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The PepeFork price has surged more than 600% in a week and traded at $0.0000006083 as of 9 a.m. EST as investors bet big on the new meme coin.
It’s had a rollercoaster 24 hours and currently trades up more than 3% over that period.
The PepeFork Price Has Entered A Short-Term Consolidation
1-hour chart for PORK/USDT (source: TradingView)
The PepeFork price is attempting to break above the $0.0000006795 resistance level, which is also the middle level of a consolidation channel that the crypto has been trading in over the last few hours. Should it close a 1-hour candle above this significant price point, it may attempt to break out above the sideways channel.
This bullish thesis could be invalidated if the PepeFork price fails to close a 1-hour candle above $0.0000006795 within the next 12 hours. In this alternative scenario, PORK may drop to the immediate support level at $0.0000003850.
Technical Indicators Warn Of A Brief Correction For The PepeFork Price
Technical indicators on the altcoin’s 1-hour chart suggest that the PepeFork price may drop in the next few hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.
The MACD line is falling away below the MACD Signal line, which is generally seen as a sign that a crypto’s negative trend is growing stronger. Sellers also seem to have the upper hand on the hourly chart, given the RSI line is positioned below its Simple Moving Average (SMA) line. However, the RSI is rising towards the SMA line. This could be the early signs of the crypto entering a short-term bullish period.
As PepeFork tries to establish itself in the crypto market, Sponge V2 is fast-tracking its roadmap and migrating to the highly-scalable Polygon network.
Unlocking A Plethora Of Opportunities
The Sponge team have decided to bring forward the date for their planned migration to Polygon. This pivot is a response to a recent malicious attack on its liquidity pool. As a result of the transition to the Layer-2 network, the project will be discontinuing its Sponge V1 token as it looks to accelerate the launch of its V2 token.
🚨 Important information 🚨
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it's too late! 👇
🧵 1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024
This transition from Ethereum to Polygon will not only reduce transaction costs for Sponge V2 token holders, it will also open up a vast array of opportunities as the project tries to enter into the flourishing blockchain gaming sector.
Through the launch of Sponge V2, the project will introduce its play-to-earn racer game. This game will come in both a paid and a free version. The major difference is that players in the paid version stand the chance to win Sponge V2 tokens and will use V2 tokens as credits in the game, which will bring a layer of utility to the Sponge ecosystem.
The Potential To 100X
🚨 Important information 🚨
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it's too late! 👇
🧵 1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024
The majority of new crypto projects advertise to their investors that they have the potential to achieve 100X growth. What sets the Sponge V2 token apart from its competitors is the fact that the Sponge team has a proven track record of generating this level of growth after Sponge V1 soared 100X on launch last year.
It also achieved a peak market cap of $100 million. YouTube crypto analyst Jacob Burb says Sponge V2 definitely has the potential to explode on launch.
Adding to its growth potential is the migration to Polygon and its expansion into the blockchain gaming sector. Combined, these factors indicate that the project has the strong fundamentals necessary to soar in the near future.
Sponge V2 can be acquired here.
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