Top Crypto Gainers on 6 March – WIF and LUNC
Since this week began, the broader crypto asset market has been on a bullish-day streak with no signs of slowing down or even stopping. According to a leading crypto analytics platform, CoinMarketCap, the overall Market Capitalization value is $2.52 trillion, an increase of 0.71%.
Also, the 24-hour volume is $253.48 billion, up 30.01%. As a result, several assets have remained bullish, recording higher highs in the long run. For instance, the first crypto, Bitcoin (BTC), reached $67,077 with a daily 0.48% increase.
Besides BTC, many other altcoins are doing well today, driven by the bullish market trend and a few ecosystem-related developments. As such, WIF, LUNC, SMOG, and Meme Kombat have ranked as top crypto gainers with outstanding price records.
We've explored these top gainers to gain insights into their growth drivers and where their prices could reach in the coming days via technical analysis.
So, keep reading for the full details below!
Dogwifhat (WIF) Rallies Over 40% Amid Meme Coins Buzz
Dogwifhat ($WIF) has recorded a remarkable price gain of more than 100% in just several days. The current price is at $2.10, increasing by 40.31%. Also, its trading volume in the last 24 hours is at $1.46 billion, up by 211.89%.
Since the overall market is bullish, analysts believe that WIF's surge results from this factor. While this could be true, other factors are making the coin's price rally in the long run. The price speculation and community hype around the token are other variables making the coin pump.
Across various social media platforms, the project's community is bullish and publicizing good attributes of the crypto. So, it's gaining interest from investors andthe population at large.
Again, on the X platform on March 5, Binance talked about listing Dogwifhat (WIF) with Seed Tag" applied.
#Binance will list @dogwifcoin $WIF with Seed Tag Applied.
https://t.co/zlKeAgCLO6 pic.twitter.com/76nuDTbsAO
- Binance (@binance) March 5, 2024
Following this announcement, speculations have risen that the coin could become a highly enriching coin in the crypto market. For that, accumulation has begun, and as a result, its price is pumping.
With these variables combined, where could the price of $WIF reach this week?
Bullish WIF Forms Red Candle Stick - Can The Horizontal Resistance Reverse the Trend?
In the 4-hourly chart above, Dogwifhat (WIF) is on an uptrend, with a series of higher and lower highs. The last three consecutive green candles show that the coin has recorded increased buying activities in the previous 3 days.
As such, more buyers could prepare to enter the market and ride alongside the uptrend.
Moreover, the coin's Moving Average Convergence Divergence (MACD) has crossed over the signal, showing the momentum shift to the bulls' favor. Also, given the bold green histogram bar, WIF is expected to record more price rallies before today ends.
Again, the coin's price is a few pips above the upper Bollinger band, a dynamic resistance turned support. This level could trigger a bounce if buyers enter the market from that point. On the other hand, the red candlestick formation and horizontal resistance at $2.23 hint at an incoming price dip.
So traders should have risk management practices in place to stay safe amid volatility.
Terra Classic (LUNC) Gains Thanks to Token Burn Mechanism"
Terra Classic (LUNC) is doing well today, showing a significant 14% increase in price over the past 24 hours and an impressive 56% surge in the last week. It is trading at $0.00002128.
The spiked trading volume supports this upward trend as it has shot up by 192.50% within 24 hours, reaching $915.2 million.
This shows that more and more investors are becoming interested in LUNC.
But why is LUNC Soaring Today?It operates with a token burn mechanism, supported by the biggest cryptocurrency exchange, Binance. The aim is to reduce the total number of LUNC tokens available, making each one more valuable.
So far, many tokens have been burned out of the total supply of 6.8 trillion, and 5.8 trillion are circulating.
A poll on X revealed that most of the Terra Classic Community is bullish on LUNC's performance.
Do you think #lunc is next to pump ?
- Luna Classic Community
(@lunc_community) February 29, 2024
Also, investors are hopeful that efforts to reduce this supply will continue pushing the price of LUNC. Currently, LUNC seems to be holding steady above $0.000021, which used to be a level where its price would struggle. It's acting as a support level, keeping the price from dropping too much.
How prevalent is this level? Let's find out!
LUNC Trades Above Upper Bollinger Band - Can This Level Fuel Its Price Rally?
Terra Classic (LUNC) started in a consolidated range between $0.000106 and $0.000142, but then it gained momentum and shot up by about 41.6%.However, it faced rejection at $0.0001995, and it didn't show much change for the next three days.
