Top Crypto Gainers on January 10 – LDO and RPL
The crypto market shed some gains today after Bitcoin dropped to $45,000. The reason likely causing BTC's decline was a false post on the US Securities and Exchange Commission's X account.
The post claimed that the SEC had given the long-awaited approval for Bitcoin Spot ETFs.
However, the agency announced that the X account had been compromised.Despite the retracement, an official announcement on the fate of Bitcoin Spot ETFs is expected soon.
Meanwhile, some altcoins still recorded gains despite the price volatility due to positive investor sentiments.
More interesting facts about these tokens and their possible crypto price moves in the coming days are captured below.
Lido (LDO) - Multi-Blockchain Staking Platform
Lido DAO (LDO) is experiencing a bullish trend despite broader market turbulence related to Bitcoin ETF misinformation.Over the past 24 hours, LDO has shown significant resilience, with its value surging from a low of $3.13 to an all-time high of $3.83.
Currently, as of 7:30 am EST, it's trading at $3.83, indicating a 16.51% increase from its lowest point today. The impressive surge in Lido DAO's price isn't isolated. It's accompanied by a substantial rise in market capitalization and trading volume.
Market capitalization has increased by 16.49% to reach over $3.4 million.
Simultaneously, the trading volume over the past 24 hours has seen a staggering 120.58% escalation, now standing at over $387.9 million today. These statistics highlight a growing interest among investors in Lido DAO.
What could be expected next is contingent on various factors.
If the interest and momentum persist, LDO might continue to experience upward movement.However, market dynamics can swiftly change, influenced by external factors like regulatory news, including the EFT approval and the potential SEC decision.
Monitoring how Lido DAO responds to market shifts and how its community and developers continue to progress would give a clearer picture of its future trajectory.
LIDO Coin Forming 3rd Consecutive Candle Stick - Can It Break the Critical Resistance at $3.9?
Lido is forming another consecutive green candle stick, signaling a significant surge in market value in the last 3 days.If LDO keeps up with this trend, it's certain that a breakout at the $3.9 resistance could occur before today ends.
Again, the coin is trading above the 50-day and 200-day Simple Moving Average, a bullish trend in the short and long term.Moreover, the Relative Strength Index (RSI) is at 67.84, pointing upward. This movement reflects the buyers' strength in the trades today.
If more BUY trades occur, the RSI could go overbought (above 70), indicating more positive market movements in the long run. Conversely, there is a possibility for LDO's price to stall before the weekend.
Considering the inverted 50-day and 200-day SMA, there is a death cross, which suggests an overall negative market momentum.
Also, the new green candle stick formation has a significantly slim wick, showing the non-stop efforts of the sellers. Should sellers surpass the buyer, LDO could lose its gains, retracing to the $3 mark.
Despite these mixed signals, the coin still has a support level of $2.6, which means any downtrend toward this level will trigger demand for LDO.
This way, a rebound occurs, pushing the coin's value upward again.
Rocket Pool (RPL) - The Decentralized Ethereum Staking Pool
RPL's price at 7:51 am EST is $32.05, with a 14.25 increase in the past 24 hours. Also, it has gained 9.3% in the last seven days.Rocket Pool provides staking solutions on Ethereum for the crypto community.
One of the factors still driving its gains is the Smart node update to v1.11.2 on December 19, 2023.
The Smartnode has been updated to v1.11.2
The latest version is recommended for node operators using Geth, Teku, Lodestar, and Nethermind
Please review the changes carefully before upgrading: https://t.co/0wiwtW3SES pic.twitter.com/qM6yX04vUX
- Rocket Pool (@Rocket_Pool) December 19, 2023
This updated version is recommended for node operators using Nethermind, Geth, Lodestar, and Teku.Meanwhile, on the daily chart, RPL has formed a bullish pattern as it attempts to overcome its nearest resistance.
RPL Finds Support At $28.94, Will The Rally Continue?
RPL recovered from the January 6-7 slump to rally from January 8. It found support at $28.94 and is testing the $32.25 resistance level. A break above this level will send the asset to $33 in the coming days.
The upper wick of today's candle has broken above the $32.25 resistance level as the buyers continue to dominate the market.
Also, the Relative Strength Index (RSI) indicator is rising to the oversold region above 70 and displays a value of 60.10. This is a bullish signal hinting at further price ahead for the asset.
Additionally, the Moving Average Convergence/Divergence (MACD) is rising above its signal line to form a buy signal.
