Orbs' Decentralized Infrastructure Gains Traction; Still, the Buzz is All About Meme Kombat's Upcoming Launch

Orbs’ Decentralized Infrastructure Gains Traction; Still, the Buzz is All About Meme Kombat’s Upcoming Launch

Updated: 18 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Orbs (ORBS) saw its price skyrocket over the past day of trading, according to data from CoinMarketCap. At press time, the cryptocurrency market tracking website indicated that the altcoin was up more than 8%. As a result, ORBS’ price stood at $0.05393.

Notably, this impressive price performance throughout the past 24 hours pushed ORB’s weekly performance above 100%. CoinMarketCap data showed that the cryptocurrency’s price had risen 107% over the past 7 days.

A Chance to Climb Up the Rankings

Should ORBS’ value continue to climb in the short term, the altcoin may overtake IoTeX (IOTX) and ICON (ICX) regarding market cap. At press time, ORBS’ market cap stood at $170.567 million. Meanwhile, the capitalizations of IOTX and ICX were estimated to be $172.109 million and $172.798 million respectively.

Technical Overview

Daily chart for ORBS/USDT (Source: TradingView)

From a technical perspective, ORBS overcame the $0.05335 resistance level over the past 24 hours and continued to trade above this key price point at press time. Should it close today’s daily candle above this mark, it may have the foundation to rise to the subsequent barrier in the following days. In this scenario, the cryptocurrency’s value may rise to as high as $0.08120 in the short term.

On the other hand, if ORBS fails to close today’s trading session above $0.05335, it could be at risk of a strong correction during the following week. In this bearish scenario, the altcoin will likely test the first target, the immediate support level at $0.04270. Thereafter, continued sell pressure may drag it below this point to the subsequent mark at $0.03420.

Traders and investors will want to note that technical indicators on ORBS’ daily chart suggest the altcoin is extremely overbought following its latest price surge. There was also a noteworthy bullish technical flag that may trigger in the coming 24-48 hours.

Firstly, ORBS was trading outside the upper level of the Bollinger Bands (BBANDS) indicator on its daily chart. This is normally seen as a short signal by traders. Should bears act on this trade signal, the price of ORBS may retrace to trade back within the indicator’s range. If this correction occurs, ORBS could trade between $0.00908 and $0.05055 in the next few days.

Adding credence to the bearish thesis is the Relative Strength Index (RSI) indicator on ORBS’ daily chart. Over the past 48 hours, the daily RSI line peaked at 87.42, which suggested that the altcoin was in overbought territory. Since then, the RSI has dropped to around 76.

This suggests buyers have already lost some of the strength propelling the cryptocurrency’s price yesterday. Should the daily RSI line cross below the daily RSI Simple Moving Average (SMA) line in the upcoming couple of days, it could signal that sellers have gained the upper hand on ORBS’ charts. Consequently, the altcoin’s price may drop.

Another thing to remember is that the cryptocurrency market is currently in a bear cycle. Therefore, any strong price movements, such as the one ORBS underwent recently, may be immediately followed by profit-taking by traders looking to recover their losses from the past few months. If traders opt to profit from their ORBS’ positions in the next few days, they will most likely place their profits in Meme Kombat (MK).

Meme Kombat’s Launch Set to Take Place Soon

Meme Kombat is an innovative gaming platform that will give users the opportunity to earn rewards by staking MK tokens. The project is currently running its presale and is selling MK tokens for $0.1667.

After the presale, the Meme Kombat platform is scheduled to launch. According to the project’s roadmap, MK holders could start betting on battles within two weeks. These battles will include both regular and more-hyped battles. With the latter, MK holders can win much larger prices.

MK’s Presale Approaching Its End

MK’s presale recently surpassed the $500,000 fundraising mark. According to the project’s website, the total raised until press time stood at $573,331.87. This is more than half of Meme Kombat’s $1 million target for this presale.

Just sliding past 500k📈 We on our way 😈#MemeKombat pic.twitter.com/7b6H7ou3D4

— Meme Kombat (@Meme_Kombat) October 14, 2023

Meme coins have been a favorite among cryptocurrency investors during this bear market, with many of these altcoins generating substantial gains for early investors. Meme Kombat’s presale might offer the redemption purchase anyone who missed out on these previous opportunities has been waiting for.