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The Drift Protocol price skyrocketed 53% in the last 24 hours to trade at $0.6467 as of 03:21 a.m. EST on trading volume that soared 141% to $88 million.
This comes as the Solana decentralized exchange (DEX) launched its airdrop on May 16, which triggered a 48% plunge from its all-time high (ATH) of $1.25.
The recent surge comes amid a price recovery to the upside from a key support level, data from GeckoTerminal shows.
In the past day, DRIFT went through a markup phase to retest the $0.677 resistance, with the price fluctuating within the confines of a bullish pennant pattern.
Drift Protocol Price Set To Soar Over The Bullish Pennant Pattern
Major technical indicators indicate that the Drift protocol price is set to rally over the bullish pennant. DRIFT trades well above the 50-day and 200-day Simple Moving Averages (SMAs). The two moving averages act as stable support levels around $0.5952 and $0.4772, offering enough support for the bulls to push the price in the short-term.
Moreover, the Relative Strength Index (RSI) is trading at 57 as it aims to move to the upside, which is an indication of a growing buying action. If the momentum sustains, more buying positions could push DRIFT over the pennant.
The Average Directional Index (ADX) also trades above level 50, currently at 51, an indication that DRIFT is in a very strong bullish trend.
Drift Protocol Price Prediction
The Drift Protocol price short-term analysis on the 15-minute chart indicates that DRIFT is set to rally over the bullish pennant pattern in the coming days, as the bulls target $0.75.
However, after the current surge, the bears could start booking profits, which could prompt a price retrace below the $0.610 support level to the next critical support level of around $0.59. If the bears breach this support, DRIFT could drop further to the next support level at $0.47, acting as a cushion against downward pressure.
As the Drift Protocol price gears up for a bullish rally, some other investors are buying $5SCAPE, a presale that’s already secured over $6 million in early funding.
We’ve reached $6.0M 🚀, VR is a Revolution and We $5Scape as a Community are the Trendsetters 🎉
Thanks to YOU, our awesome community! 🙌 💖
Get ready for next-level gaming adventures and VR Innovations as we embark on this exciting journey together! Let's make magic happen… pic.twitter.com/RvUmUyU8ws
— 5th Scape (@5th_scape) May 21, 2024
5th Scape Garners Over $6 Million
5th Scape (5SCAPE) comes into the crypto space with the promise of being a game-changer in virtual entertainment. The project merges VR, AR, and blockchain technology as a way of creating a cohesive ecosystem.
The dedication towards immersive VR gaming experiences makes the project an exciting one to watch.
🥊 Exciting news, fight fans! 🥊 Step into the adrenaline-fueled world of mixed martial arts with "MMA Cage Conquest" – the ultimate VR experience for MMA enthusiasts.
🎮 Now available on the META store in beta version!
Checkout👉https://t.co/ocnZmChmKV
🚀 Train, fight, and… pic.twitter.com/sekC30LWFV
— 5th Scape (@5th_scape) May 9, 2024
Apart from VR games, 5th Scape also is looking at providing movies and educational applications.
According to Cryptonews, a prominent crypto YouTube channel, $5SCAPE has the potential to surge 100X after launch.
With the listing price fixed at $0.01, buying tokens now at $0.00327 locks in gains of almost 206% before launch.
If you’re interested to participate, you can buy $5SCAPE tokens with ETH, MATIC, USDT, or BNB on the official website here. You can also buy directly with a bank card.
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