Also, the green Histogram bars confirm that the buyers are returning and aiding RPL's gains.The trendline reveals that RPL has formed higher highs on the daily chart. Therefore, it will likely break above the $32.25 resistance level in the coming days.
SPONGEV2 ($SPONGE) - The Fun-Themed Memecoin
Sponge V2 is the relaunch and improvement of the original sponge token. According to the developers, they will combine the fun and engagement of the memecoin with a staking model and play-to-earn game.
Although the token has yet to launch on top exchanges, it is available on the Uniswap decentralized exchange.
Attention, #SPONGERS!
We're thrilled to announce that our liquidity is now locked!
With 4,270,902,045 tokens already staked valued at $3,497,953 with an impressive current 378% APY, $SPONGE is stronger than ever!
Visit our website to find out more!
#SpongeV2 #Web3 pic.twitter.com/1tYOhx3Lcb
- $SPONGE (@spongeoneth) January 8, 2024
Sponge V2 ($SPONGE) now supports token staking and is a second chance for investors who missed out on version one.According to a post on X, over 4.27 billion $SPONGE tokens have been staked at an APY of 378%.
Also, investors can bridge their tokens from V1 to V2 through staking.
Therefore, any token already staked in the version 1 staking pool must be withdrawn and transferred to the new pool.Additionally, there is now an exciting Play-to-Earn (P2E) game that will attract more users and boost the utility of the ecosystem.
Users can buy these tokens by connecting a secure wallet such as Trust Wallet to the official page. They can easily access the staking dashboard on the website.The V1 of the SPONGE token launched in May 2023 and enjoyed massive success. It was a pioneer of the memecoin season.
Also, Version 2 is set to launch before a bull market begins, which will likely yield massive gains for investors. Meanwhile, the P2E game has a free and paid version with in-game credits available.
These credits enable users to play and earn more SPONGE tokens.
According to tokenomics, 43.09% of the total supply is reserved for staking rewards, thereby encouraging long-term token holders. SPONGE has recorded impressive gains on the daily chart in the last 24 hours.
What Next For $SPONGE?
SPONGE rallied impressively from January 1-7 as the buyers sustained pressure, moving it above the $0.00076 price level.Also, SPONGE has formed a large green candle on the daily chart today as the buyers attempt to break above the $0.00098 resistance level.
A break above this level will send the asset to $0.001 in the coming days.SPONGE is also trading above the Median Band of the Donchian Channel (DC), which is a bullish sentiment hinting at a further price increase.
The RSI indicator confirms this sentiment, rising in the overbought zone with a value of 73.37.
Furthermore, the MACD indicator shows a strong buy signal rising above its signal line. Also, the green Histogram bars confirm this buy sentiment.Therefore, SPONGE will likely trade at $0.001 in the coming days if the buyers sustain their charge.
Meme Kombat - Gaming Crypto Project with 100X Potential
The Meme Kombat ($MK) presale has surged past $6.5 million, drawing significant attention and trending across charts.It's not just its meme coin status or unique GambleFi utility that's turning heads. High staking rewards are also pulling in investors.
At the presale, investors stand to earn a whopping 156% in staking rewards on their purchases. Currently, 78% of the bought tokens, totaling 27,249,494 $MK tokens, are staked.
This move helps mitigate the abrupt price swings often associated with meme coins.
Investors, both big and small, are flocking to Meme Kombat, positioning it as a significant player in the meme coin domain.But amidst options like BTC, ETH, or SOL, known for their good returns, why opt for Meme Kombat? The reasons behind Meme Kombat's current hot streak are multifaceted.
Firstly, it's a fresh arrival, offering early investors substantial potential for significant returns.Unlike established giants like BTC, which might not see exponential growth, Meme Kombat's low starting point indicates ample space for expansion.
Hence, compared to renowned crypto coins like DOGE, PEPE, or SHIB, $MK appears more promising. Yet, is this reason alone sufficient? Every week, numerous new cryptocurrencies emerge, but a low market cap doesn't guarantee a sound investment-many crash quickly.
However, Meme Kombat stands out. Its novelty presents considerable growth potential, making $MK a more thrilling prospect compared to established meme coins.
Also, the ongoing giveaway serves as an additional variable driving interest among investors, traders, and crypto enthusiasts.
ConclusionSpeculations and rumors often affect prices in the crypto market. However, despite its volatile nature, some investors still profit from its volatility.Although the Spot Bitcoin ETF is expected to trigger an uptick in prices, the Bitcoin Halving in April will likely be the big event to look out for.
Nevertheless, there are no guarantees, and all investments carry risks that must be studied and managed properly.
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