Top Crypto Gainers on 7 March – FET and RNDR
Crypto assets are gaining and losing in price, trading volume, investor count, and many other aspects. Even the markets record increments and losses in the long run.
Amid the oscillating market, several virtual currencies are prevailing in their gains, which have made them attractive to investors.
These tokens include FET and RNDR, SMOG, and SPONGEv2. Besides the rollercoaster that is believed to be a rallying factor for digital assets, several price-growth variables lie within the ecosystem of these top gainers.
From revolutionary solutions and real-life use cases to ecosystem developments, we'll explore a few factors behind these top gainers and where their prices could reach in the long run.
Fetch.ai (FET) 108% Pump Comes After Multi-Year Breakout and Analyst's Prediction
Fetch.ai's native token, FET, has surged dramatically, becoming one of the top gainers in the market today. To begin with, it skyrocketed by 108% over the past week, breaking through the $1 mark with remarkable strength.
In the last 24 hours alone, the token has surged by an additional 42%, hitting a new all-time high of $2.75. As a result, its market capitalization is now at $2.24 billion, up by 39.03%.
Why is FET Soaring Today?Fetch.ai is now among the top 50 cryptocurrencies ranked by market cap. This shows that investors' interest and confidence in the asset is growing. Also, its trading volume has pumped by 80.74% to over $1.36 billion, reflecting heightened market activity and demand.
Furthermore, analysts are bullish on Fetch.ai's long-term prospects. This positive sentiment is fuelling investor optimism. A prominent analyst, Crypto Rover, disclosed purchasing FET at $0.70 with solid expectations for the market cap to reach $40-60 billion.
$FET is going exponential.
Most likely you think, it will top out any time soon.
But I bought at $0.7 and I will not sell anytime soon.
It is now at $2b market cap.
I think it will top out around $40b-$60b.
20x from here seems reasonable. pic.twitter.com/n38Mc4m6dk
- Crypto Rover (@rovercrc) March 6, 2024
This bold forecast underscores the significant upside potential of FET, which could surge over 20 times from its current valuation.
Another critical variable behind the coin's price pump is the recent introduction of Fetch Compute, a decentralized computing platform backed by a substantial $100 million investment.
This platform offers users access to sophisticated AI-focused Nvidia GPUs and allows them to stake FET to earn Fetch Compute Credits.These credits can cover GPU usage fees, significantly advancing decentralized computing and AI innovation.
Notably, it has commenced today, March 7, 2024. With all these factors at play, which price level could FET reach in the coming days? Let's see its technical analysis.
FET Boast Multiple Bullish Signals on Technical Indicators - Can A Break Out Occur at the Resistance?
In the chart above, FET trades above its Bollinger bands, marking a dynamic support level and a bullish market sentiment for the coin. Also, it has broken above the trend line, indicating its momentum to maintain the uptrend in the long run.
Furthermore, its Moving Average Convergence Divergence is above the signal line and has bold green histogram bars. This shows the shift to a bullish momentum for FET. As such, the coin's price is expected to rally upward, reaching for the horizontal resistance at the $3 mark and even breaking it.
However, as with every virtual currency, volatility creeps in once the price climbs higher. Thus, risk management strategies like setting stop-loss and take-profit levels and using realistic risk-reward ratios (advisably 1:3) could help you remain on the winning side.
Render (RNDR) Leads with Over 32% Surge Amid AI Token Pump
Today, Render (RNDR) and other AI-related assets have maintained double-digit rallies following massive fundraising news. In an announcement, a prominent figure in Silicon Valley venture capital, Andreessen Horowitz, stated plans to raise $6.9 billion for new investment funds.
They plan to split this money into different funds, including two focused on artificial intelligence (AI). One part of the money will go to a central fund, with half to a fund for growing companies.
The other half will be split between two AI funds, a gaming fund and a fund for startups in a field called American Vibrant."
This decision follows a talk by one of Andreessen Horowitz's partners, Martin Casado, who explained how AI drives significant changes in technology, creativity, and our daily lives. Andreessen Horowitz has decided to wait until next year to invest in cryptocurrency and biotechnology.
Last year, they raised $4.5 billion for crypto funds, showing their investment in the industry. Due to the increase in AI-related investment, the cryptocurrency RNDR is also gaining attention and is now trading at $9.50.
Notably, its value has increased by 32.62% in a single day, and the amount of RNDR traded in the last 24 hours has also jumped by 200.52%.
