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The Snek price has dropped 15% in the last 24 hours to trade for $0.0009752 as of 10:15 a.m. EST time, with trading volume rising 51%.
It comes as meme coins continue to shed red ink, led by the largest sector token by market capitalization, Dogecoin (DOGE). Myro is the top performer, recording upwards of 7% in gains.
Despite the slump in the Snek price, the meme coin recently challenged the epic surge witnessed by the Bonk Inu (BONK) price. While Bonk thrived across December, SNEK also boasts upwards of 700% in gains year-to-date and features among the top 20 meme coins on market capitalization metrics, CoinMarketCap data shows.
Snek Price Outlook As SNEK Nosedives
The Snek price is nosediving, registering a steep downtrend that is characterized by lower highs and lower lows. Overhead pressure appears to be building, coming in the form of the 25- and 50-day Exponential Moving Averages (EMA) at $0.0012636 and the $0.0011660 levels respectively.
Increased selling pressure could see the Snek price extend the fall, possibly testing the support due to the 100-day EMA at $0.0009168, or in the dire case, extend the fall to test the 200-day EMA at $0.0006544.
Like the Snek price, the Relative Strength Index (RSI) is also nose-diving, pointing to falling momentum. It comes after this momentum indicator executed a sell signal on January 12 when it crossed below the signal line (yellow band). The same outlook is seen on the Moving Average Convergence Divergence (MACD) indicator, which is also still moving below its signal line (orange band) following the December 25 cross-over. These accentuate the case to the downside.
TradingView: SNEK/USDT 1-day chart
Converse Case
On the flipside, if bulls leverage the opportunity to buy the dip, the Snek price could recover north, clearing the resistance due to the 50- and 25-day EMAs before confronting the 50% Fibonacci level of $0.0015118.
Enhanced buying pressure could see the Snek price extend the climb to tag the 61.8% Fibonacci level of $0.0018341, which is the most important Fibonacci level.
In highly bullish cases, the Snek price could stretch higher to the 78.6% Fibonacci level of $0.0022930, but the highly ambitious case could see the meme coin reclaim the December 16 high of $0.0028700. Such a move would constitute a 195% climb above current levels.
While the Snek price continues to nosedive, there is no stopping Sponge V2, a meme coin presale that is on a tear despite a down market. This explains why analysts rank it best among the best meme coins for exponential gains. The token also features among the top three presales to buy in 2024.
Promising Alternative To SNEK
Sponge V2 is the latest meme coin sensation, taking the stage after its predecessor, Sponge V1, set a high bar on performance. With Sponge V2’s listing now imminent, Sponge ($SPONGE) jumped 14% in the past 24 hours even as most meme coins fell. Sponge has skyrocketed 1,195% over the past 12 months.
#SpongeV2 about to melt faces 🔥#Crypto #Web3 #MemeCoin #Alts pic.twitter.com/L307J5T5B2
— $SPONGE (@spongeoneth) January 19, 2024
After a successful launch and listing on major exchanges in 2023, Sponge V1 has returned with an upgraded version, Sponge V2. This upgrade builds atop the achievements of its predecessor, and adds to its catalog with better features and increased value for token holders.
💸🛌 Earn passive rewards just by staking your $SPONGE! 🤯
Join the #SpongeV2 takeover and enjoy our current APY of 300%+ 😎
Absorb the damp! 🧽💦🙌 #MemeCoin #Presale #Staking pic.twitter.com/OJ08MgMmWy
— $SPONGE (@spongeoneth) January 19, 2024
Investors are already riding the Sponge V2 wave even as the meme coin aspires not only to replicate but to surpass the success of its frontrunner. It’s introducing new features and benefits for token holders that opens avenues for exploring iconic locales, navigating thrilling obstacle courses, and potentially unlocking lucrative rewards.
We were just getting started with Sponge V1. Don't miss your chance to join #SpongeV2! 🧽🧽🧽🚀
🧽 Proven 100x potential
🧽 12,000+ Holders
🧽 10+ Exchanges
🧽 30k Strong communityGet ready to absorb more DAMP! 💦#Web3 #Crypto #AltcoinSeason pic.twitter.com/4YghSPit8e
— $SPONGE (@spongeoneth) January 18, 2024
The project has introduced a unique token distribution method, Stake-to-Bridge, where users can stake their older tokens and receive the new version in return.
📘 Visit our website and stake your $SPONGE to be part of V2's TAKEOVER.
Simple steps to significant rewards!
GO GO GO! 🧽💦💦#CryptoStaking #SpongeV2 #Web3 pic.twitter.com/3TF0HZIT9k
— $SPONGE (@spongeoneth) January 18, 2024
The staking function is so popular that almost 5.5 billion tokens have been staked. With this, the project’s staked and bridged tokens worth more than $5.2 million. The holders enjoy an impressive annual percentage yield (APY) of over 298%.
📢 $SPONGE Update!
We've hit a new milestone with 5,390,882,888 tokens staked, valued at $5,233,589.24! 🌟
With a current APY of +300% and a price of $0.0009663 (+18% increase), $SPONGE is stronger than ever. 🧽
Don't miss out, join the takeover! 🚀💰#SpongeV2 #Web3 #Alts pic.twitter.com/GMhqAnTehI
— $SPONGE (@spongeoneth) January 19, 2024
New entrants into the Sponge V2 ecosystem can acquire the tokens through the website using ETH, USDT, or a credit card.
For more information, see our guide to the best staking platforms or visit Sponge V2 website here.
Also Read:
- Alessandro De Crypto Reviews Sponge V2 Presale – Could This Be the Next 1000x Coin?
- Can Sponge V2 Experience a Post-Launch Surge Like Sponge V1? – Cilinix Crypto Presale Review
- SPONGE Price Skyrockets 84% In 24 Hours As V2 Bridging Hype Explodes. Is Sponge V2 The Next Pepe Coin?
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