

Sponge V2 (SPONGEV2) – The Staking Ecosystem for Long-Term Rewards 

>>>Visit Sponge V2 Presale<<<

Sponge V2 is the sensational return of the Sponge crypto project. However, it is bigger, better, and more refined. SPONGEV2 token is an ERC-20 token launched on Ethereum.

Welcome to the $SPONGE family

You’re one of us now… $SPONGE #SpongeV2 #Presale #Bullish #Crypto #Altcoins pic.twitter.com/mwwVQ7C7ZW

— $SPONGE (@spongeoneth) January 25, 2024

Also, Sponge V2 hopes to combine the fun spirit of its memecoin community with additional utility in this new model. Its staking model adds long-term value to the project, and the Play-to-Earn game adds utility that attracts more users.

So, Sponge V2 gives $SPONGE holders an easy bridging process to move their tokens from Version 1 to Version 2. 

How Bridging Works In the Sponge Ecosystem

Exciting news, #SPONGERS!

There are now over 5,627,448,685 $SPONGE tokens staked with a value of $5,445,468.33

Stake your tokens now to enjoy our current APY of +280%!

GO GO GO #SpongeV2 #Crypto #100x #Bullish pic.twitter.com/PsD2Sycxjj

— $SPONGE (@spongeoneth) January 22, 2024

$SPONGE holders can bridge their tokens from version 1 to Version 2 through staking. However, any token currently in the V1 staking pools must be removed and re-staked in the new V2 staking pool. This is because the version 1 staking pool will be closed to avoid the loss of tokens. 

However, new buyers don’t have to worry about staking, as their purchased tokens will be automatically staked. After the staking lock period, users can claim their SPONGEV2 tokens on the website.

The over 5 billion tokens already staked show massive interest from the crypto community for the Sponge V2 project. 

Based on the previous success of Version 1, Sponge V2 will likely be one of the top crypto projects in 2024. Also, its growing and supportive community will aid its long-term growth and expansion plans. 

Bitcoin Minetrix – The Stake-to-Mine Solution

>>>Visit Bitcoin Minetrix Presale<<<

Bitcoin Minetrix (BTCMTX) is a practical mining solution that makes cloud mining accessible to all users. This project seeks to change Bitcoin mining processes and solve the problems encountered with traditional mining. 

Bitcoin Minetrix relies on the novel “Stake-to-Mine” concept.

This approach allows BTCMTX holders to earn cloud mining credits by staking their tokens. Staking is a user-friendly method for individuals that lowers the entry barrier to Bitcoin mining. It makes mining easy and gives miners decentralized access. 

Bitcoin Minetrix now enjoys massive community support from its vibrant supporters across all social media networks, with millions of BTCMTX tokens staked. Its decentralized nature makes it suitable for most users, eliminating the need for expensive hardware and specialized skills. 

Presale Success and Tokenomics

BTCMTX presale is ongoing, surpassing the  $9.2 million milestone. The presale success reflects investor confidence in the project. One of the factors driving this confidence is that Bitcoin Minetrix uses a double-earning model.

Users enjoy staking rewards of up to 87% yearly and a share of mining profits. 

Therefore, it solves common challenges associated with traditional mining, such as complexity and high entry costs. Also, staking and mining incentives will also attract crypto enthusiasts searching for a simplified yet lucrative engagement in the cryptocurrency space.

Bitcoin Minetrix is a promising project, and the stake-to-mine mechanism, strong community support, and earning model will preserve its value. Also, the Bitcoin Minetrix will change the crypto mining scene due to the ease of access for miners regardless of their technical skills. 

So, early investors can buy BTCMTX tokens at lower prices during the presale to join its community. 

Conclusion

There is uncertainty in the crypto market today. Most investors are being cautious to avoid devastating losses. However, some altcoins present an opportunity to investors who cannot afford top projects such as Bitcoin. 

These altcoins on presale could still hit high levels in price growth, rewarding early entrants.

This is because if Bitcoin rallies again, altcoins will likely show improvement in their price action in the coming weeks. While the predictions remain a possibility, traders must rely on proper risk management techniques and proper research to be on the safe side.

The post Top Crypto Gainers on January 25 – HNT And IOTA appeared first on The Tech Report.

The Ethereum price bounced back after finding support at $2,158. Before now, the price had been on a prolonged bearish trend, which led to an over 4% decline in one day.

This bearish sentiment results from the slight price decline of BTC.

Earlier this week, BTC dropped below $40,000 as more investors took a sell-off. On the bright side, the dip in ETH’s price has created a potential buying opportunity for investors. Investors may consider taking advantage of the current situation.

Ethereum Recent Price Movement

ETH price has been volatile since the end of 2023. After dropping to $1900 in November 2023, Ethereum recovered in a few days as the bulls sustained their positions.

The price rose to $2,300 (21%), where it met strong resistance and dropped.

However, that sharp move quickly ran out of steam once resistance around $2300 put a ceiling on the rally. Profit-taking kicked in and sank Ethereum’s price back to the $2100 zone within two weeks.

Since then, Ethereum has traded sideways between $2300 and $2100 as buyers and sellers battled for control.

Numerous breakout attempts in either direction failed during this period of uncertainty and back-and-forth action. Finally, Ethereum rallied 17.39% in early January from $2700 to $2300, breaking out of its trading range to the upside.

But resistance around $2700 stopped the rally in its tracks once again.

Ethereum’s price returned to $2158 within days as selling pressure resumed control over the bulls. This series of failed breakouts and rejections shows a clear tug-of-war between optimism and pessimism around $2100 & $2700. 

Neither bulls nor bears maintained enough strength to sway the trend decisively.

Ethereum Price Analysis: Short-Term Caution Amidst 50-Day MA Challenge, Long-Term Resilience Upheld by $2138 Support Zone

In the short term, Ethereum trades below its 50-day moving average line. Falling under this key average indicates that bearish momentum and selling pressure control the price action.

However, on the longer 200-day timeframe, Ethereum remains above its average. This signal sustained broader uptrend support despite recent volatility.

While below the 50-day average near-term, Ethereum has established notable support around $2138. This area has contained the decline and prevented further selloff. If the $2138 support zone continues holding, it increases the chances of a bullish reversal as soon as sellers stop.

However, losing this foundation would be problematic. Also, Ethereum’s MACD sits below its signal line, reflecting bearish sentiment. However, the fading histogram bars suggest this negative momentum is decreasing.

In essence, Ethereum shows signs of basing and turning upwards, especially holding the critical $2138 support. 

But to confirm that the bulls have taken back control, the 50-day average and MACD must become positive. Until clear trend change signals emerge, some caution remains prudent in the short term. 

Recent Massive Transactions on the Ethereum Network and its Impact

A substantial Ethereum (ETH) transaction has recently grabbed attention in the crypto space. Just today, a renowned crypto tracking platform, Whale Alert, reported a significant movement of over 14,477 ETH, valued at more than $32 million. 

14,477 #ETH (32,043,630 USD) transferred from unknown wallet to #Coinbasehttps://t.co/yAEFH3Cfx9

— Whale Alert (@whale_alert) January 24, 2024

Whale Alert said this ETH was from an undisclosed wallet to Coinbase. Intriguingly, this follows a similar transfer of the same amount on January 23rd, raising eyebrows about the repeated large-scale transactions.

14,477 #ETH (32,183,461 USD) transferred from unknown wallet to #Coinbasehttps://t.co/GKbZXHfIca

— Whale Alert (@whale_alert) January 23, 2024

Adding to the intrigue, an even more substantial movement occurred, involving around 25,000 ETH transferred from Bitfinex to an undisclosed wallet. These sizable transactions, particularly the repeated movement of 14,477 ETH to Coinbase, suggest a notable shift in the crypto landscape.

25,000 #ETH (55,145,281 USD) transferred from #Bitfinex to unknown wallethttps://t.co/H6ui23edLb

— Whale Alert (@whale_alert) January 23, 2024

The impact of these transactions on Ethereum’s future remains uncertain, but everyone should take precautions. 

Such substantial movements to major exchanges like Coinbase can influence market liquidity and potentially signal that significant holders aim to sell, affecting prices in the short term. 

While ETH looks bearish on the chart, investors aiming to increase their portfolio holdings with little money should grab the latest memecoin SPONGE V2 on sale. 

Ethereum Alternative – Sponge V2

>>>Visit Sponge V2 Presale<<<

Sponge V2, the upgraded version of the famous meme coin Sponge (SPONGE), is set to make waves in the crypto market. Sponge V2 aims to enhance the user experience by introducing features such as staking rewards and play-to-earn options.

These additions make the Sponge system more engaging and beneficial for its users.

Grab Sponge V2 Tokens at $0.001009: Exciting Features, Rewards, and Potential Growth. 

The price of the sponge V2 tokens is $0.001009 each before the official launch. It’s super cheap and easy to buy right now. Early buyers not only get a good deal but also earn rewards.

Crypto experts and top publications are talking about it, adding credibility.