RNDR Makes New Swing High - Can This Become a Prevalent Resistance?
Render (RNDR) is trading above its Bollinger Band, a bullish market sentiment suggesting more price rallies for the coin. The upper band, which served as resistance, has turned a dynamic support level following the breakout in the chart today.
At this level, traders seeking to join the potential uptrend can enter the market now, triggering a further upward push for RNDR's price. It is already forming a green candle stick today, signifying increasing buying pressure.
If the BUY orders remain higher than SELLs, the price of RNDR could reach $10 before the weekend.
The Relative Strength Index (RSI) is overbought (above 70) at 73.98. This confirms the bullish momentum backing the coin's rally. On the other hand, the sideways-moving RSI suggests that indecision is gradually building.
Therefore, a dip to the neutral or oversold zone (below 30) will likely occur. As such, traders should get hold of adequate risk management practices like setting stop losses and taking profits to make the most of their investment decisions.
Smog Token (SMOG) - SMOG Breaking Price Records as Buying Pressure Increases
SMOG is one of the hottest crypto prospects, and investors are already accumulating the tokens. Since its launch in February 2024, the ecosystem has recorded impressive growth based on its quest to host the largest airdrop event on Solana.
Smog Token continues to soar in the market and operates on the Solana and Ethereum blockchains.Recently, Solana has become a hub for meme coins, and SMOG hopes to lead the rest while achieving social dominance.
SMOG Attains New All-Time High and Ranks Among Top GainersSMOG has recorded notable achievements in the past week as it continues to grow in popularity. Notably, it has ranked among the top gainers in the crypto market in the last 24 hours.Also, it is the third top gainer among the top 500 tokens in the previous seven days and number three on Dxctools.io.
Additionally, SMOG attained an all-time high value of $0.3 on March 6, which is quite impressive for the token. This price increase comes from the ongoing airdrops and quests for SMOG tokens among crypto traders.
Recently, some $SMOG tokens were airdropped to all DOGWIFHAT holders, likely attracting more buyers to their ecosystem.Meanwhile, whales are accumulating more SMOG tokens based on an on-chain report from the developers.
This whale accumulation likely resulted in a new all-time value for the token. A poll revealed that 79.2% of the Smog Token community is bullish on its chances of rising to $1 soon.
Also, SMOG has gained 343.4% in the last week, confirming that whale activity has resulted in a rally for the token. Users can still buy SMOG tokens at a 10% discount and stake them at an APY of 42%.
With 35% of the total supply of 1.4 billion set aside for airdrops, SMOG will likely attract more investors and airdrop hunters to its ecosystem.
As such, SMOG will likely outshine other meme coins and altcoins in the coming weeks. However, we advise all investors to carefully consider price volatility before making all trade decisions.
Sponge V2 (SPONGEV2) - Sponge Absorbing the Damp Rapidly as More Investors Join Rally
$PEPE shhhh
, $SPONGE is speaking now
#100x #AltGem #BullMarket #Crypto pic.twitter.com/vLkBgGwnS5
- $SPONGE (@spongeoneth) March 7, 2024
Sponge V2 is an exciting memecoin project determined to absorb the damp" and attract liquidity from investors to support its operations. Sponge V1 was embraced by the crypto community, leading the token to race for a $100 million market cap.
However, the V1 lacked actual utility and experienced some security issues. So, Sponge V2 offers practical solutions to this problem, relaunching the Polygon blockchain with improved security.
The V2 staking pools also have extra security and rewards to encourage long-term holding.
The main addition to Version 2 is the weekly racing game where gamers can earn SPONGEV2 tokens directly from gameplay. Also, the battle to rank high on the leaderboard will create a fun atmosphere supporting ecosystem growth.
How is Sponge V2 Performing Today?
SPONGE is gaining in the market today with an 18.2% increase in its price to $0.0023. Also, SPONGE recorded a 60.8% increase in the past week, hitting a new all-time high value of $0.0023 today, March 7.
The pressure from buyers will likely lead to price gains for SPONGE, thus rewarding early holders of the token.However, traders must apply techniques such as trailing stop loss to prevent liquidations due to volatility.
VerdictThe bullish phase in the crypto market continues today, with altcoins taking the lead after BTC's return of $66,000. Remarkably, most projects ride on the wave of positivity from investors to record higher highs.
Therefore, investors could exploit the current trend and diversify their portfolios for short-term gains. However, price volatility remains constant in the crypto market, and the golden rule is never to invest more than you can afford to lose.
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