Top Crypto Gainers on 4 March – PEPE, BONK, and FTM
The crypto market remains the leading financial market with high risks and rewards. It is subject to market sentiment, investor sentiments, regulatory crackdowns, and the laws of supply and demand.
So, these variables leave the values of the digital currencies within this market in an unending rollercoaster.
The crypto market recorded a dip in market cap and 24H trading volume in the past few days. However, today, March 4, it's boasting 2.43 trillion with an increase of 4.37%. Also, the trading volume is $113.83 billion, up by 24.24 in 24 hours.
Following this positive market state, Bitcoin (BTC), the market leader, and many altcoins are recording remarkable gains in the long run.
We've handpicked some of the top gainers, which are PEPE, BONK, FTM, and SMOG, and we'll explore them for more insights into their growth drivers.
Pepe (PEPE) Ranks #40 with a 72.84% Increase in Marketcap
As one of the top gainers today, Pepe (PEPE) is gaining massively, with numerous investors accumulating a high amount of the token. The coin ranks number 40 on CoinMarketcap thanks to its market cap of $3.12 billion, up by 72.84%.
Also, its 24-hour trading volume is at $3.36 billion, with an increase of 165.89%.
The coin trades at $0.000007433 with a daily 73.12% increase. Without a doubt, Pepe (PEPE) is positioning itself for more investments, given its remarkable gains today.
However, the big questions remain: what are the growth drivers, and how long can they uphold this surge?
The growth drivers behind PEPE's surge are numerous. The coin and some others in the meme coin space recorded a 3000% surge in their weekly volume, according to Santiment.
This massive record hints at a memecoin frenzy that could replicate the 2021 bull run.
#Memecoins, particularly those that have been trending over the past week, have skyrocketed in trading volume due to surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% in the past week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz
- Santiment (@santimentfeed) March 4, 2024
As such, speculations are rising that PEPE could become a top asset in the long run. Furthermore, PEPE recorded a 70% rally as the leading crypto exchange, Binance, extended support for the coin.
This milestone triggered optimism around the coin, making it worth considering among investors in its community.
Including the coin as a trading pair in its platform will foster availability and ease of trade, thus enhancing the user-trading experience. The technical analysis below could help hint at what to expect from the coin.
PEPE's Dynamic Resistance Becomes Dynamic Support - Can Buyers Hold Price Above the Upper Bollinger Band?
In the chart above, the PEPE coin has rallied above the upper Bollinger Band, which marked a dynamic resistance level for the coin in the last nine days. This breakout hints at a potential series of higher highs and higher lows in the coming days to weeks.
As expected, PEPE has significantly swung at the $0.0000075 mark and a low at the 0.0000036 level. Today, it has formed a consecutive green candle stick, indicating increased buying pressure.
Also, its position above the upper Bollinger band poses a support level for buyers to enter, anticipating the uptrend wave.
Moreover, PEPE's Moving Average Convergence Divergence (MACD) is above the signal line with green histogram bars, another solid bullish momentum. As a result, the coin could be targeting $0.0000080 before the weekend.
Irrespective of these positive signals, the price of PEPE could dip in the long run since the Bollinger bands are widening. As such, traders should be alert with adequate risk management practices at hand.
Bonk (BONK) is a Solana-based token with High Profit Potential.
One of the Solana-built coins, BONK, has become a top gainer because of the blockchain's achievements. Today, BONK's price is at $0.00003218, up by 28.65%. Also, it boastsa 121.96% increase in its trading volume, which has sat above $1.17 billion in the last 24 hours.
As the Solana blockchain continues to hit new milestones, Bonk will continue to record new levels in the long run. According to a crypto analytics provider, CryptoSlam, the Solana blockchain boasts 2.2 million individuals buying NFTs and 1.6 million people selling NFTS.
Simultaneously, the overall number of transactions within the NFT space has nearly reached 43 million.Also, from July to October 2023, NFT sales on Solana didn't pass $40 million monthly. But in November 2023, sales shot up to $82 million, a 192% increase from October.
After that, NFT sales kept growing. In January 2024, Solana saw $239 million in NFT sales; by February 23, 2024, it was $161 million. In the last nine months, NFT sales topped $1 billion, totaling $5 billion.
Furthermore, inthe past month, Solana transactions surpassed $951 billion, up 30% from the previous month's $738.8 billion.
Moreover, in early 2024, Solana reported having between 2,500 and over 3,000 active developers monthly for the past year. Following these positive trends and milestones recorded on the Solana blockchain, all coins built on it experience dramatic gains off these milestones.
BONK Rallies for New Heights - Can It Reach $0.00004 Soon?
