Top Crypto Gainers on January 4 – BEAM, AKT, And TIA
The crypto market is shifting quickly from an accumulation phase to a retracement cycle. Remarkably, the total crypto market cap value is down by 4.9% as Bitcoin also drops to $42,874, losing 5% of its gains in 24 hours.
This drop in Bitcoin's value caused the liquidation of over $595 million in long positions within 24 hours on January 3. While there is no particular cause for the drop, a report credited to crypto financial services Matrixport might have contributed to the decline.
Despite the current retracement, some altcoins continue to record impressive gains in the past 24 hours. Community efforts and developments are aiding these altcoin gains.
More interesting facts on these crypto tokens, including their presumed growth trajectory, are covered below.
Beam (BEAM) - The GPU Mining Solution
BEAM's price at 4:06 am EST is $0.14, with a 6.2% increase in the past 24 hours and a 33.0% gain in the last seven days as more traders continue to accumulate the tokens.
Beam has started the year on a positive note, with its block emission halving underway.
The $BEAM block emissions is scheduled for a halving on 3rd January, 2023.
Token emissions will be halved from 26,280,000 $BEAM emitted per year to 13,140,000.
For the comprehensive $BEAM Emission Schedule:https://t.co/5F6qiO32or pic.twitter.com/efH5okhyLf
- BeamPrivacy (@beamprivacy) January 3, 2024
According to a January 3 announcement, the token emission will be halved from 26.280 million $BEAM emitted each year to 13.140 million. Furthermore, developments such as the upgrade of Beam's L1 and asset bridges are part of the roadmap for 2024 and are likely contributing to the excitement.
On the daily chart, BEAM has formed a large green candle as the buyers continue to sustain its rally.
BEAM is Moving to the Overbought Region; Will the Buyers Prevail?
BEAM continues its positive price form in the last seven days, forming higher highs on the daily chart. It flipped the $0.12 resistance level to support and is presently testing the $0.15 price level.The large green candle formed today shows that the buyers have entered an aggressive accumulation phase.
Also, BEAM is trading above the Parabolic SAR indicator, which is a bullish signal for the token. The Relative Strength Index indicator shares the bullish sentiment, rising to the overbought region and displaying a value of 67.26.
So, BEAM will likely break above the $0.15 resistance level in the coming days and enter into the overbought region.
Akash (AKT) - The Open-source Cloud For Buying and Selling Computing Resources
AKT's price at 4:09 am EST is $2.65, with a 12.4% increase in the past 24 hours and a 9.2% seven-day price gain.
While the approval of Bitcoin ETFs remains speculative, GPU shortage is an issue for most individuals, and Akash hopes to solve this problem with its permission-less and censorship-resistant peer-to-peer framework.
The approval of the Bitcoin ETF is uncertain, but the GPU shortage is, and Akash is at the forefront of solving it.
Permissionless. Censorship Resistant. Peer-to-peer.
https://t.co/xZpXihpcEy#AISuperCloud $AKT pic.twitter.com/0vUI3VfXw9
- Greg Osuri d/acc (@gregosuri) January 3, 2024
According to an article by Semafor, researchers and startups that can't get GPUs can use blockchain markets to access computing power. Akash provides this GPU mining solution with ease.
So, while miners prepare for the upcoming Bitcoin halving, GPUs might become a hot cake, making Akash one of the most sought-after solutions. This could be driving the ongoing AKT rally.
AKT Facing Resistance at $2.68, Will It Break Above?On the daily chart, AKT is under the control of the buyers as they attempt to rally above the nearest resistance level.
AKT has formed a second consecutive green candle, confirming a return of the buyers. After a brief retracement between January 1 and 2, the bulls are rallying again and presently testing the $2.68 resistance level. Akash has found support at $2.54, a pivot point for further price gains.
The asset is fast approaching the overbought region, as the RSI is at 64.89.Although the MACD is below its signal line, it is rising and will likely be above in the next few hours.