After Sponge V1’s success, Sponge V2 aims for significant growth. Past presales did well, and the positive crypto market vibe hints at a bright future for Sponge V2.

There are 150 billion Sponge V2 tokens for play-to-earn, game development, marketing, staking rewards, bridged SPONGE tokens, and CEX liquidity.

They have a cool play-to-earn game with free and premium versions. You can earn SPONGEV2 tokens and climb the leaderboard. Sponge V2 plans to beat other meme tokens like Pepe.

The post Ethereum (ETH) Finds Support at $2,158 After Long Bearish Ride, Time to Buy the Dip? appeared first on The Tech Report.

The crypto market continues to decline as Bitcoin struggles between $40,000 and $39,900 today. Also, the Fear and Greed Index shows that investors’ sentiment remains neutral at 48.

Despite the slump, some altcoins still record impressive gains today based on strong community support and developmental activities.

This downtrend for Bitcoin and some other cryptocurrencies confirms that the sellers are in control of the crypto market. Therefore, another positive news event is needed to force a price recovery.

Nevertheless, the top gainers today rally based on community support and exciting trends in their ecosystem. 

Keep reading to find their possible price moves in the coming days, as detailed below.

Akash Network (AKT) – The Open-Source Cloud Network

AKT has overcome bearish pressure to rally in the past 24 hours based on exciting developments in its community. According to the founder, Greg Osuri, on X – the network surpassed 10,000 units in CPU supply, marking a historic milestone for Akash.

CPU supply on Akash has reached a new milestone of over 10,000 units for the first time in Akash's history.

The winner of the competition who correctly guessed the time to reach this milestone will be awarded 1,000 $AKT and will be announced shortly.

Source:… https://t.co/Y31gD6qy9Q pic.twitter.com/Nme4blHH2Y

— Greg Osuri ⟁ d/acc (@gregosuri) January 22, 2024

This confirms the platform’s growth and increasing demand for its services. Also, it shows that it has expanded in adoption and utility in the crypto community. 

Following the announcement of the CPU supply milestone, an exciting competition was launched.

Participants who correctly guessed how long it would take for Akash to achieve the milestone stand a chance to win 1,000 $AKT. The winner will be announced soon, creating excitement in the community.

These milestones have proven vital to Akash Network’s growth today.

The surge in CPU supply signifies heightened usage and adoption of the Akash Network, reflecting a growing user base and increased activity on the platform. Such developments contribute to a positive market sentiment, attracting attention from investors and enthusiasts alike.

As a top gainer, Akash’s performance is not only reflected in its market value but also in the innovative solutions it provides. The network’s ability to reach and surpass significant milestones demonstrates its competitiveness and potential for sustained growth in the dynamic cryptocurrency landscape. 

As of 7:47 am EST, AKT is trading at $2.71 with a 15.19% increase in the last 24 hours. Furthermore, its market cap is up by 14.67%, sitting above $613.8 million.

AKT Retests Support Level and Continues Above – Can The Next Impulsive Move Last?

In the chart above, the last two candlesticks show a retest of the price at the support level of $2.30. This suggests an impulsive move to the upside, triggering a continuation of higher highs and higher lows.

Again, the coin is trading above its 50-day and 200-day SMA, signaling a bullish market trend.

Thus, there’s a strong likelihood for AKT to push upward in the coming days. In the chart above, its Relative Strength Index (RSI) is pointing upward from the 50.67 mark, suggesting increased buying activities in the market today. 

If this buying pressure remains strong, the RSI could spike to the overbought zone (above 70). 

However, since the crypto market is unpredictable and deviates from expected behaviors, a dip can occur, pushing the neutral RSI to the oversold region (below 30). 

Nevertheless, AKT is trading near its horizontal and dynamic support levels, which means buyers are very active.

If there should be a halt in the price rally, then it could occur at AKT’s value nears the resistance at $3.35. Given the distance before this price is reached, the coin is prone to hit new prices in the coin days.

Blur (BLUR) –The Unique NFT Marketplace

BLUR has displayed impressive price gains in the past 24 hours, deviating from the general market slump. Despite price volatility this week, the buyers have returned to force a recovery.

According to Lookonchain data, an influential trader, Machi Big Brother, sold $APE tokens to buy $BLUR.

Machi Big Brother continues to sell $APE and buy $BLUR!

He started buying $BLUR on Nov 23, 2023 and has bought a total of 11.8M $BLUR($6M) at an average price of $0.51 so far.

Since August 2, 2023, he has bought 6.12M $APE($9.34M) from #Binance and #DEX at an average price of… pic.twitter.com/jJdH38B1ga

— Lookonchain (@lookonchain) January 16, 2024

The trader started buying BLUR on November 23, 2023, and has purchased a total of $11.8 million BLUR worth 6 million dollars. This purchase is likely boosting BLUR’s price performance.

Also, BLUR draws massive interest from the NFT community, holding almost 80% of NFT trading volume in December 2023.

Remarkably, the Blur NFT marketplace has a 24-hour trading volume of $25.34 million and over 4,420 active traders today. This confirms massive interest from the crypto community in the Blur NFT marketplace, with over 8,780 transactions processed today.

On the daily chart, BLUR attempts to rally as it faces pressure from the sellers.

BLUR is Facing Pressure from the Sellers. Will the Rally Continue?

BLUR has found support at $0.63 as it attempts to rally above its nearest resistance level of $0.67. Despite the red candle formed today, the upper wick shows that the buyers are still active and determined to sustain the ongoing rally.

Also, the Relative Strength Index (RSI) indicator is in the neutral zone, displaying a value of 57.23 and dropping. This implies that the price of the asset can go either way.

As such, a break above 60 for the RSI will confirm a bullish recovery. Additionally, the Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a bullish signal.

However, the fading Histogram bars hint at a possible rejection at the $0.67 resistance level and a retracement. Therefore, BLUR exhibits price volatility, and traders must watch out for the close of today’s candle to determine its next possible moves.

Sponge V2 (SPONGEV2) – The Return of The Community Token With Staking Rewards

10 exchanges not enough? #SpongeV2 will be listed on BIGGER AND BETTER exchanges!

You’re not ready for what’s coming next #SpongeV2 #MemeCoin #Presale pic.twitter.com/LdXRYu65Z8

— $SPONGE (@spongeoneth) January 23, 2024

While most tokens in the market show price volatility, SPONGE V2 is another alternative for investors. Sponge V2 is the relaunch of the successful $SPONGE project, which has more utility and a vibrant community.

>>>Visit Sponge V2 Presale<<<

The goal is to absorb the damp (liquidity) and give investors who missed out on the 2023 rally a second chance.

Remarkably, Sponge V2 relies on a Stake-to-Earn (S2E) mechanism to reward its users. Also, $SPONGE users who staked their tokens do not need to worry, as they can bridge their tokens to the new V2 staking pool.

Sponge Close to 6 Billion Staking Milestone Confirming Investor Interest

Sponge V2 relies heavily on staking to reward its holders. Presently, over 5.81 billion tokens have been staked at an APY of 278%, which is high compared to other staking ecosystems.

Users who purchase their SPONGEV2 tokens from the official website have their tokens automatically staked.

Staking will likely preserve the long-term value of SPONGEV2 tokens and control inflation due to excess circulation. Meanwhile, Sponge V2 developers have added utility to the ecosystem with a Play-to-Earn (P2E) game model.

So, users can earn SPONGEV2 tokens by playing this game.

Also, they can swap the SPONGEV2 tokens for game credits, which gives the token utility and further increases its value.

Crypto Analysts Confirm Sponge V2 Potentials

Sponge V2 received glowing reviews from the crypto community, with analyst Jacob Crypto Bury reviewing its long-term potential. According to the analyst, it will likely give investors up to 50X returns, similar to the success of version 1.

Sponge V1 raced to a $100 million market cap in a short while with limited utility and a strong community. So, with the improvements in Version 2, it will likely match and surpass the performance of Version 1.

Conclusion

The slump in Bitcoin is a reflection of the volatility in the general crypto market. Although the market value has dropped, some investors will likely see this decline as an accumulation phase. 

As such, the general market sentiment remains neutral as buyers and sellers compete for control. Nevertheless, investors must apply caution and proper risk management to avoid major losses since the crypto market is volatile.

The post Top Crypto Gainers on January 24 – AKT and BLUR appeared first on The Tech Report.

The US Securities and Exchange Commission (SEC) has taken another worrisome step in its legal battle with Ripple Labs. In line with the proceeding of the SEC vs. Ripple case, the securities regulator has filed a reply supporting its motion to compel.

The SEC released the letter on January 23 as its brief reply.

SEC Files Brief Reply to Support its Motion Over Ripple

SEC demanded that Ripple should produce its audited financial statements for two years, between 2022 and 2023. Moreover, the expects the blockchain firm to release its post-complaint contracts regarding institutional sales. 

