Top Crypto Gainers on October 12 – LOOM, FXS, And GALA
The crypto market has declined even further in the last 24 hours, with a total market cap of $1.08 Trillion.Bitcoin's tumble to the $26,000 price level has pushed altcoins like Ethereum down. The Fear and Greed Index has moved from neutral to fear, likely supporting the decline.
Furthermore, the Wall Street Journal revealed that the Hamas terrorist organization has received millions in crypto donations. This report likely raised concerns among investors on the potential risks of cryptocurrencies.
Nevertheless, some cryptocurrencies still record price gains despite the bearish outlook, standing out as the top gainers today, October 12. Also, popular crypto analyst Ali Charts believes that BTC will only recover if it can rally to $28,233.
But before that, let's check the crypto assets topping the charts today.
Loom Network (LOOM) - The Service Portal
LOOM is up by 11.0% today, October 12. At 6:312 a.m. EST, the coin price is $0.22. Impressively, it is up by 43.6% in the last week, confirming massive buying pressure for the token. One of the factors driving LOOM's gains is its listing on the Gate.io crypto exchange.
https://t.co/8kWqgEeplL New Listing: @loomnetwork
Trading Pair: $LOOM / $USDT
Trade: https://t.co/whRS1ml9pQ
Details: https://t.co/IbFUHqArsQ #Gateio #Newlisting #LOOM pic.twitter.com/nYLmW2ZmJY
- Gate.io (@gate_io) September 25, 2023
According to the announcement, LOOM was listed on the exchange on September 25 to start trading. The exposure to the numerous traders on the exchange is leading to massive price gains for the token.
Also, Gate.io will benefit from the LOOM Network's multi-chain ability. It connects seamlessly to major blockchains such as Ethereum, BNB Smart Chain, and Tron.Furthermore, users can deploy their dApps on the Loom Network Basechain to reach a larger user base.
Interestingly, LOOM Network has no gas fees and a low block confirmation time ranging between 1-3 seconds.These benefits are likely driving more investors to the ecosystem, leading to an uptrend on the daily chart since September.
LOOM In Overbought Zone Yet Buyers Continue Accumulation
LOOM is in an uptrend, starting its rally from September 19 till date, forming the sixth consecutive green candle on the 24-hour chart, implying that the buyers are in an accumulation phase.In addition, LOOM has found support at the $0.19 price level, and today's candle tests the $0.21 resistance.
Also, the Relative Strength Index (RSI) indicator displays a value of 82.1 in the overbought zone and is still rising. Despite being in the overbought zone, LOOM buyers are still actively accumulating the tokens.Also, the MACD shows there is a strong buy signal in the market, and this is further confirmed by the Histogram bars.
Although the indicators are bullish, a slight retracement will likely occur in the coming days for consolidation. However, expect the uptrend to continue if LOOM breaks above the $0.21 resistance level.
Frax Share (FXS) - The Fractional-Algorithmic Financial Solution
FXS trades at $5:49 today, October 12, at 6:33 a.m. EST, with a 3.0% price increase in the past 24 hours. However, it encountered pressure from the sellers in the last seven days, losing 2.1% of its price gains.
One of the factors driving FXS gains is the launch of sFRAX that occurred on October 11.
Today is the launch of $sFRAX.
People will be able to stake their $FRAX and earn Tbill yield on it, similar to $DAI's DSR.
Yield is likely to start of at ~10%.
Details about Frax working with Paypal & Paxos are coming soon
It has never been a better time to accumulate $FXS. pic.twitter.com/KCpM5aS5Zi
- Grills (,)
(@CryptoGrills) October 11, 2023
With this launch, users can now stake their $FRAX tokens to earn Tbill yields similar to $DAI. Also, the yield will start at approximately 10%. Furthermore, details of Frax Share's upcoming partnership with PayPal and Paxos will be unveiled soon.
According to StableScarab, after the sFRAX launch, the frxETH v2 and Fraxchain launch are expected to follow. Also, they noted that Frax spent most of 2023 in development activities, with the results likely to be released in a few months.
FrxETH v2 is an upgrade that will boost decentralization, offer dynamic rates, and increase lending capital efficiency. This upgrade will likely attract more node operators to the ecosystem.
Furthermore, another upgrade will focus on Frax Governance, likely affecting FXS market value.
The frxGov will give complete control to FXS holders, thus decentralizing the protocol and boosting on-chain governance.Meanwhile, Fraxchain is also in development, and it is a unique roll-up with innovative market pricing.
While its Testnet is expected by the end of 2023, the Fraxchain Mainnet launch will likely be in 2024. These positive developments are aiding FXS's rally on the daily chart.
FXS Crypto Attempting to Break Above The $5.55 Resistance Level As Buyers Rally
FXS found critical support at $5.12 as buyers began to re-enter the market for a possible accumulation phase.Also, the upper wick of today's candle is testing the $5.55 resistance, and a break above it will confirm an uptrend for FXS.
In addition, FXS approaches the Median Band of the Donchian Channel (DC), confirming that the buyers are active.Furthermore, the RSI indicator rises from the neutral zone and displays a value of 51. If the RSI's value increases to 60, it will likely move to the overbought zone.
FXS will likely rally in the coming days if it breaks above the $5.55 resistance level.
GALA (GALA) - The Top Quality Blockchain Gaming Platform
Today, October 12, at 6:36 a.m. EST, GALA's trading price is $0.013, representing a 1.9% increase in the past 24 hours. However, on the weekly timeframe, GALA shows signs of retracement with a 9.8% decline.