The fading red Histogram bars hint at a returning bullish momentum, and if it continues, AKT will likely break the $2.68 resistance in the coming days.
Celestia (TIA) - Leading Modular Blockchain Protocol to Deploy Minimal-Overhead Blockchain
Celestia (TIA) stands out as one of today's top gainers. Its surge is likely driven by several key factors, including the positive market sentiment and some exciting developments in its ecosystem.
TIA's price jumped up by a big 22% today because people are hopeful that the US Securities and Exchange Commission (SEC) might approve the first spot Bitcoin ETF, a development believed to bode well for crypto.
As of 9:18 am EST, Celestia's current price is $14.71, up by 25%, approaching the all-time high of $15.20 recorded on December 24, 2023. This suggests that buyers are earnestly working to reclaim the previous high.
TIA Records Progressive Higher Highs; Time to Buy or Sell?
Looking from the Chart Pattern" perspective, there's potential for a continuation of the bullish trend in the coming days. According to the chart above, TIA recorded progressive higher highs on December 14 and December 24, 2023.
Today, January 4, 2024, its green candlestick wick is higher than its past levels.
Considering this pattern, it's likely that buyers will uphold their strength, triggering more BUY trades and increased value in the long run. Also, the Relative Strength Index is at 65.54, pointing upward. This confirms the bullish momentum in TIA's market.
Conversely, the overall market sentiment is bearish, based on the arrangement of the 50-day and 200-day Simple Moving Average. Should any negative event occur in the overall market? TIA might lose its gains drastically. But there's a support level at $12.43 to trigger a bounce if such happens.
On the other hand, it has a resistance level of $14.14, indicating a level at which the price could stall when recovering from any potential fall. While TIA's market looks good for placing SELL orders to make a profit, it's advisable to confirm the trend before proceeding.
Meme Kombat (MK) - A Competitive Alternative Ahead of Anticipated 2024 Bull Market
The Meme Kombat (MK)presale has been a resounding success, attracting significant attention and investment interest within the crypto community. It has managed to raise a notable sum, raising a whopping $5.99 million from investors and propelling the project into the limelight.
Meme Kombat's presale has garnered substantial interest due to the platform's unique gaming features and earning potential. By combining meme coins and prediction-based betting, Meme Kombat offers crypto enthusiasts an engaging new opportunity.
Several key Factors Drive Interest in the PresaleThe broader altcoin market gains momentum at an opportune time to fuel Meme Kombat's growth. With increased altcoin activity, investors look beyond the major coins to high-growth alternatives - a domain where Meme Kombat thrives.
At the core of Meme Kombat's appeal is the ability to earn returns through betting and staking activities.
The new live betting feature enables users to predict meme coin performance while earning staking rewards up to 184% and minimizing fees through an integrated staking mechanism. This combination incentivizes engagement.
By heavily featuring high-growth meme coins, facilitating prediction-based earning features, and entering the market at an optimal time, Meme Kombat establishes itself as an appealing new platform primed for presale success given current crypto conditions.
Meme Kombat has attracted investors and traders due to its similarities with successful Ethereum-based projects like $PEPE.Having raised over $5.99 million in its Initial Coin Offering (ICO), Meme Kombat has demonstrated its potential.
It has also achieved 50% of its presale milestone, meaning a limited opportunity for investors who wish to join early.
Ultimately, the enthusiastic response to Meme Kombat's presale likely reflects a growing appetite for innovative and potentially lucrative cryptocurrency projects.
With a successful ICO fundraiser and strategic token allocation, Meme Kombat seems poised for tremendous growth in the DeFi space.
ConclusionPrice fluctuations are not new to the crypto market. With the rise of several new altcoins, the crypto market continues to grow in adoption and utility. Despite Bitcoin's slight decline, some altcoins still record impressive gains in the past 24 hours.
However, the liquidations suffered by some traders in long positions show why proper risk management is vital to traders. If the Bitcoin ETFs are approved, then it will likely boost the market and force a recovery.
Also, the Bitcoin halving in April could help the long-term performance of the crypto market this year.
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