Also, the regulator demands a response from Ripple on an interrogatory regarding its earnings from institutional sales of XRP. However, the proceeds details will cover from December 2020, when the SEC filed the complaint.

A prominent attorney, James Filan, took to the X platform to relate the progress of the case.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its Reply in Further Support of its Motion to Compel.https://t.co/XsJkh6H6g8

— James K. Filan (@FilanLaw) January 24, 2024

According to the post, the SEC cited some reasons for the court to grant its motion to compel against Ripple in its letter. Notably, the blockchain company had opposed its previous demand.

According to the regulator, Ripple’s argument on time constraint is “spurious.”

The SEC countered the notion supporting the irrelevance of post-complaint facts in deciding the remedies litigation. The SEC mentioned that courts usually apply post-complaints facts when resolving matters related to violation of securities laws.

Again, the regulator pointed out some counter-actions the commission could take if the court approves Ripple’s withholding of post-complaint contracts. It mentioned that the commission would also fail to provide relevant evidence in the remedies’ litigation.

Part of the letter read:

Judge Torres is permitted to consider the full deterrent effect of any penalty and whether to ‘send as strong a message as possible to the investment community’ that securities violations will not go unpunished.

The Remedies Phase Of The SEC Vs. Ripple Case

Currently, the SEC vs. Ripple case is in the remedies-based discovery stage. The court has set the conclusion on February 12, 2024. According to the legal schedule, a filing phase is to commence from March 13 to April 29.

Also, the two parties would move on and file their remedies-related briefs.

During the next stage, the parties would debate for and against a corrective measure of penalty for the defendant. The entire argument focuses on Ripple’s potential violation of the securities laws via its institutional sales of XRP. 

The amount of institutional sales on debate hovers around $770 million. There’s the possibility of a declaration that will mandate Ripple to pay a fine worth the amount. 

Before now, some prominent legal experts such as Attorney John Deaton thought the fine against the firm could be lower than $200 million.

However, another prominent XRP YouTuber, Zach Rector, cited different conditions in the lawsuit. He projected that Ripple could pay over $3 billion as a fine if the SEC wins the case.

The post SEC Files New Motion Seeking Ripple’s Financial And Sales Records appeared first on The Tech Report.

XRP price dropped sharply in the last few days as traders began shortening the tokens. Its value has declined from $0.60 to $0.5, confirming pressure from the sellers. XRP trades at $0.51 as the sellers continue to dominate the market.

It has lost around 16% of its gains this month due to various factors.

What Factors Support XRP’s Downtrend?

The leading factor is the general drop in prices of crypto assets due to Bitcoin’s decline. Also, selling pressure reduced the global crypto market cap by over $130 billion this week. 

Notably, the approval of Spot ETF products led to a temporary rally that saw a massive inflow from investors. However, the initial excitement faded, leading to a sharp decline in price.

BTC selloff from whales hoping to cash in on the ETF rally caused this downtrend. 

The absence of a spot XRP ETF is another issue likely leading to this decline. Rumors on an XRP ETF spread widely close to the Bitcoin ETF approval decision.

SCOOP: @BlackRock has no plans for a spot $XRP ETF, according to people with direct knowledge of the matter story developing

— Charles Gasparino (@CGasparino) January 18, 2024

This was because some experts believe that XRP has legal backing to apply for an ETF after proving that it is not a security. These rumors began in November 2023, when a fake BlackRock iShare XRP ETF filing appeared. 

However, it was labeled as false since no official filing regarding such ETFs has been made to date. Consequently, the delay in applying for an XRP ETF might have contributed to a drop in investor interest, leading to a slump in XRP’s value. 

XRP Whales Selloff, Developments, and Market Sentiments Also Aiding Price Slump

XRP whales dumping the asset contributed to the decline. These whales sold off their assets, causing price volatility for XRP. 

One of the most significant selloff events for XRP in 2024 occurred on January 22 after a whale transferred 29.1 million XRP to the Bitstamp exchange. Often, traders transfer assets to exchanges to sell them. So, this action was likely a short trade from the whale.

Also, Santiment data revealed that balances of wallet addresses holding between 10 million and 100 million XRP declined. Furthermore, the current market sentiment and underdevelopment of the XRP ledger also influence XRP’s price action.

According to lawyer Bill Morgan, the XRP ledger issue should not be ignored anymore. 

I think this is one of @MoonLamboio’s most important YouTube segments. It is a must listen. The issue of the extent of development on the XRP ledger is a critical issue. The XRP community needs to move on from explaining its disappointment with XRP price action with facile…

— bill morgan (@Belisarius2020) January 21, 2024

As such, Morgan urged the XRP community to stop blaming XRP’s price dip on their legal issues over the years. Based on that, another X user, Anders, suggested that the best thing to attract developers to the XRPL is boosting its capacity to build different applications. 

Also, Anders stated that proposals such as an Automated Market Maker (AMM) are vital to XRP’s progress. Overall, these factors contribute to the current price decline of XRP.

The post Four Factors Likely Contributing to XRP Price Decline appeared first on The Tech Report.

XRP has recorded significant price declines over the past few weeks. The Ripple coin has lost 11.3% of its price in the last seven days, now trading at $0.51 with a 4.9% 24-hour decline.

Amid this bearish outlook, crypto analyst and chartist Ali Martinez has identified a buy signal on the XRP 3-day Chart using the TD sequential indicator.

Despite the increased sell-off, Martinez sees the ongoing price decline as an accumulation phase, believing Ripple will rebound soon. 

Ali Martinez Remains Bullish on XRP

#Ripple Market Insight: The TD Sequential has proven its accuracy in forecasting $XRP's movements on the 3-day chart. Currently, it's showing a buy signal, suggesting that #XRP could be gearing up for a rebound. pic.twitter.com/IqfjM0LksJ

— Ali (@ali_charts) January 22, 2024

Ali Martinez remains optimistic about XRP’s chances to recover from its slump. He noted that the TD sequential indicator has proven accurate in predicting XRP’s movements on the 3-day chart. 

Also, the TDZ sequential indicator identifies possible trend reversals and continuation patterns dependent on the sequence of candlesticks. According to Martinez, the indicator now displays a buy signal, which implies that Ripple could be close to a price recovery. 

This prediction tallies with a previous forecast by the same analyst earlier this month. In the forecast, Martinez said XRP’s price action since June 2022 appears to be in an ascending parallel channel. 

He said Ripple could rise to the channel’s middle or upper boundaries, $0.0 and $1.10, respectively, if this pattern persists.

From this perspective, the governing pattern behind #XRP price action since June 2022 appears to be an ascending parallel channel.

If this pattern continues, $XRP could make its way toward the channel's middle or upper boundaries, which currently sit at $0.80 and $1.10,… pic.twitter.com/kCKHEFZQWe

— Ali (@ali_charts) January 8, 2024

The analyst identifies a buy market for XRP based on its possible rise in the coming weeks. However, the retracement in the broader crypto market could create mixed signals for XRP investors, but investor sentiment remains neutral today. 

But there’s still some good news for the XRP community. Crypto exchange Gemini announced plans to offer XRP perpetual contracts to the public soon. This perpetual contract will allow traders to speculate on the future price of XRP without concerns about an expiration date.

If this comes to fruition, XRP could witness a surge in demand, resulting in a price uptrend. Interestingly, large investors have already started bagging XRP. Whale Alert noted the movement of some XRP tokens by some whales as they enter an accumulation phase. 

XRP Under Bearish Pressure; Will the $0.50 Support Hold?

XRP has formed three consecutive red candles on the daily chart between January 21 and 23. It faces stiff resistance at the $0.53 price level today, with the bears attempting to force a decline below $0.50.

Ripple remains below the median band of the Donchian Channel (DC), a bearish signal hinting at a further decline. 

Additionally, the Relative Strength Index (RSI), now in the oversold region, with a value of 29.66, confirms that sellers are dominant. Despite the bearish signals, Ripple is poised for a reversal in the coming days.

Moreover, the long lower wick on today’s candle suggests that the buyers are still active and trying to force a rally at $0.50. Since Ripple is already in the oversold region, it will likely rebound at the $0.50 support to rally in the coming days.

However, if the $0.50 support level fails to hold, further price decline is possible. 

The post Analyst Identifies Buy Signal with Indicator On XRP 3-Day Chart appeared first on The Tech Report.

The retracement in the crypto market continues today with a 3.3% decline, moving the total market cap to $1.64 trillion. Bitcoin has dropped below the $40,000 support level, and most cryptocurrencies have shed their gains, signaling further declines. 

The Bitcoin ETF approval may have triggered a sell-off in the market, and analysts believe investors are cashing out on ETFs. 

Market volatility is high, and prices can go either way. Moreover, the crypto Fear and Greed Index is neutral at 50, showing indecision among investors. Nevertheless, some altcoins have recorded impressive gains in the last 24 hours due to their strong community support. 

More facts about these top gainers and their possible price moves are detailed below. 

