Top Crypto Gainers on January 24 – AKT and BLUR
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 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.
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.
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 InterestSponge 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 PotentialsSponge 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.
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.