Bonk (BONK) trades above its Bollinger Bands, an indicator that serves as dynamic support and resistance for the coin's price. As a result of this breakout, the coin has recorded significant gains since February 27.
Today, it's trading above the upper Bollinger band, a dynamic resistance turned support.
Thus, buyers entering the market at this level will trigger more rallies, pushing BONK's price toward the $0.00004 high. Furthermore, the MACD is above the signal line, a bullish momentum.
Also, it has bold green histogram bars, which indicate increased bullish momentum.
As a result, Bonk could reach the expected price level in the coming days. Nevertheless, the market's volatility is seen on the diverging Bollinger bands. For that, traders and investors should stay safe during any pullbacks by adopting adequate risk management strategies.
Fantom (FTM) Gains 30%, Triggering Whale Manipulation Speculation
Fantom (FTM) has seen a significant increase in value recently, hitting its highest level in 22 months. In the past day alone, the coin's price increased by 30.7%, reaching $0.67. Its market cap also shot up to $1.87 billion, making it the 59th biggest cryptocurrency.
During this positive streak, Fantom reached $0.73, a level not seen since May 2022. In addition to its gains, data from Santiment shows that FTM's total open interest (OI) has increased by 183% in the last month.
In the past day, its total OI surged by $48 million, rising from $107.5 million to $155.6 million.
Interestingly, more than 63% of FTM's available supply is held by just four large addresses. Furthermore, the number of whales holding between 1 million and 10 million FTM tokens has increased by 0.8% in the past 24 hours, now holding 10.24% of FTM's circulating supply, according to Santiment.
Though the market shows signs of greed, traders are still optimistic about FTM's future. Can the coin's rally continue without a cool-down? FTM's RSI has been steadily climbing since February 29, reaching 85 at the time of analysis. As such, increased activity from large investors (whales) is recorded.
However, considering this high RSI, the coin is near volatility, and a price cool-down might be expected soon.Nevertheless, through technical analysis, let's see what to expect in the coming days.
FTM Breaks Above Key Resistance and Commences Retracement - Can The New Support Level Trigger a Bounce?
The breakout in the chart above shows the level where FTM's resistance turned support.As with every crypto asset, a retest at the breakout level is expected to confirm the next price trend. The coin has formed a red candle stick, with increased selling pressure pushing the price down.
The Relative Strength Index (RSI) at 79.60 (overbought zone) is plunging.If the selling pressure prevails, the RSI could reach the neutral zone or potentially approach the oversold region (below 30).
In the short term, FTM is bearish as the price faces the consequences of an overbought market RSI.
Traders with a SELL bias could profit from their short positions while riding FTM's pullback. However, considering its crucial resistance has turned support, the price could bounce once it nears $0.56.
As such, traders should adopt proper risk management strategies and profitable trade setups to maximize the coin's price action.
Smog (SMOG) - The Trendy Meme Coin for Pre-Halving Profit Opportunity.
Smog token has emerged as a top performer today following its launch on Jupiter DEX and integration into the Solana-based ecosystem.
Since its introduction on the Solana blockchain, Smog has seen an impressive uptrend, surging by over 6000%.Currently, Smog is priced around $0.11, needing just a 900% increase to reach $1.
Considering Smog's relatively recent listing on February 7, there's potential for further growth based on its historical performance. Smog has differentiated itself in the market with its unique imagery and narrative, positioning itself as a meme coin with a gamified airdrop mechanic.
This feature adds utility to Smog and could contribute to its long-term sustainability. The game format, involving quests to expand and strengthen the community, could potentially propel Smog's low market cap to rise by another 9x.
Also, Solana has been gaining attention within the crypto community as an emerging player in the market.
The recent traction from the Solana network could rub off on the coin, boosting its value further since it is associated with the network.
SMOG Approaches Resistance at $0.1220 - Can It Take Out the High?
In the chart above, Smog (SMOG) has recorded several highs and longs in the 4-hourly time frame. In the last 12 hours of today, the coin has formed two consecutive green candle sticks, indicating an increase in buying activities.
This positive sentiment could trigger optimism around the coin, attracting more buying activities.
If that happens, SMOG could rally further above the $0.1220 resistance. After a successful breakout, $0.1302 becomes the next target. Additionally, the coin's RSI is at 66.86, slightly moving upward. As such, its bullish momentum could strengthen in the coming hours.
While SMOG is bullish today, traders should still apply risk management strategies to stay safe amid volatile market outcomes.
ConclusionWithout a doubt, these top gainers are becoming attractive for many investors considering entering the market this season. Investorscould record massive returns in the short term, given their significant growth potential.
Nevertheless, crypto assets are volatile and can deviate from expected behavior.So whether you're considering these top gainers as investment options or for trading purposes, always work with ideal risk management tactics.
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