Sui (SUI) – The Proof-of-Stake L1 Blockchain 

SUI records slight gains today despite market volatility. Its strong community and ecosystem developments continue to support its price gains. One of the factors supporting SUI’s gains is the Design Staking Aggregator that is live on the Sui Network. 

BIG NEWS: Desig Staking Aggregator is now live on @SuiNetwork!

Unlock effortless staking with Desig:

One-Click Staking: Simplify your investments.
Expert Scorecard: Dive into analytics.
Smart Dashboard: Real-time metrics at a glance.

Explore now pic.twitter.com/tDJhswBJrE

— Desig | Omnichain Multisig Wallet (@DesigLabs) January 20, 2024

With Design Staking Aggregator, users can access one-click staking, the smart dashboard, and an expert scorecard for analytics. Additionally, Design Labs is hosting a staking tournament on Sui with a 5000 SUI price pool to be distributed among winners. 

Furthermore, Sui network has surpassed Cardano to become the number two non-EV< chain based on its TVL. This is quite impressive for the network just eight months after launching its Mainnet. 

Another interesting event is SUI’s inaugural global conference in Paris, France, tagged Sui Basecamp. 

This event will take place between April 10 and 11 and gather builders, businesses, and communities that support Sui. Unfortunately, despite the positive developments, SUI still faces bearish pressure on the daily chart as sellers dominate the crypto market. 

SUI Under Pressure From Sellers: Will It Drop Below $1.02?

SUI has formed two Doji candlesticks on the price chart as the buyers and sellers continue to battle for dominance. After a decline between January 20-21, it found support at $1.02 as it attempts to break above the $1.13 resistance level.

However, there is little pressure from the buyers to overcome the resistance at $1.13. Another indicator to watch is the relative strength index (RSI) indicator in the neutral zone, which displays a value of 53.97.

The RSI sideways movement confirms traders’ indecision in the market.

The daily chart readings show that the Moving Average Convergence/Divergence (MACD) indicator has dropped below its signal line. This is a sell signal confirmed by the red Histogram bars. 

SUI will likely trade in a sideways trend in the coming days before resuming its uptrend. However, if the $1.02 support fails to hold, a further decline will occur. 

Chiliz (CHZ) – The Home of SportFi

A major player in web3 infrastructure for entertainment and sports, Chiliz, is creating a buzz in the cryptocurrency world as of January 23. 

Their primary layer-1 blockchain for sports has achieved a milestone by surpassing 10 million recorded transactions, marking a significant moment in history. 

Chiliz Chain, the Layer-1 Sports Blockchain, has passed its first 10 million transactions.

Have a look at all transactions https://t.co/S8N2ZvTkbT#ChilizChain $CHZ pic.twitter.com/lKWwoIG9IA

— Chiliz ($CHZ) – The home of SportFi (@Chiliz) January 17, 2024

Furthermore, there’s news about a node upgrade on Chiliz Chain nodes, introducing a Spicy Validator Node. In simpler terms, Chiliz is making big strides in the sports and entertainment crypto space.

The blockchain has processed over 10 million transactions, indicating a growing and active user base. 

Additionally, the node upgrade, especially with the introduction of a Spicy Validator Node, suggests improvements in the network’s capabilities and security. Considering this notable milestone and upgrade on its infrastructure, Chiliz could attract more attention and confidence from investors. 

As a result, the coin has surged by 1.73% to $0.095 as of 8:22 am EST. Additionally, the trading volume in the last 24 hours has shot up by 55.35%, sitting above $158.6 million.

CHZ Rallies Toward Historically Respected Supply Zone – Can It Break Out?

In the chart above, CHZ is forming a green candlestick today, showing an increase and persistent buying pressure for traders in the market. Also, it is consolidating within a zone that has served as a resistance in the past days to months.

Again, the candlestick pattern formation on that chart poses a Bullish Harami signal suggesting that CHZ’s rally could break this resistance zone to the top, restarting new series of higher highs and higher lows.

Based on the candlestick pattern in the last 8 days, CHZ’s rally could form a “W” pattern, hinting at a push into the supply zone and a break out above it.

To support this bullish sentiment, the coin is trading above its 50-day and 200-day Simple Moving Average, which serves as dynamic support levels for the trend. Again, the Relative Strength Index (RSI) is at 54.71, pointing upward to the overbought region (above 70). 

If buyers uphold their strength throughout today and in the next few days, CHZ could break above the critical supply zone.  However, failure to break out could trigger a dip or reversal to the downside.

At this point, it’s advisable to adopt adequate risk management strategies along with strategic trade setups to make the most of the potential movements.

Sponge V2  ($SPONGEV2) – The Return Of The Community-Focused Token

#SpongeV2 is heating up

We’re not stopping until we find all the damp $SPONGE #CryptoCurrencies #100x #Bullish #Uniswap #Coinbase pic.twitter.com/2VItrw9epZ

— $SPONGE (@spongeoneth) January 23, 2024

Sponge V2 is the rebranded version of the original $SPONGE that enjoyed massive success and interest from the crypto community. This project creates a fun and utility-driven ecosystem for its community with the opportunity to earn exciting rewards. 

Staking is the bedrock of Sponge V2, which brought massive success when version 1 was launched in 2023. Also, SPONGE was a major driver of the market rally during the memecoin season of 2023, posting impressive gains. 

Staking Vital To Earning Massive Rewards With Sponge V2

>>>Visit Sponge V2 Presale<<<

Sponge V2 continues with the staking model to reward its holders and preserve the long-term value of the tokens. Remarkably, the rewards are distributed at an APY of 300%, and over 40% of the total supply is dedicated to staking rewards. 

After the official launch of SPONGEV2, the first token, $SPONGE, will no longer be supported. So, the Stake-to-Bridge model ensures that $SPONGE holders convert their tokens through staking and earn rewards. 

Sponge V2 Play-to-Earn Game Adds Utility To The Ecosystem 

Most memecoins struggle to find real-world utility and application. However, the Sponge V2 developers have added a Play-to-Earn (P2E) game that adds fun and engages the community. There will be a free and paid version of the new Sponge P2E game.

For the paid version, users can make use of the SPONGEV2 tokens to purchase game credits. So, the Sponge V2 launch is set to become another hot crypto topic in 2024, with the success enjoyed by version 1 and its race to a $100 million market cap. 

If you’re interested in the opportunities available, SPONGEV2 tokens can be easily purchased from the official website.

Bitcoin Minetrix (BTCMTX) – The Mining Solution for Exciting Rewards

>>>Visit Bitcoin Minetrix Presale<<<

The Bitcoin Minetrix presale has successfully gathered over $9.1 million, showcasing strong support and interest from investors in the Bitcoin cloud mining project. 

With the presale approaching its end, there’s a limited time for investors to seize the opportunity to buy $BTCMTX tokens at the current appealing price of $0.013.

The excitement in the market is evident as the presale progresses, and real-time data reveals a substantial surge in investments, reaching a total of $9,112,738. This conclusive stage is anticipated to enhance the token’s value further, presenting early investors with a potentially profitable chance. 

The possibilities of price increases add to the appeal, creating opportunities for investors to capitalize on potential gains.

Bitcoin Minetrix is Garnering Momentum – Can It Continue After Presale?

Bitcoin Minetrix stands out in the thriving Bitcoin-related crypto market, especially with the Bitcoin spot ETFs. What sets it apart is its innovative approach to Bitcoin mining, aiming to democratize access to block rewards and address the growing centralization in the mining industry.

We're approaching the conclusion of Stage 21, with only 3 days remaining!

Have you ever faced any regulatory hurdles or challenges related to #Bitcoin mining? pic.twitter.com/56zuTkdUo4

— Bitcoinminetrix (@bitcoinminetrix) January 23, 2024

Amid the backdrop of an all-time high Bitcoin Hash Rate, Bitcoin Minetrix provides a decentralized solution to counteract the increasing centralization challenge.

It introduces an innovative cloud mining approach, allowing retail investors to participate in Bitcoin mining rewards profitably, even in the face of high network difficulty levels.

The platform’s stake-to-mine feature, set to launch soon, enables investors to stake their $BTCMTX tokens and benefit from a current 140% APY. So, users can earn additional tokens from the stake-to-mine feature.

These earnings are used to acquire mining credits, which can be exchanged for BTC cloud mining credits.

So, $ BTCMTX has massive potential due to its innovative mining model. Moreover, BTCMTX’s low presale price allows investors to earn a profit when it lists on exchanges and rises in value. 

Notably, BTCMTX will likely benefit from the upcoming Bitcoin Halving in April 2024, where mining rewards will be reduced and difficulty will increase.  

Conclusion

The rally in December 2023 made investors accumulate cryptocurrencies, leading to an uptrend in the market. Unfortunately, the crypto market has retraced in the past week as more investors close long positions hoping to grab profits. 

If Bitcoin rises above $40,000 in the coming days, then the rally will likely resume for the altcoins. Notwithstanding, crypto investors must apply proper risk management and research to avoid severe losses. 

