The volatility continues to ravage the crypto market as Bitcoin struggles to recover its price form after the spot ETF approval. The fading excitement has provided a reality check for investors as prices begin to decline.
However, BTC formed its first Golden Cross on the weekly price chart, signaling a possible recovery.
While BTC struggles to rally, some altcoins are posting gains on the daily charts today, emerging as the top gainers in the crypto market. These altcoins depend on community and positive developments for their price gains.
Keep reading to find more exciting details about these altcoins and their possible price moves below.
BEAM (BEAM) – The Gaming Ecosystem
BEAM recorded a 7.3% gain on its price in the last 24 hours and 27.4% this week, confirming rising interest from buyers. BEAM has continued to champion innovations in the Web3 gaming sector, providing a review of notable events in the last quarter of 2023.
The state of gaming – Q4, 2023 🕹️
From the leaked trailer of 6 to @Microsoft’s industry-changing acquisition of Activision-Blizzard-King and Epic’s legal victory over Google
A lot has happened in the last quarter of 2023 ✨
Let’s dive in! 🏊♂️ ⬇️https://t.co/MkYxcyjyF2 pic.twitter.com/ZfdaDI8p9x
— Merit Circle (@MeritCircle_IO) January 15, 2024
According to its latest updates, many big shots pushed huge amounts of investments into the gaming sector, wherein BEAM operates, showcasing the increasing interest.
For instance, Microsoft emerged as a top three gaming producer after it acquired Activision-Blizzard King in October 2023. Also, in 2024, Merit DAO invested over $40 million in a collection of early-stage games over two years.
As investors’ interests and commitments increase in the sector, gaming ecosystems like BEAM will likely benefit through massive adoption and demand for its tokens. Meanwhile, on the daily chart, BEAM records impressive gains as more buyers invest in the gaming hype of the ecosystem.
BEAM Testing The $0.022 Resistance Level: Will It Break Above?
BEAM is an uptrend on the daily chart, continuing its positive price form in the last three days. Remarkably, it found support at $0.021 and is testing the $0.022 price level. A break above this level will continue the uptrend for the asset.
Also, BEAM is trading above the upper band of the Donchian Channel (DC), which is a bullish sentiment hinting at a continuation of the rally. Additionally, the Relative Strength Index (RSI) is close to the overbought region above 70, with a value of 62.07.
The RSI is rising, indicating that the buyers are still active in the market. The sentiment on the price chart confirms that BEAM will likely continue to record more gains in the coming days. However, buyers must watch out for a retracement once the RSI indicator enters the overbought region.
WOO (WOO) – The Liquidity Network
WOO Network’s native token, WOO, has experienced significant growth in recent times. The price has surged by more than 17% on the monthly price gain record on CoinMarketcap and is further increasing today by 5.3%.
As of 5:54 am EST, WOO is trading at $0.45 per token and, thus, boasts a market capitalization nearing $820 million.
The surge in $WOO can be attributed to its unique blend of decentralized finance (DeFi) and centralized finance (CeFi) through the WOO Network.
The ecosystem consists of two main components: a centralized exchange providing top-tier price execution, WOO X, and a multi-chain decentralized application (dApp), WOOFi, offering to earn products and an on-chain order book.
Click the link below to start trading on WOO X today 👇https://t.co/vY3e3xwANy
— WOO X (@_WOO_X) January 16, 2024
The driving force behind the pump is the attractive incentives for $WOO stakers. Those who stake $WOO tokens earn a significant 80% of the fees generated by WOOFi. Additionally, stakers on WOO X enjoy benefits such as zero-fee trading and free withdrawals.
The recent market volatility has further boosted the profitability of trading dApps like WOOFi, leading to substantial yields for $WOO token holders. As the yield grows, the ownership of $WOO becomes more desirable, creating a positive feedback loop.
The unique positioning of WOO Network allows it to cater to both institutional clients through its CeFi services and regular clients through its DeFi services.
Experts foresee a resurgence of centralized service providers in the current market cycle, and WOO Network is well-positioned to capitalize on this trend.
Traders, recognizing the potential and benefits offered by WOO Network, are actively bidding on $WOO, contributing to its significant surge in value.
WOO Forms Bearish Double Top Pattern – Where Will It Move To?
The candle sticks pattern in the chart above shows WOO in a slightly ranging market structure. Its horizontal trend is hinting at a potential breakout at the upside or the downside.
However, based on signals on other indicators, WOO could break the market structure, commencing an uptrend in the coming days.
The coin’s price is above its 50-day and 200-day SMA, which serves as dynamic support levels in the market. Also, WOO’s trading price is high above its horizontal support level at $0.375, indicating a level for potential bounce if any dip occurs in the long run.
Moreover, the Relative Strength Index (RSI) is at 58.01, pointing upward.
This movement shows that WOO is approaching the overbought market zone (above 70), which means that buyers are getting stronger and more active than sellers. If this strength is maintained by the buyers, WOO’s RSI will hit the overbought market zone before the weekends.
Conversely, the price action represented on the candles in the last 30 days (December 14, 2023) shows that WOO has formed a double-top candlestick movement.
