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The Elon Mars X worth surged greater than 47% over the previous week to commerce at $0.000006088 as of two:00 a.m. EST as traders wager large on the newly-launched meme coin.
EMX is the newest meme coin impressed by tech mogul and SpaceX founder Elon Musk. Different meme cash that took inspiration from the billionaire embody Dogelon Mars (ELON), Child Elon (BABYELON), and Elon Musk (MUSK), to not point out Dogecoin (DOGE) and Grok (GROK).
Elon Mars X Value Outlook
1-hour chart for EMX/USD (Supply : TradingView)
The Elon Mars X worth is at the moment resting on the 9 Exponential Shifting Common (EMA) line on its hourly chart because it makes an attempt to problem the resistance degree at $0.000006133. Overcoming this barrier inside the subsequent 6 hours may result in the meme coin rising to the next threshold at $0.000007462 within the following 6 hours.Â
Nonetheless, a break under the 9 EMA line within the coming hours could invalidate this bullish thesis. On this different state of affairs, the Elon Mars X worth could drop under the 9 EMA line. It should then have the 20 EMA line on the hourly chart as its final line of protection earlier than it doubtlessly drops to the subsequent key help at $0.000004657. In a particularly bearish state of affairs, the meme coin might be susceptible to dropping to as little as $0.000003291 within the brief time period.
Technicals Recommend The Elon Mars X Value Could Appropriate In The Quick Time period
Technical indicators on EMX’s hourly chart counsel the Elon Mars X worth could drop within the subsequent few hours. The Shifting Common Convergence Divergence (MACD) indicator reveals that EMX’s bullish development is within the strategy of transitioning to a bearish cycle. That is evident by the MACD line dropping in the direction of the MACD Sign line. An intersection between these two technical indicators could also be a affirmation that EMX has entered a bearish cycle.
Along with this, the Relative Energy Index (RSI) line is sloped negatively in the direction of oversold territory. This can be indicative of sellers rising stronger in opposition to patrons. Lastly, there may be additionally a powerful detrimental development line that has fashioned on EMX’s hourly chart that the meme coin might want to overcome earlier than it may start to rise.
Whereas EMX makes an attempt to interrupt above resistance within the subsequent few hours, Sponge V2 appears to be like to be on monitor to repeat its prior 100x success after it surged greater than 39% over the previous 7 days.
A Potential 100X Alternative
Sponge V1 managed to soar 100x shortly after its launch throughout the 2023 bear market to additionally attain a peak market cap of $100 million. Now, the Sponge workforce has returned to supply traders who missed the substantial returns posted by Sponge V1 a second alternative at whopping features with the newest iteration of the meme coin.
To higher Sponge V2’s possibilities of replicating its prior 100x success, the venture’s workforce has lined up a number of main centralized trade listings, whereas additionally introducing a novel play-2-earn racer recreation into the meme coin’s ecosystem. This racer recreation will are available each a paid and a free model.
Within the paid model, Sponge V2 tokens will have to be used for in-game credit. Gamers can even have the ability to earn tokens inside the recreation. This not solely offers the meme coin publicity to the rising blockchain gaming sector, but in addition introduces a degree of utility to Sponge V2 that isn’t generally seen in memes coin initiatives.
Polygon Migration
📣 Consideration, #SPONGERS!
Right here is a few necessary info to recollect about $SPONGE V2!$SPONGE V1 has formally been discontinued, and V2 has been launched on #Polygon! 🔥
Be taught extra concerning the token particulars under 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Resulting from safety considerations, the Sponge workforce determined to maneuver ahead the date for his or her deliberate migration to the highly-scalable Polygon community. With the migration full, Sponge V2 token holders at the moment are in a position to transact at a lot faster speeds and at a lot decrease prices. This additionally will increase the revenue margins for gamers of the venture’s play-2-earn racer recreation.
On prime of the elevated revenue margins for Sponge players, there may be additionally a staking program with a sexy annual proportion yield (APY) of 932% on supply. Buyers have been scrambling to realize entry to this chance as greater than $10 million has been staked and bridged on Sponge V2’s web site. In token phrases, this quantities to round 8.4 billion tokens, which is nearly 20% of SPONGE’s unique provide.
Sponge V2 may be bought right here.
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