The post Top Crypto Gainers on January 23 – SUI and CHZ appeared first on The Tech Report.

The crypto market is still battling with bearish pressure as most assets record significant price declines. Among these, Shiba Inu has slipped off the $0.0000090 level while struggling to prevent further dips from $0.0000089. 

Amid the market tension, the European crypto exchange, Bitvavo, moves 4.2 trillion SHIB tokens. Subsequently, the massive volume has raised eyebrows among market participants as it coincides with SHIB’s drop to $0.0000089.

Bitvavo Tranfers 4.2 Trillion SHIB Tokens

Data from the on-chain transaction tracker, Whale Alert, revealed the recent transfer on Bitvavo. The transaction involves the movement of a whopping 4.2 trillion SHIB coins worth $37.95 million between two anonymous wallet addresses on Bitvavo at 16:15 UTC on January 22.

4,276,568,835,013 #SHIB (37,950,271 USD) transferred from unknown wallet to unknown wallethttps://t.co/Bw1yGOBvGw

— Whale Alert (@whale_alert) January 22, 2024

This substantial SHIB transfer emerged among the top Shiba Inu transactions of the day. There are no clues depicting the motive behind the huge SHIB movement. However, some believed that it could relate to satisfying withdrawal requests from whale investors.

On the other hand, there’s a probability that the fund movement is just between two big Bitvavo clients holding such a large amount of Shiba Inu.

While reacting to the situation, an X user, known as Crypto Signals, threw in a different opinion. He thinks that the transfer reflects significant engagement for the Shiba Inu ecosystem.

The user stated:

Interesting transaction indeed, signifying significant movement within the SHIB ecosystem. It demonstrates the intricate web of anonymous wallet transfers, highlighting the complexities of crypto networks.

Interesting transaction indeed, signifying significant movement within the SHIB ecosystem. It demonstrates the intricate web of anonymous wallet transfers, highlighting the complexities of crypto networks. Exciting times for those immersed in the world of decentralized finance.…

— Crypto Signals (@CryptoSignalsU) January 22, 2024

Despite the revolving opinions regarding the recent SHIB transaction, it’s not a total surprise on Bitvavo. Notably, the exchange has completed a similar massive volume before now. Moreover, Bitvavo has earned its place as a prominent crypto exchange with the highest EUR trade volume in 2023, according to KaikoData.

With a total of over €34 billion, Bitvavo surpassed Kraken (at €25 billion) and Binance (at €20 billion). Also, the trading volume of the SHIB/EUR pair on Bitvavo represents 0.56% of the exchange’s total trade volume within the past day.

Shiba Inu Struggles As Prices Move South

Shiba Inu moves in tune with the prevailing bearish momentum in the broader crypto market. Though SHIB struggled to defend the $0.0000089 critical mark, the rising pressure from the bears is pushing against its anchor.

As of 05:20 AM EST on January 23, the price of SHIB trades at $0.000008605, indicating a price drop of 5.51% over the past 24 hours. Moreover, its market cap is currently at $5.07 billion, with Shiba Inu slipping to the 17th position, according to CoinMarketCap’s crypto ranking.

The downward movement has lingered for some days as the token saw a 10.92% decrease over the past seven days. Conversely, SHIB has recorded a surge of 30.93% in its trading volume, taking the value to $155.8 million.

This confirms the recent increase in whale activities within the meme coin’s ecosystem.

The post Crypto Exchange Bitvavo Moves About 4.2 Trillion SHIB ss Price Falls to $0.0000089 appeared first on The Tech Report.

DOGE displays price volatility in the past 24 hours, mirroring the retracement in the general crypto market. This retracement is the post-ETF approval slump, which affected top cryptocurrencies such as BTC and Ethereum. 

After its decline to $0.07 between January 19-20, it returned to $0.08 on January 21. However, the rumored integration of Dogecoin as a payment solution on X is likely driving its slight gains today. 

Dogecoin Price Action Today

Dogecoin briefly rallied over the weekend after speculation of an X payment integration spread online. However, it faces volatility in the last 24 hours. Its price at 5:36 a.m. EST is $0.082, with a 5.1% decrease in the last 24 hours.

This is a reflection of the general crypto market, with most cryptocurrencies shedding their gains. 

Nevertheless, if the X payment integration takes place, then a massive rally will likely occur for DOGE.  Notably, DOGE rose by 12.8% to hit a 7-day high early on January 20 before a retracement. 

Also, crypto trader Skew gave a bullish analysis of DOGE’s performance after the creation of the XPayments account. 

Skew’s Projection for Dogecoin Moving Forward?

In the recent post on X, Skew remarked on DOGE’s pump after the creation of an XPayments account. He believes that the increase is based on the market sentiment that X will integrate Dogecoin as a payment option. 

$DOGE Market / Narrative thread, in partnership @_WOO_X $DOGE 4H
Nice pump after the creation of the @XPayments account, which tells me the market is once again speculating that X will integrate doge as a payment option

Nice momentum here still however price needs to properly… pic.twitter.com/y7pISQD4b7

— Skew Δ (@52kskew) January 21, 2024

Secondly, Skew noted that DOGE has built a nice momentum but must reclaim the one-week pivot ($0.087) to be considered an uptrend. Additionally, he stated that more perpetual trading volume was noted than spot volume.

Skew advised investors to look out for some indicators such as spot leading price and spot limit bid on dips. Furthermore, the trader analyzed the previous rally from Dogecoin related to X.

However, he noted that the Dogecoin logo was eventually removed, and the market rally was not sustained. 

So, according to Skew’s analysis, for Doge to rally again, the market needs a stronger narrative, and it must reclaim key price levels. Also, there must be higher spot flows to support the perpetual speculation, and its four-hour (4H) chart trend must be sustained. 

Will Dogecoin Recover Soon?

DOGE formed a Maribozu candle on January 20 as the buyers rallied to trade the news. However, its price has declined to lower lows in the past two days, forming two consecutive red candles. 

DOGE faced rejection at the $0.088 resistance level as the buyers failed to sustain its price momentum. 

Currently, the sellers are mounting pressure to move the asset below the $0.078 support, and a drop below it could cause further decline in the coming days. DOGE is trading below the median band of the Donchian Channel (DC), which is a bearish sentiment hinting at a further decline. 

The Relative Strength Index (RSI) indicator confirms this sentiment, dropping below the neutral zone to a value of 47.60. Also, the RSI indicator is moving downward, which confirms that DOGE will likely retreat to the oversold region below 30 in the coming days. 

The daily chart confirms that DOGE is in a bearish phase and will likely decline further in the coming days. However, if the $0.078 support holds, then it will act as a price pivot to support a break above $0.088. 

Therefore, traders should watch out for the close of today’s candle for confirmation of DOGE’s next direction. But while DOGE struggles with volatility and speculation, Sponge V2 provides investors with a utility-driven investment opportunity.

Dogecoin Alternative For Exciting Rewards – Sponge V2

Sponge V2 is the relaunch of the popular memecoin project $SPONGE after its massive success in 2023. The reason for the relaunch is to give investors another chance and to improve the quality of the ecosystem. 

Sponge V2’s return created excitement in the crypto community based on its potential and the past success it has recorded. 

Staking Adds Value To $SPONGE Tokens

$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.

Don't miss out, join the takeover! #SpongeV2 #Web3 #Alts pic.twitter.com/GMhqAnTehI

— $SPONGE (@spongeoneth) January 19, 2024

Despite the relaunch of Sponge V2, one thing remains unchanged – staking. Sponge V2 staking gives users an easy way to migrate their old $SPONGE tokens from the V1 staking pools to V2 staking pools to receive Sponge V2 as a reward. 

Also, new investors who purchase the tokens will have their tokens automatically staked in the V2 pools. 

With an APY of 300%, the staking feature presents an opportunity for investors to earn exciting rewards. Impressively, over 5.39 billion tokens have been staked as more investors purchase the token ahead of its listing on top exchanges. 

Play-To-Earn (P2E) Game Adds More Fun To Crypto Community

>>>Visit Sponge V2 Presale<<<

Also, the Sponge V2 game, the P2E Racer, will launch soon, creating fun in the community. Investors can earn more $SPONGE tokens from the weekly gameplay, which serve as additional rewards. 

According to the whitepaper, there will be a free and paid version of this P2E game, where users can opt to play for free or purchase game credits. 

Based on past performance, some analysts believe that SPONGE could repeat its past success based on its additional utility. Although $SPONGE is not affiliated with Nickelodeon or the Sponge Bob Square Pants franchise, it still boasts of a supportive community.

 Interested investors can purchase $SPONGE tokens easily from the official website using any of their preferred payment options.

The post DOGE Shows Volatility as General Market Retreats – What’s Next? appeared first on The Tech Report.

Shiba Inu has recently recorded an increased buying spree through the activities of some crypto whales. An Ethereum address has scaled up its portfolio by purchasing over 606 billion SHIB tokens in a series of transactions. 

