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The Elon Mars X value surged greater than 47% over the previous week to commerce at $0.000006088 as of two:00 a.m. EST as buyers guess large on the newly-launched meme coin.
EMX is the most recent meme coin impressed by tech mogul and SpaceX founder Elon Musk. Different meme cash that took inspiration from the billionaire embrace 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 value is presently resting on the 9 Exponential Transferring 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 following threshold at $0.000007462 within the following 6 hours.
Nevertheless, a break under the 9 EMA line within the coming hours might invalidate this bullish thesis. On this various situation, the Elon Mars X value might drop under the 9 EMA line. It is going to then have the 20 EMA line on the hourly chart as its final line of protection earlier than it doubtlessly drops to the following key assist at $0.000004657. In an especially bearish situation, the meme coin might be vulnerable to dropping to as little as $0.000003291 within the quick time period.
Technicals Recommend The Elon Mars X Value Might Right In The Brief Time period
Technical indicators on EMX’s hourly chart recommend the Elon Mars X value might drop within the subsequent few hours. The Transferring Common Convergence Divergence (MACD) indicator exhibits that EMX’s bullish pattern is within the strategy of transitioning to a bearish cycle. That is evident by the MACD line dropping in 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 Power Index (RSI) line is sloped negatively in direction of oversold territory. This can be indicative of sellers rising stronger towards patrons. Lastly, there may be additionally a powerful destructive pattern line that has fashioned on EMX’s hourly chart that the meme coin might want to overcome earlier than it could actually start to rise.
Whereas EMX makes an attempt to interrupt above resistance within the subsequent few hours, Sponge V2 seems to be on observe 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 crew has returned to supply buyers who missed the substantial returns posted by Sponge V1 a second alternative at whopping features with the most recent iteration of the meme coin.
To raised Sponge V2’s possibilities of replicating its prior 100x success, the undertaking’s crew has lined up a number of main centralized alternate listings, whereas additionally introducing a novel play-2-earn racer sport into the meme coin’s ecosystem. This racer sport 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 may also have the ability to earn tokens inside the sport. This not solely provides the meme coin publicity to the rising blockchain gaming sector, but additionally introduces a degree of utility to Sponge V2 that isn’t generally seen in memes coin tasks.
Polygon Migration
📣 Consideration, #SPONGERS!
Right here is a few vital data 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
As a result of safety issues, the Sponge crew 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 undertaking’s play-2-earn racer sport.
On prime of the elevated revenue margins for Sponge avid gamers, there may be additionally a staking program with a gorgeous annual share yield (APY) of 932% on provide. Traders 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 authentic provide.
Sponge V2 could be bought right here.
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