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The SatoshiVM price has bounced back with a 17% pump in the last 24 hours to hold a spot price of $4.13 as of 1:00 a.m. EST.
This comes amid a new upgrade on the network called SVMZK, a comprehensive, non-interactive, zero-knowledge proof toolbox designed to validate L2 block transactions and prevent sequencer manipulation by efficiently submitting succinct proofs to Bitcoin.
It supports operations like addition, subtraction, multiplication, division, and comparisons, ensuring integrity between sequencer and validator mempools and mitigating prover-verifier collusion.
We describe SVMZK, – an efficient NIZK proof toolkit.
Given commitments [a], [b], [c], the prover is able to convince the verifier of various relations, such as addition, subtraction, multiplication, division, or comparisons between them.
In order to solve the possibility of…
— SatoshiVM (@satoshivm) January 25, 2024
SatoshiVM Price Prediction
Looking at an in-depth analysis of 1-hour SAVM/USDT charts, we see that the SatoshiVM price could be headed towards a bear pullback. This is seen as the token’s price appears to be oscillating around the lower band of the Bollinger Bands, indicating that the asset is in a lower volatility period and currently in a bearish phase. The narrowing of the bands suggests a period of consolidation, with a potential breakout in either direction.
The Relative Strength Index (RSI) is hovering around 43, which is slightly below the midline of 50. This indicates a mild bearish momentum, as the RSI is not in the oversold region (<30) nor in the overbought region (>70).
On the other hand, the Moving Average Convergence Divergence (MACD) line (Blue) is close to losing out to the signal line (orange), which suggests bear momentum. The histogram also shows an increase in bearish momentum as they move closer to the negative region.
Gauging trends, the Average Directional Index (ADX) is around 26, which indicates a somewhat strong trend. Values above 25 generally suggest that there is a strong trend present, and in this context, it is likely a strong downtrend given the position of the price relative to the MACD moving averages and histogram movements.
The chart also shows that the price has been trending downwards recently, indicated by the red candles, and has struggled to break above the 20-period simple moving average (SMA) which is the middle line of the Bollinger Bands.
1-hour SVM chart | Source: TradingView
SatoshiVM Price Prediction: Will SAVM Keep Plunging?
Given the current indicators and price action, the short-term prediction would be cautiously bearish. The asset is in a downtrend with a consolidation pattern suggested by the Bollinger Bands. The RSI does not show an extreme condition which might suggest a reversal is imminent but the MACD confirms the bearish momentum and the ADX suggests a strong trend, which is currently downwards.
Meanwhile, as the SatoshiVM price faces pullback risks, Sponge V2, SPONGE’s successor, is emerging as a compelling alternative for meme coin lovers seeking explosive gains.
Owing to its exceptional reputation as a rapidly expanding meme digital currency, numerous investors are flocking to acquire Sponge V2 coins and it’s ranked among the top meme coin picks for exponential gains.
Is Sponge V2 the Next Big Thing?
The eagerly awaited follow-up to Sponge V1, Sponge V2, is on the brink of launch across various digital platforms. For those who missed out on Sponge’s meteoric 100x increase in 2023, SpongeV2 presents a fresh chance.
10 exchanges not enough? 😉#SpongeV2 will be listed on BIGGER AND BETTER exchanges! 🔥
You’re not ready for what’s coming next 👀#SpongeV2 #MemeCoin #Presale pic.twitter.com/LdXRYu65Z8
— $SPONGE (@spongeoneth) January 23, 2024
The market valuation of SpongeV1 soared beyond $100 million after it drew more than 13,000 members and established footholds on major centralized trading platforms like BitMart, LBank, and Toobit.
More than $4.2 million in tokens have been staked and transitioned onto SpongeV2. Sponge V2 distinguishes itself from its predecessor with its novel Play-to-Earn (P2E) gaming feature, melding thrilling gaming experiences with user interaction.
Justin Sun’s Involvement with $SPONGE
The $SPONGE tokens acquired last year by Tron founder Justin Sun are currently valued at over $90,000. This acquisition aligns with his previous declarations on platform X regarding his plans to invest in promising meme currency ventures.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
The stake-to-earn function, a fresh addition in Sponge V2, offers an astonishing 266% yield.
Prominent YouTuber Conor Kenny, boasting over 180,000 followers, believes this project can surpass the fame of Sponge V1 and achieve a 100-fold increase in value upon its launch.
With the SatoshiVM price facing correction risks, those who missed the Sponge pump last year have a second chance to make gains with Sponge V2.
To acquire Sponge V2 tokens, simply connect your wallet to the SpongeV2 website and convert your Ethereum or USDT into V2 tokens. Alternatively, credit card payments are also accepted.
Discover more on the official Sponge V2 website by visiting this link.
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