The whale’s accumulation is coming amid the downtrend in the broader crypto market.

Ethereum Whale Makes A Massive Move On Shiba Inu

According to data from Etherscan, an Ethereum address purchased a staggering 606.36 billion SHIB coins recently. The Ethereum whale resurfaced after being dormant for a long time.

Notably, the address’s first purchase of Shiba Inu dates back to two years ago, when it acquired 200 billion SHIB coins.

By reappearing now with a massive accumulation, the whale has attracted the attention of both SHIB fans and traders. The whale’s data revealed it completed the purchases through multiple transactions.

In line with the current prices in the market, the SHIB tokens were worth almost $5.9 million.

Following its latest accumulation, the Ethereum address currently holds 733.2 billion SHIB tokens in its portfolio. The total Shiba Inu holding is worth about $6.79 million based on the market price.

Further, the recent purchase has placed SHIB as the second-largest holding in the whale’s address.

Meanwhile, Ethereum (ETH) maintains the top position in the total holdings.

The surprising aspect is that the whale has engaged in minimal sales of the meme coin over the past two years. To date, the address remains anonymous without any clue to show the identity of the entity running it.

However, in-depth investigations show some unique patterns in its portfolio. The whale transferred a certain amount of its SHIB holdings to another address.

The second account now has over 1 trillion SHIB coins worth about $9.2 million. Some speculations indicate a possible connection with a retail investor or high-profile fund focusing on SHIB investment.

In its early record, the address got 36 billion Shiba Inu coins from a top crypto exchange, Coinbase.

Price Decline Sparked The Rising SHIB Whale Activity

Data from the on-chain data tracking firm IntoThe Block revealed a recent growth in SHIB whale activity. The data highlighted that whales seemed to accumulate the token as the price dropped within the past few days.

Further, the data indicated that whales transferred over $158 million worth of SHIB within the past seven days.

The rising whale accumulation could suggest that prices declined to a region they considered favorable for increasing their holdings. For instance, as of 06:05 AM EST today, January 22, SHIB trades at $0.0000091, indicating a 4.28% drop over the past 24 hours. 

Also, its seven-day price action showed it plummeted by 6.35%. Moreover, the trade volume dropped by 13.57% to hit $123.15 million. From all indications, the whales buy the dip to accumulate many tokens before another price increase. 

The post Ethereum Whale Accumulates Shiba Inu In Billions – What Does it Mean For the Token? appeared first on The Tech Report.

The XRP price growth has become a topic of debate within the crypto community. The court’s ruling on July 13, 2023, awarded the token a distinct classification as a non-security. Notably, XRP’s price gained massively after the partial win, as its community expected, but soon retraced. 

Instead of continuing the uptrend, the token resumed the sluggish trend that has characterized its market for some years. Unfortunately, XRP’s prolonged poor performance has become a concern for many people. 

As a result, some crypto experts have explored the factors limiting the token from a substantial rise, as investors expect.

Experts Analyze XRP’s Price Trajectory And Its Dull Performance

Moon Lambo posted a video demanding a straightforward assessment of XRP and the present state of its ecosystem. Morgan gave his opinion in response to the video.

Looking at XRP’s five-year dull price trend, some crypto personalities analyzed factors that could be causing it.

The leads in this investigation include YouTuber Moon Lambo and pro-XRP Bill Morgan. According to Morgan, the XRP community must put aside some crude explanations regarding XRP’s underperformance.

These include pointing accusing fingers on the Ripple vs. SEC lawsuit or the Ripple Escrow token release.

The attorney stated:

The XRP community needs to move on from explaining its disappointment with XRP price action with facile arguments blaming the SEC v Ripple lawsuit or the Ripple escrow.

Further, Morgan called the army to become more open-minded to the situation. He maintained that it is time for everyone to be honest about XRP and its price movement.

In his video, Moon Lambo explored XRP’s journey and adoption rate by comparing the trends in other prominent blockchains.

The YouTuber focused on the development activities in his analysis. Moon Lambo referred to data from Developerreport.com in his comparison. As of ending of 2023, the crypto space has 22,411 monthly active developers. From the figure, 12,363 are part-time developers, while 6,889 are full-time.

Moreover, there are about 3,159 one-time developers in the industry. The statistics revealed that Ethereum is the top performer in development activities.

The blockchain boasts 7,864 active developers, consisting of 2,392 full-time. Impressively, Ethereum developers completed 58,117,360 commits as of December 31, 2023.

Polkadot (DOT) and Polygon (MATIC) developer ecosystems came after Ethereum. Their number of developers ranges in thousands, respectively.

However, the story differs for XRP as it stayed at the bottom of the list, having 45 blockchains ahead of it.

According to the data, the XRP Ledger (XRPL) had only 45 full-time developers, while its monthly active developers were 136. Based on Lambo’s analysis, XRP is lagging in development activities compared to other blockchains in the industry. This could also be affecting its price movements. 

The post Experts Highlight Striking Reasons That Limit XRP Price Growth appeared first on The Tech Report.

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. 

Scaling on Manta with @CelestiaOrg underneath.@mantanetwork is the first L2 on Celestia, enabling the network to uniquely deliver significant gas fee savings to users. https://t.co/tEeeGfGXvz

— 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

>>>Visit Sponge V2 Presale<<<

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.

Don't miss out, join the takeover! #SpongeV2 #Web3 #Alts pic.twitter.com/GMhqAnTehI

— $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

Get ready to absorb more DAMP! #Web3 #Crypto #AltcoinSeason pic.twitter.com/4YghSPit8e

— $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 

>>>Visit Bitcoin Minetrix Presale<<<

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.

Conclusion

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. 

The post Top Crypto Gainers on January 22 – MANTA and FXS appeared first on The Tech Report.

Cardano’s price is facing a tough situation as it slips below the 50-day Simple Moving Average (SMA). Not just ADA, even the entire crypto market is at a loss, down by more than 3%. Looking at the current trend, ADA is likely falling to $0.39. That’s a whopping 20.4% decrease from its present value of $0.49.

Despite this, ADA is still very bullish in the long term. This might be the time to buy the dip before the upcoming rally.

Cardano Price Recent Movement 

Looking at the daily chart of ADA, its price has been going down for the past few weeks. The coin has made several attempts to break above this descending channel but failed due to the bearish pressure.

On December 28, the price broke out from this trend, but the momentum was too weak. The price dropped from $0.67 to a low of $0.47. 

On January 09, the market changed trend and rose to $0.6. Unfortunately, the price also tanked again. According to CoinMarketCap, ADA is down 16% over the past month. Also, in the last seven days, the bears have still been in control, forcing a drop of 13.66%.

As of 7:29 a.m. EST today, January 19, the ADA price is $0.49, a decrease of over 3% in the past 24 hours. Nonetheless, there’s still hope for this coin to rise in the coming week. A top crypto analyst is super bullish on the coin if this happens.

Insights from Analyst Ali Martinez Point to Promising Trends Ahead

#Cardano's current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP

— Ali (@ali_charts) January 19, 2024

Crypto expert Ali Martinez thinks Cardano (ADA) might see a big boost soon. He believes there’s a similarity between how ADA is behaving now and what happened in late 2020. 

Looking at the past, Martinez suggests that if things go the same way, ADA could start going up again around April. His analysis indicates that if this pattern repeats, Cardano’s price might go up to $0.80 first, then correct a bit to $0.60, and finally shoot up to an impressive $7.

Cardano’s Whale Movement Surges to $13 Billion – Its Impact on ADA Price

Cardano whales have been quite active for the past few months. $13B in large transactions (>$100k) is being settled on Cardano daily on average. A significant amount, if you compare it to Ethereum's $5B 7-day average. pic.twitter.com/8rjeQZaonU

— IntoTheBlock (@intotheblock) January 18, 2024

Recently, IntoTheBlock posted on X that Cardano is experiencing a notable surge in activity. The tracking platform shared that ADA whales are making impressive transactions totaling $13 billion. 

This movement is noticeable, especially when compared to Ethereum’s seven-day average of $5 billion. 

This means that Cardano’s big transactions are much bigger than what Ethereum is doing in the same timeframe. It hints at a potentially significant shift in the behavior of big investors in the Cardano ecosystem.

Cardano Price Analysis: Technical Indicators Suggest Mixed Signals

Cardano has remained stuck in a descending channel on its daily chart for several weeks now. This downward-sloping pattern indicates ADA still faces bearish sentiments in the short term. ADA also trades below its 50-day moving average line currently.

Falling under this key average means ADA lacks the upside momentum needed to change the prevailing downtrend. However, the 200-day moving average sits below ADA’s price right now. Maintaining positions above this long-term average signals ADA has support and interest in higher timeframes.

The RSI indicator for ADA has also plunged near 30 into oversold territory. Oversold conditions indicate ADA has recently become extremely undervalued. This can foreshadow a potential reversal as the price picks up again. Overall, ADA faces mixed signals currently.

