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The Saudi Bonk price surged more than 139% over the last 24 hours to trade at $0.00002091 as of 11:40 p.m. EST.
The Saudi Bonk Price Breaks Below A Positive Trend Line
1-hour chart for SAUDIBONK/USDT (Source: TradingView)
The Saudi Bonk price printed a second higher low on its hourly chart earlier in today’s trading session, which resulted in the formation of a positive trend line. However, the crypto’s price has dropped below this line, exposing SAUDIBONK to the risk of plummeting down to $0.000004626 in the next 24 hours.
This bearish thesis may be invalidated if the Saudi Bonk price is able to reclaim a position above the positive trend line by the end of today’s trading session. In this alternative scenario, the altcoin may attempt a challenge at the $0.000042336 resistance level in the following 48 hours.
The Saudi Bonk Price Will Need To Overcome Technical Obstacles
Before the Saudi Bonk price can begin to climb, however, it will need to overcome two major technical obstacles. More specifically, the 9 Exponential Moving Average (EMA) line and the 20 EMA line on the 1-hour chart are acting as resistance for SAUDIBONK.
If the altcoin is able to flip both of these technical indicators into support, it could have the fondation needed to rise to $0.000042336.
A confirmation of this bullish thesis materializing may be when the Moving Average Convergence Divergence (MACD) line crosses above the MACD Signal line. This may signal that the Saudi Bonk price has entered into a short-term positive trend. Traders and investors will want to note that the MACD line on the 1-hour chart is breaking away below the MACD Signal line. This suggests that the crypto is in a negative trend which shows no signs of weakening.
While the Saudi Bonk price attempts to continue its positive streak, Sponge V2 shows the promise of becoming the next best meme coin in the crypto market.
Looking To Repeat Its 100X Track Record
Warning: $SPONGE may cause extreme joy in wallets! 🧽💰#SpongeV2 #AltSeason #Bullish pic.twitter.com/o5BRUl6V3Q
— $SPONGE (@spongeoneth) January 28, 2024
Investors are flocking to the Sponge ecosystem as its native SPONGE token attempts to repeat the 100X gains it printed during the 2023 bear market. During this time, the project also achieved a peak market cap of $100 million, rewarding early-stage investors handsomely.
To build off of its earlier success, the Sponge team has revamped the project’s token to Sponge V2. This latest iteration of the meme coin will boast more utility than Sponge V1, and has already lined up major exchange listings, which will most likely send the Sponge V2 price skyrocketing.
Sponge Staking Surpasses 6.2 Billion Tokens
Huge milestone alert, #SPONGERS! 🔥
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14! 🤯
Our holders are enjoying an impressive current APY of +250%. 🚀
Join us and absorb the damp!! 🧽🧽💦💦#SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
Investors are extremely bullish on Sponge V2, as is demonstrated by the number of SPONGE tokens staked already surging past 6.2 billion. This is a strong indication of how much confidence investors have in Sponge V2’s potential to generate 100X returns on listing.
To acquire Sponge V2 tokens, investors will need to purchase and stake Sponge V1 tokens on the project’s website. Sponge V1 holders will only need to stake their tokens to receive an equal amount of V2 tokens.
To buy Sponge V2 tokens, click here.
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