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The SOHOTRN price surged 18% in the last 24 hours to trade at $0.0005066 as of 00:12 a.m. EST on trading volume that soared 1,300% to $3.06 million.
Inspired by a tweet from Elon Musk that read ‘so hot rn (right now)’, the SOHOT token has skyrocketed 151% in the last seven days.
The project earlier this month announced the development of an NFT marketplace exclusively for models.
🚀 $SOHOT: Where Models Become Masterpieces! 🎨💃
Join us in the evolution of NFTs – $SOHOT is not just a marketplace; it's a canvas for models to become iconic digital masterpieces. Don't miss the revolution!#SOHOT #SOHOTTOKEN #ELON #CRYPTOCURRENCY #SOHOTSURGE— SOHOT RN TOKEN (@SohotRNToken) February 4, 2024
Can SOHOT rise to emulate the success seen with other Musk-associated meme coins like GROK, DOGE, and MEMEAI?
SOHOTRN Price Bulls Looking To Sustain The Bullish Momentum
The SOHOTRN price has been on a downturn since the token recorded its all-time high (ATH) of $0.0022 on Feb. 5. However, there was a struggle between the bears and the bulls around $0.0002, leading to a consolidation phase. This was also a footing that allowed the bulls to break out, rallying the price through a markup phase.
However, the bulls encountered some resistance around $0.0005845, which allowed the price to fluctuate within the pennant.
Today, SOHOT is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bullish prospects of the price. The 50-day SMA is also trending above the 200-day SMA, forming a golden cross at $0.000225, further supporting the incoming bullish rally.
Additionally, the Relative Strength Index (RSI) seems to be rebounding from the oversold levels toward the 70-overbought zone at 64, an indication of intense buying pressure.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows that the MACD line (blue) is trading above the signal line (orange), signifying a bullish crossover. This opens up a chance for more entry points, which could rally the price even higher. The green bars are also rebounding above the zero line, which shows positive momentum.
The Average Directional Index (ADX) is currently at 33, indicating a strong trend that appears to be on the verge of a breakout. This could serve as a buying signal, suggesting the beginning of a stronger bullish trend.
SOHOTRN Price Prediction
The short-term technical analysis of SOHOT’s price indicates a continuation of bullish momentum above the pennant. The bulls are aiming to reclaim the resistance level at $0.000545, a 15.41% increase from the current price.
However, an inverse scenario may allow the bears to influence a price retrace toward the support zone at $0.0004344, coinciding with the 50-day SMA.
As the SOHOT price bulls aim for a continued rally, investors are turning to Sponge V2, a meme coin set to emulate the success of its predecessor, Sponge V1.
Buy $SPONGE V2 With 100X Possible Returns
If you missed $SPONGE’s 100X surge last year, there is still an opportunity for you to make huge returns with Sponge V2 — if you buy now before its imminent launch on major exchanges.
If you missed out on $SPONGE V1, don't miss out on #SpongeV2!
Time to stake your $SPONGE! 🚀🧽#MemeCoin #Web3 #Altcoins #BullMarket #Bullish #Trade pic.twitter.com/oNwatR7ihw
— $SPONGE (@spongeoneth) February 10, 2024
After its launch last year, Sponge V1 soared to hit a $100 million market cap, accumulating over 13,000 holders. However, Sponge V1 was discontinued earlier this month, with $SPONGE holders being moved to the more secure Sponge V2 on the Polygon Network.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
The transition has been drawing more interest from investors, with the token surging 38% in the last week.
Stake $SPONGE V2, Get Rewarded
What’s more, by buying and staking SPONGE V2 tokens, you earn an impressive 190% annual percentage yield (APY).
The team is also planning on the launch of Sponge Racer, a game set to offer both free and paid versions. This game will allow players to engage in racing competitions and earn token rewards.
Jacob Bury, a crypto analyst and YouTuber, says Sponge V2 has the potential to 100X on launch, just like its predecessor.
To join the presale, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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