The descending channel and 50-day average positioning reflect near-term weakness. But the 200-day average and oversold RSI suggest an upside bounce could emerge.

If ADA breaks its channel to the upside and convincingly reclaims the 50-day average, it would confirm that the bulls have retaken control.

That would likely spark a sustained new uptrend. However, more extended declines look possible until clear trend change signals appear. If the channel and oversold RSI cannot spark an ADA relief rally, bears may dominate for a while longer.

But while ADA struggles, investors could diversify to a trending meme coin right now to maximize the emerging opportunity for more gains. 

Cardano Alternative: Sponge V2 

>>>Visit Sponge V2 Presale<<<

The first Sponge token became very popular in 2023. Based on this, its market value increased very fast to over $100 million in just a few days. Surprisingly, the team behind this project has decided to create a more advanced version called the Sponge V2.

This new version wants to replicate the success story of the previous one.

Currently, the project is on presale, and interested people can buy it at a very low rate. The project is not just looking to grow substantially; it plans to make things even better by developing exciting features.

These features will make Sponge V2 to be very much helpful in the community.

Sponge V2 Presale Offers Chance to Invest Early

The new token Sponge V2 is currently in its presale phase. Right now, the price is just $0.000824. Of course, this price is now very affordable for an average individual. 

Following the success of Sponge V1, the V2 version expects massive growth, too.

That might not be an easy task, but with what’s in the pipeline, it’s possible to achieve this. Early investors also gain lucrative staking rewards. To join the presale, visit the official page and buy with ETH, USDT, or a Card.

The post Cardano (ADA) in Trouble as Price Drops Below 50-Day SMA – Time to Buy the Dip? appeared first on The Tech Report.

The retracement in the crypto market continues today with a decline of almost 2%, dropping the total market cap to $1.72 trillion in 24 hours. BTC almost dropped below $40,000 before rising above $41,000, showing price volatility.

This bearish outlook has influenced most altcoins to shed their gains in the last 24 hours. Also, the crypto Fear and Greed Index is neutral at 51, showing indecision among investors today. 

Nevertheless, some altcoins still record gains due to massive community support and trust from investors. 

Find more details about today’s top gainers below. 

Render Token (RNDR) – The Artistic Token for Creators 

Render Token (RNDR) has emerged as a top gainer in the cryptocurrency market, showcasing notable gains and a surge in trading volume. 

As of the latest data on CoinMarketCap, RNDR’s price has experienced a 1.6% increase to $4.22, making it a noteworthy performer in the current market conditions. 

Simultaneously, the 24-hour trading volume has risen by 23%, surpassing $172.4 million as of 7:09 am EST. One of the intriguing factors contributing to RNDR’s impressive growth is the presence of a substantial quantity held by a prominent wallet address on Etherscan. 

This address currently holds an impressive 154.8 units of RNDR, equivalent to a staggering $659.8 million. Large holdings can exert considerable influence on a cryptocurrency’s market behavior.

In the case of RNDR, the substantial quantity held by a single address suggests confidence or strategic interest in the project. 

This confidence could attract more investors and drive up demand for RNDR. The scarcity effect of a limited token supply, coupled with a strong belief in the project’s prospects, may have contributed to positive market sentiment fuelling the ongoing price surge.

RNDR Consolidates Around Critical Support Level – Can it bounce? 

The chart above depicts the price movement of the Render Token against the United States Dollar in a daily timeframe. RNDR is now a few pips below the 50-day Simple Moving Average (SMA), suggesting a bearish market momentum throughout today. 

Also, it has formed a bearish, engulfing candlestick pattern that suggests a further downtrend as sellers remain dominant in the market. The coin is trading between its support and resistance levels at $3.6355 and $4.5944, respectively.

This indecisive market movement suggests that the strength of the market contenders will determine the trend of the market.

If the sellers uphold their strength, pushing RNDR down, it could hit the $3.6355 support level and break below it. On the other hand, the resistance at $4.5944 could cause its price to stall once the level is approached.

Additionally, RNDR’s RSI is below 50 and moving down to the 49.75 mark.

If sellers remain active throughout the weekend, then the RSI could fall below 30 into the oversold region. However, the coin is still above its long-term moving average (200-day SMA), which means the overall market trend is still bullish in the longer term.

As a result, RNDR is likely to get a few dips before reversing to the bullish trend.

Again, its support at $3.6355 could attract buyers to enter low, triggering a bounce once the price touches that level. Given the mixed signals on the RNDR market, it’s advisable to adopt appropriate risk management practices to make the most of your trading decisions.

Sponge V2 (SPONGE) – The Return Of The Fun-Themed Crypto Project 

>>>Visit Sponge V2 Presale<<<

$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.

Don't miss out, join the takeover! #SpongeV2 #Web3 #Alts pic.twitter.com/GMhqAnTehI

— $SPONGE (@spongeoneth) January 19, 2024

Sponge V2 has continued to make waves in the crypto sector as more investors join this exciting relaunch. According to a post on X, SPONGE has reached a new milestone with over 5.39 billion tokens stake valued at $5.23 billion. 

These tokens were staked at an APY of 300%, with each token worth $0.0009663, which is an 18% increase. Based on this migration and relaunch, users must re-stake their SPONGE tokens from the Version 1 staking pool to Version 2. 

Also, users who buy the tokens now have their tokens automatically staked in the Version 2 staking pool. So, interested users can swap their USDT or ETH for $SPONGE or purchase the tokens using a bank card.

Staked V1 tokens will be replaced with the equivalent amount of V2 tokens as a starting bonus. 

 Play-to-Earn Model Adds Utility To Ecosystem 

Get set to explore the unique #PlayToEarn game in #SpongeV2!

Play, enjoy, and earn $SPONGE!

Visit our website to get involved before it's too late. #P2E #Bullish #MemeCoin #Web3 pic.twitter.com/bI8DLlgfA9

— $SPONGE (@spongeoneth) January 16, 2024

Sponge V2 introduces a Play-to-Earn (P2E) game model to boost utility in its ecosystem. Users can earn Sponge V2 tokens directly from gameplay, making it an exciting and rewarding experience. 

Sponge V2 is not associated with Nickelodeon or SpongeBob SquarePants but hopes to create a unique identity of its own. Users who purchase the tokens early are at an advantage as the price will likely increase after its listing. 

Bitcoin Minetrix (BTCMTX)

>>>Visit Bitcoin Minetrix Presale<<<

Bitcoin Minetrix (BTCMTX) emerges as a promising project poised to address critical challenges in the cryptocurrency space. Thus, it poses an attractive prospect for investors looking toward the future of crypto. 

The project strategically targets one of the most pressing issues in the industry – the environmental and financial concerns associated with Bitcoin mining.

One of the primary issues facing the crypto community is the excessive energy consumption of data centers used for mining, particularly for leading cryptocurrencies like Bitcoin.

Secondly, the rising costs associated with mining have made it a prohibitive endeavor for many individuals, contradicting the decentralized ethos of cryptocurrency. 

Bitcoin Minetrix (BTCMTX) steps in as a solution to these problems, offering a unique approach that sets it apart in the evolving landscape of digital assets.

Growth Drivers for BTCMTX Token

Unlike the conventional narrative where Bitcoin mining occurs predominantly in large data centers, Bitcoin Minetrix seeks to reinstate decentralization. 

The project aims to make Bitcoin mining accessible to a broader audience, ensuring that individual control over assets is not compromised due to the barriers created by high operational costs.

The project introduces mining credits as non-transferable ERC-20 tokens obtained by exchanging staked BTCMTX tokens. These credits serve a singular purpose – to burn in exchange for mining time or a share of mining yields. 

This approach not only enhances individual control but also ensures a more sustainable and cost-effective way to mine Bitcoin, aligning with the broader goal of making crypto environmentally friendly.

What further sets Bitcoin Minetrix apart is its innovative use of a stake-to-mine system, combining the concept of cloud mining with staking mechanisms. 

Investors can stake BTCMTX tokens, giving them three options: they can sell their tokens after unstaking, hold onto them for an attractive annual percentage yield (APY) currently standing at around 74%, or opt to mine.

The success of Bitcoin Minetrix’s token presale, having raised over $8.8 million, is a testament to investor confidence in the project’s potential and revolutionary solutions. 

The enthusiastic response from investors underscores the belief that Bitcoin Minetrix could emerge as a significant earner in 2024, making it a compelling investment opportunity in the dynamic and rapidly evolving cryptocurrency landscape.

Conclusion 

Another consolidation phase is ongoing in the crypto market as prices of most assets decline. Nevertheless, some investors are focused on the long-term prospects of cryptocurrencies and their utility. 

If Bitcoin recovers in the coming weeks, it will likely trigger a positive performance among altcoins in the market. However, the ongoing trend once again confirms that cryptocurrencies could be risky assets that require proper assessment and risk management. So, investors should be on their toes as usual. 

The post Top Crypto Gainers on January 19 – RNDR, SPONGE V2, and Bitcoin Minetrix appeared first on The Tech Report.