Then, with the market becoming more volatile, LUNC jumped by about 40% but suffered a rejection again at $0.0002556. After that, it recorded a price correction of over 38%, wiping out all the gains from the price pump. Since then, the price has been showing mixed signals.
Looking at the technical indicator MACD, there's a lot of volatility as the histogram keeps fluctuating. But the averages suggest a positive trend in the price of the coin in the next few weeks.
If the bulls keep pushing, as it's already above the Bollinger band, the price of LUNC might test its upper resistance level of $0.000255 by the weekend.
However, if there's a trend reversal, the price could drop to around $0.000161 soon. So, investors should be cautious and monitor the market movements.
Smog Token (SMOG) - The Dragon Token Continues to Soar
The SMOG token has been gaining in the last 24 hours, trading at $0.183 with a 59.5% increase in its price. This price increase confirms massive pressure from buyers as they continue to accumulate the tokens supporting its price increase.
SMOG has kept setting progressive records since its fair launch on the Solana blockchain. Also, its multi-chain functionality supports the ecosystem's growth as SMOG was also launched on Ethereum.
According to the developers, the goal is to host the largest airdrop event on Solana and across other blockchains.
SMOG Hits $121 Million Market Cap: Is This the Next Big Project?SMOG has officially hit a $121 million market cap with over 1.18 million quests completed in its ecosystem. There are over 49,000 holders as more people join the ongoing airdrop frenzy.
The striking achievement for SMOG is that it is less than two months in the market but outperforming most tokens already.
Also, its performance on the price chart is largely bullish, and despite a consolidation phase, the uptrend will likely continue.This price increase is likely due to a whale purchase of SMOG tokens on March 4, which confirms rising investor confidence in the token.
What Lies Ahead for Smog Token?With its cross-chain airdrop, SMOG will continue to build a reward-based ecosystem, a major attraction to investors.Of the total supply of 1.4 billion tokens, 35% will be distributed among its community as airdrop rewards.
Also, Smog Token has already surpassed its target of 10,000 holders and is now focused on social dominance.
Meanwhile, staking for additional rewards is also a critical part of the SMOG ecosystem.Based on its growth rate, the developers might host the tokens on blockchains other than Ethereum and Solana, which is speculative for now.
While Bitcoin and some altcoins might be out of reach for investors, SMOG is a token worth considering for investors.
However, we encourage all investors to conduct proper research as price volatility remains constant.
Meme Kombat (MK) -The Play-to-Earn Ecosystem for Exciting Rewards
Meme Kombat is not your regular meme coin ecosystem. Instead, it is a unique battleground where gamers engage in battle with their favorite meme characters for exciting rewards. Its native token, $MK, allows holders to wager on battles and earn exciting rewards.
Also, staking is a big part of the Meme Kombat ecosystem for additional rewards.Impressively, Meme Kombat combines Artificial Intelligence and Machine Learning to execute its gameplay mode. Therefore, battle outcomes are pretty spontaneous and unpredictable.
Important Update for $MK Holders$MK is now trading live on Dextools.io after a record-breaking presale where over $10 million was raised.However, following the listing, some community members raised concerns about not seeing their tokens in their wallets.
According to the developers' users who staked their tokens at any point during the presale should note they are locked ten days from the launch time.
PRO TIP regarding claiming $MK
Since we've heard "I can't claim" and "why are my tokens not in my wallet" quite a bit today, I'm going to leave this here for you all.
If you have staked your tokens at ANY POINT during the presale, they are locked for 10 days from launch time.... pic.twitter.com/wPwJS81o9L
- Meme Kombat (@Meme_Kombat) March 6, 2024
However, users who wish to view their tokens before they are unlocked can visit the staking dashboard and connect their wallets to view their token balance.More details about the staking procedure and the developers' plans are captured in the whitepaper.
MK's launch in the crypto market will attract additional liquidity from investors who missed out on the presale rounds. MK is trading at $0.54 with an 11.7% price increase in the past 24 hours, confirming that presale buyers are already in profit.
So, it will likely become one of the top performers in the coming days based on its early price rally.
VerdictThe crypto market still maintains its positive trend despite a slight retracement from Bitcoin. Remarkably, some altcoins outshine the market leader based on solid support from their community and ecosystem developments. We believe the weeks before the Bitcoin Halving will record peak market volatility.
Therefore, investors are advised to apply proper risk management strategies.
The post Top Crypto Gainers on 6 March - WIF and LUNC appeared first on The Tech Report.