GALA's slight gains today could be attributed to the interest in its community for the long-anticipated The Walking Dead Empires AMA session.
1/
Here is everything you need to know about @TWDEmpires AMA that just happened, by @GoGalaGames pic.twitter.com/SuhPVogQqL
- smilinmonster (@smilinmonstr) October 12, 2023
According to a community member, the next playtest for The Walking Dead will go live on November 8.Some upgrades have been added, such as the weapon ability is now linked to its rarity and ranking.
Farming is also developing and will be included in the game in the future. Features such as Dungeons will be added after November 8 in the coming months.Those who do not own Web3 land plots will start on the common land and level it up.
Also, if you own an NFT land, you can build on it immediately.Users can also sell weapons as scrap in the market and purchase Gold through in-app purchases in the Gala store.Gold can be utilized to purchase scrap from other players and other items to be included.
Dead Coin will also be a soft token in the playtest mode, and users can earn it by ranking high on leaderboards. The Coin will be used for various activities, such as crafting stations and buying Gold.
Meanwhile, NFTs must be bridged to the Gala chain and will likely go live next week.
Also, players will be given daily tasks to complete, and building in a higher rarity land gives access to more tasks.The anticipation for this AMA led to slight price gains on the daily chart. However, the sellers forced a retreat for the asset on the daily chart.
GALA Buyers Hesitant as MACD Shows Fading Buy Signal
GALA attempted a rally in the last 24 hours. However, the sellers are intent on limiting its price gains, evident from the long upper wick of today's candle.GALA found support at $0.013 but faces stiff resistance at $0.014, which has limited its price gains since October 6.
The RSI indicator displays a value of 40.9, rising out of the oversold region as the buyers rally again. Nevertheless, traders can open new long positions if the RSI gets to 50.The MACD indicator drops below its signal line, displaying a fading buy signal. Also, the green Histogram bars fade as the sellers mount pressure.
Notably, GALA needs more buying pressure to break above the $0.014 resistance. It will likely retrace to the oversold region in the coming days if the $0.013 support level fails to hold.While the crypto market displays some price volatility, users can turn their attention to Meme Kombat, an exciting crypto project.
Meme Kombat (MK) - The Utility Ecosystem For Crypto GamersMeme Kombat is a creative project that gives memes additional utility in a competitive battle mode.Remarkably, it operates on a secure Ethereum network and benefits from its security. It aims to give users an exciting experience with blockchain-based gaming.
MK Token Ongoing Presale Confirms Rising Investor InterestYou feel that?
That's the sweet sound of $MK soaring to the moon
Big week ahead of us memers
- Meme Kombat (@Meme_Kombat) October 11, 2023
MK is the token driving this revolution and is on presale, with each token worth $0.1667. With over $473,000 raised out of its target of $1 million, MK presales are attracting the interest of investors.
Users can purchase the MK tokens with ETH or USDT once they connect a reliable crypto wallet to the official website.Remarkably, on October 10, Meme Kombat announced an upgrade to their tokenomics.
According to the update, the new token supply is now 120 million MK tokens, an upgrade from its previous value of 12 million.
PRESALE UPDATE
The team at #MemeKombat are making a minor, yet noticable change to our tokenomics for $MK. We are increasing the total supply by a factor of 10. The new token supply will be 120m $MK tokens
So what does this mean for everyone?
- Meme Kombat (@Meme_Kombat) October 10, 2023
Based on this upgrade, 50% of the total supply (60 million tokens) is for the presale and 30% for staking and battle rewards (30.6 million tokens).10% is for Decentralized Exchange (DEX) allocation (10.2 million tokens), and 10% (10.2 million tokens) for community rewards.
Users who have already purchased MK tokens in the presale will receive 10 times more tokens. However, the value of the tokens and the presale price remain the same.MK token holders enjoy access to automated battle modes, wagering, and staking for passive earnings.
Staking Adds Value To Meme Kombat Crypto Ecosystem
Meme Kombat supports an auto-stake feature to give its users additional rewards. MK tokens are staked automatically from the purchasing wallet to earn extra rewards based on the APY.After the presales, users must stake all their MK tokens for at least one locking period to claim the rewards.
However, users can withdraw all staked tokens after the presale but will forfeit all APY rewards earned during the presale. Remarkably, users can specify a portion of their staked token for betting, another top feature in the ecosystem.
Betting Promotes Interaction in Meme Kombat Community For RewardsMeanwhile, Meme Kombat supports several betting modes to give its users a balanced and satisfying experience.Users can opt for Player Vs Player mode and wager directly against friends or rivals, putting MK tokens on the line.
Also, they can opt for a Player Vs. Game mode where users can compete against the Game's AI or specific in-game events.Next is direct betting, which enables the participant to bet on specific battles or game characters. Prizes are awarded based on the battle outcome.
In addition, there is a Side Action betting mode where users can bet on specific outcomes and battle events, such as the first move.These modes will likely attract more users to the ecosystem and preserve its long-term value.
With the help of the platform's AI, users can place bets in real-time with diverse options and assurance of their outcome.Investors can take advantage of the presale to benefit from a potential price surge after listing.
With MK tokens value close to $2, it will record higher price gains in the coming days.
ConclusionThe top gainers today, October 12, rise above the bearish conditions in the market to rally on the daily chart.Notably, developments within their ecosystem and a vibrant community keep these projects at the top.However, the crypto market is unpredictable, and price gains can easily be reversed.
Nevertheless, investors can opt for different strategies, such as buying presale tokens to diversify their portfolios.They should also conduct proper research before committing to any project and limit risk exposure.
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