The tides seem to have turned for Bitcoin miners as they witness the highest Bitcoin sales. Bitcoin miners have moved into selling mode as they offload over 10,000 BTC tokens in a single day on January 17.

Subsequently, the miner reserves hit the largest daily decline, accounting for a new yearly low.

Bitcoin Miners Initiate The Selling Stage

Data from the on-chain analytics site CryptoQuant revealed that Bitcoin miner reserves plummeted by 10,233 BTC on January 17. The decline came through massive sales from the miners, which amounted to more than $450 million.

Notably, miners often undergo stages of accumulation and sales of mined tokens.

The 2023 Bitfinex report indicated that miners started accumulating BTC from the middle of last year. During this period, Bitcoin prices and profitability were quite low. Historically, miners often swing into the selling phase once there is a considerable increase in prices and profitability, as seen in recent months.

Miners want to sell off coins to furnish cash flow or partake in price hikes. Prominent crypto personality Ali called attention to the recent changes in a January 17 X post. He noted that Bitcoin miners scaled up their selling activity significantly within 24 hours on January 17.

#Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by #BTC miners. In just the last 24 hours, they've offloaded nearly 10,600 $BTC, valued at approximately $455.8 million! pic.twitter.com/JEtasWfR6N

— Ali (@ali_charts) January 17, 2024

Within the past few days, the price of Bitcoin has been hovering between $42,000 and $43,000. Interestingly, Bitcoin miner reserves have reached 1.83 million tokens,  the lowest since July 2021. The value still proves to be quite substantial, worth nearly $78 billion, according to current market prices.

Other Related Details About Bitcoin Miner Reserves

Within the past twelve months, Bitcoin miner reserves dropped by 22,800 BTC. However, the overall reserve value has maintained relative stability since the beginning of 2021.

The Bitcoin Miners’ Position Index (MPI) initiated a gradual spike on January 15, with data from CryptoQuant showing a potential selling phase could kick off soon.

Notably, the MPI is a factor that measures the ratio of total miner outflow to its 12-month moving average of cumulative miner outflow. Recently, the CoinShares Mining Report highlighted that some Bitcoin mining companies like Riot, Cleanspark, and TeraWulf have stepped up their games.

They are viewed as the best-positioned to tackle the remarkable cost rise and implications that could emerge after BTC halving events in April or May.

Further, data from Bitinfocharts showed a decline in the average hash rates that hit the lowest points since October to approximately 400 exahashes per second. 

Moreover, many of the big mining sites in Texas have taken steps to secure energy for the state. Recently, they shut down some of their operations, considering the prevailing winter.

Reacting to the situation, an X user, Dennis Porter, noted that the BTC hash rate has dropped below the 30-day average. 

Porter stated:

Bitcoin hash rate plummets below 30-day average as #Bitcoin miners across the USA give back energy to balance the grid.

HUGE: #Bitcoin hashrate plummets below 30 day average as #Bitcoin miners across the USA give back energy to balance the grid. pic.twitter.com/TFvoZpkYfX

— Dennis Porter (@Dennis_Porter_) January 18, 2024

The post Bitcoin Miners Swing Into Selling Mode, Disposing $450M Worth of BTC Within A Day appeared first on The Tech Report.

Following a moderate correction in the broader crypto market, Sui (SUI) is making waves as its price sees sudden 5% gains today, January 17.

While the token has been performing excellently well over the past few days, surging over 115% to $1.40 from $0.62 in December, the rally stalled, and SUI reclined to $1.2.

However, in the early hours of today, a new bullish wave kicked in, pushing SUI above $1.32, with a 5% increase from a daily low of $1.26.

While many attribute the surge to a substantial spike in Total Value Locked (TVL), investors are optimistic about a continued ascent, with SUI eventually testing $2.

But can this happen soon? Let’s explore the possibilities.

SUI Price Action

Over the past two months, the Sui Network has enjoyed a bullish ride. After a period of slow movement, the coin embarked on an upward movement. Between November 20 and December 22, SUI’s price was trading around $0.68 – $0.50. 

However, on December 24, the buyers added more momentum, and $SUI surged, increasing by more than 60% to touch $0.92. This parabolic move aligned with the hype around the broader crypto market.

But, still, the vertical spike quickly lost momentum, and $SUI lost some gains, declining to a low of $0.70, about a 30% decrease.

The coin remained this way till the first week of January 2024 before increasing 72% to $1.42, following a dramatic surge that began on January 10. This range allowed SUI to establish a new baseline while preparing its next move.

But SUI once again struggled to exceed resistance around $1.50 during the rally attempt.

It topped out and shed 15% just as quickly, down to $1.23. Despite the volatility in this coin, it’s still up by over 115% in the last month. Also, $SUI has recorded an increase of more than 20% in the past seven days. Right now, Sui cryptocurrency is valued at $1.24. 

SUI Fight to Build Bullish Traction Following Rally Rejection

Presently, SUI is testing support around $1.20, an area pivotal in preventing further declines. However, if selling overwhelms $1.20, SUI may fall toward the $1.00 to $0.90 zone. 

This lower range represents a key area on the chart from where SUI previously saw significant price action. 

When assets leave imbalances like gaps in price history, they tend to revisit those areas later on. So, if $1.10 fails, SUI may fill the $1.00 – $0.90 imbalance before finding buyers.

On the positive side, SUI still trades above its 50-day simple moving average, currently around $0.82. This key average should act as support on any extended pullbacks, helping slow selling momentum. 

Additionally, SUI’s RSI reading sits at 66 after the swift spike upward. This shows that SUI rapidly entered overbought territory on its sharp climb. In all, while SUI shows short-term weakness after its rejected rally, some key levels offer foundations if declines worsen. 

However, until SUI can build sustainable upside momentum, risks remain elevated.

SUI Network TVL Hits New High – What’s Next?

Sui’s total value locked (TVL) has increased significantly over the past year. In mid-2023, the TVL was below $12 million, but just a month into 2024, it has soared past $360 million.

Although SUI’s TVL is still below giants like Ethereum and BSC, it has surpassed some notable players.

This just in – Sui flipped #BTC in TVL and now ranks 13th among all chains, per @DefiLlama!

Sui broke through the $300M mark in the process, just 48 hours after passing $250M.

It's no surprise when you see some of the incredible milestones Sui DeFi builders are achieving. pic.twitter.com/4bdPO8st40

— Sui (@SuiNetwork) January 14, 2024

For instance, Bitcoin’s TVL currently stands at $298.8 million, making SUI’s TVL significantly higher than that of Bitcoin. This significant increase in TVL demonstrates the network’s maturity and could positively impact SUI’s price.

An increased influx of liquidity into the SUI network may attract more investors, potentially fueling an uptrend for the SUI coin. 

SUI Alternative, Sponge V2, Captures Massive Attention

>>>Visit Sponge V2 Presale<<<

Investors looking to diversify with coins with high upside potential may consider Sponge V2 as a worthy SUI alternative. Even though it’s new in the crypto space, Sponge V2 is already making waves.

As an upgraded version of the well-known meme coin Sponge (SPONGE), Sponge V2 has the potential for greater success than its predecessor.

Moreover, Sponge V1 grew rapidly to $100 million in market cap after a few days of launch, fetching massive gains for early investors. However, unlike Sponge V1, Sponge V2 isn’t just a valueless meme token.

It has a gaming feature that allows users to compete in races to earn rewards.

It also uses a staking model, where token holders can earn attractive APY by locking their SPONGE coins. The staking system has big potential, giving those who stake their tokens a good yearly return for the next four years. This makes SPONGE tokens more useful for owners.

Also, there is a stake-to-bridge feature that allows holders of the original V1 token to move to Sponge V2 by staking their SPONGE coins.

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

Get ready to absorb more DAMP! #Web3 #Crypto #AltcoinSeason pic.twitter.com/4YghSPit8e

— $SPONGE (@spongeoneth) January 18, 2024

Over 5.1 billion V1 tokens are already staked in the platform, and more could be underway, given the popularity.

Sponge V2 has received endorsement from notable crypto personalities, including YouTuber ClayBro, with over 116 subscribers, who believe it to be among the top coins to invest in 2024. Visit the official website and purchase SPONGE coins using USDT, ETH, or a bank card.

The post Sui (SUI) Surges 5% As Market Witnesses Moderate Correction – Will It Hit $2 Soon? appeared first on The Tech Report.

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.

Enshrining decentralized data delivery in a dual role with network validation is what makes Flare the Blockchain For Data.https://t.co/bJF9yX7GrX pic.twitter.com/oGySMD4vVq

— 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 

>>>Visit Sponge V2 Presale<<<

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!

GO GO GO! #CryptoStaking #SpongeV2 #Web3 pic.twitter.com/3TF0HZIT9k

— $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

>>>Visit Sponge V2 Presale<<<

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

>>>Visit Bitcoin Minetrix Presale<<<

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

>>>Visit Bitcoin Minetrix Presale<<<

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.