Given the effect of such a pattern, it’s likely that the increased strength of sellers during the coin’s pullback in the future could trigger a breakout below the support at $0.375.
Besides that, WOO’s overall market trend is bullish, so its price is expected to move uptrend by the next week. However, traders must pay attention to the RSI indicator’s entry into the overbought region as a signal for the next accumulation phase.
Bitcoin Minetrix (BTCMTX) – The Cloud Mining Solution That Works
Visit Bitcoin Minetrix Presale
Bitcoin Minetrix ($BTCMTX) is an exciting project that offers investors access to Bitcoin mining with ease. Currently, BTCMTX has crossed the $8.6 million milestone in its presale.
This confirms massive interest from investors. Bitcoin Minetrix is modern and innovative.
Its cloud mining solution simplifies mining for newcomers to join the process with ease. Additionally, BTCMTX uses a stake-to-mine mechanism and a simple dashboard that allows individuals to stake their tokens in exchange for BTC mining credits.
This unique model makes BTC mining quite easy and enhances security. Also, it protects its users from theft and attacks. Remarkably, Bitcoin mining is made accessible to all miners irrespective of region since they can access cloud mining with ease.
BTCMTX Presale Raising Massive Interest from Investors
Bitcoin Minetrix hopes to create a decentralized market and make mining accessible to users without discrimination. So, users can stake their $BTCMTX tokens, and each is currently worth $0.0129.
With Bitcoin Minetrix, users do not need to sign agreements and are safe from cloud mining scams.
Also, Bitcoin Minetrix provides solutions to retail investors seeking a passive income source, eliminating common risks and mining costs. Additionally, problems such as heat and noise associated with mining are eliminated.
With the rising costs of electricity, BTCMTX provides practical solutions for investors.
Notably, top crypto analysts Austin Hilton and Michael Wrubel endorsed BTCMTX, believing in its long-term potential. Therefore, BTCMTX will likely be one of the breakout tokens of 2024 due to its utility and the rising value of Bitcoin.
BREAKING‼️Global banking giant Standard Chartered says $50-$100 BILLION could flow into #Bitcoin ETFs in 2024 pic.twitter.com/yQobJcs6EA
— Bitcoin Archive (@BTC_Archive) January 8, 2024
Any positive effects on the broader BTC market can potentially boost the value of $BTCMTX, translating into rewarding returns for investors.
So, the Bitcoin Halving will increase mining difficulty, and the Bitcoin Minetrix is well-positioned to help miners benefit from this event.
As the presale progresses and with the potential for a 10X to 50X surge, Bitcoin Minetrix emerges as a profitable and ideal investment opportunity, combining accessibility, security, and growth potential in the ever-evolving crypto space.
Sponge V2 (SPONGE) – The Memecoin with Utility
Visit Sponge V2 Presale
SPONGE V2 has gained 3.1% on its price in the past 24 hours as more buyers rush to accumulate the tokens. The stake rewards are quite unbelievable and are the main attraction point for new investors after the launch of Sponge V2.
After the 100X surge of V1, #SpongeV2 is poised for even greater heights! 🌟
Stake now for 40% + APY! 🚀#AltSeason #MemeCoin #Approved pic.twitter.com/G6w49dODEc
— $SPONGE (@spongeoneth) January 17, 2024
After the success of Sponge V1, Sponge V2 is set for an improved performance in the market, judging from rising investor interest. Users can stake their tokens to earn a share of 40% of the total supply as rewards determined by the APY.
According to the Whitepaper, Sponge V2 seeks to add more utility to the ecosystem with the launch of its Play-to-Earn (P2E) game. Also, the bridging of tokens from V1 to V2 will be done through the staking of $SPONGE tokens.
Any token in the V1 token staking pool must be withdrawn and re-staked in the new staking pool. This is because the V1 staking pool will be closed, and all tokens must be withdrawn.
Additionally, new buyers who do not hold any tokens can purchase them from the official website.
Sponge V2 Hits Important Milestones
After the 100X surge of V1, #SpongeV2 is poised for even greater heights! 🌟
Stake now for 40% + APY! 🚀#AltSeason #MemeCoin #Approved pic.twitter.com/G6w49dODEc
— $SPONGE (@spongeoneth) January 17, 2024
All newly purchased tokens will be staked in the V2 smart contract to secure a share of the V2 token after its launch. Over 5.1 billion tokens are already staked, confirming the rising interest from investors.
Ultimately, the goal is to list Sponge V2 on bigger exchanges and focus on the game development. Also, the Sponge Game app will launch in the future as it enters a race for a $100 million market cap.
Conclusion
The crypto market is relatively stable in 2024, with price volatility noticed in the first few weeks. While Bitcoin’s dominance affects the prices of most altcoins, some others still post price gains based on a strong ecosystem.
Also, the slump in BTC’s price has allowed investors to diversify to other altcoins for short-term gains.
Nevertheless, proper research and risk management are vital to prevent devastating losses. Also, all investors must understand that external factors such as inflation or government policies could affect cryptocurrency prices.
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