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Bluzelle (BLZ) was one of the best performers in the cryptocurrency market over the past 24 hours. CoinMarketCap data indicated that the altcoin was trading hands at $0.1387 at press time following its outstanding 24-hour gain of 12%. Meanwhile, BLZ’s daily chart indicators suggested that the altcoin may continue to climb to overcome the next major resistance level at $0.1430.
Short-Lived Hype in the Market
Most cryptocurrencies in the market saw their prices rise dramatically during yesterday’s trading session. The catalyst for this spike in cryptocurrency prices was the emergence of fake news stating that BlackRock’s Bitcoin exchange-traded fund (ETF) application received approval from the U.S. Securities and Exchange Commission (SEC).
BlackRock quickly cleared the air surrounding this news and confirmed that its application was still pending approval. Consequently, the euphoria that had entered the cryptocurrency market yesterday ended abruptly – resulting in steep price drops. Despite this, BLZ was able to separate itself from the rest as its price continued to rise.
Technical Overview
Daily chart for BLZ/USDT (source: TradingView)
From a technical perspective, BLZ printed a second higher low this past Saturday, leading to a medium-term positive trend line on the altcoin’s daily chart. Since recording this higher low, BLZ’s price has been in an upward trend and was looking to flip the resistance level at $0.1430 into support at press time.
Should the cryptocurrency close a daily candle above this significant barrier, it may attempt a challenge at the subsequent resistance level of $0.1790 the following week. On the other hand, failure to close a trading session above $0.1430 within the next 48 hours may put the cryptocurrency at risk of retesting the aforementioned trend line that had formed on its chart.
A break below this positive trend line may be followed by BLZ dropping to the immediate support level at $0.1010 in the short term. Thereafter, continued sell pressure may force the cryptocurrency’s value down to as low as $0.0795. Contradicting this potential bearish scenario was a bullish technical flag that was recently triggered and a noteworthy bullish flag that was on the cusp of being triggered.
The daily Relative Strength Index (RSI) indicator on BLZ’s chart broke bullishly above the daily RSI Simple Moving Average (SMA) line throughout the past 3 days. This technical flag suggests buyers have gained the upper hand against sellers on BLZ’s daily chart. Subsequently, it may be easier for bulls to boost the altcoin’s price in the next few days than for bears to drag BLZ’s value back down again. The daily RSI line was also positively sloped towards the overbought territory, suggesting buyers retained their strength at press time.
In addition to the recent technical flag triggered by the daily RSI indicator, the daily Moving Average Convergence Divergence (MACD) indicator may soon lead to another bullish flag being triggered. At press time, the daily MACD line was closing in on the daily MACD Signal line. Since BLZ printed a higher low over the past few days, these two technical indicators closing in on each other could suggest that BLZ’s new-found bullish trend may continue in the short term. This may be confirmed if the daily MACD line can cross above the daily MACD Signal line in the next few days.
While traders eagerly await to see if BLZ can break above the $0.1430 barrier in the next few days, savvy investors are accumulating Meme Kombat (MK).
Meme Kombat’s Presale Continues to Attract Investors
Meme Kombat, a revolutionary gaming platform looking to unlock increased earning potential for meme coin holders, has raised more than 50% of its $1,000,000 target. At press time, the project’s presale has raised $552,858.77.
The presale is going just great so far ⚔️
Thank you kombatants!$MK #MemeKombat pic.twitter.com/Vl3qd8rUCU
— Meme Kombat (@Meme_Kombat) October 17, 2023
MK’s Staking Allows Meme Coin Holders to Earn More
Holders can place bets on battles within the Meme Kombat ecosystem by staking MK tokens. Alongside the regular battles that will take place, MK holders also stand the chance of winning large prizes through more hyped battles.
Platform Launch Scheduled for Q3 2023
According to the project’s roadmap, the official Meme Kombat platform’s launch is scheduled towards the end of Q3 this year. Through this platform, MK holders can bet on battles, participate in staking, and enjoy various other features. Given the increased utility of MK compared to other popular meme coins, MK is currently undervalued at its current price of $0.1667.
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