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The Starknet price dropped 6% in the last 24 hours to trade at $1.8966 as of 00:17 a.m. EST on trading volume that plunged 37% to $1 billion.
The STRK price has slumped 20% since its launch earlier this week, a drop that’s most likely attributable to the controversy surrounding its 780 million token airdrop. That blew up when it came to light that the token’s generation event took place in November 2022, with the initial one-year vesting period pushed back to April this year.
Stealth launch token onchain, count it as TGE and release token 2 years later but count that as vesting start date.
We see a lot of shit in token land, but that has to be one of the sketchiest moves yet.
— Adam Cochran (adamscochran.eth) (@adamscochran) February 14, 2024
As such, 13% of the total supply, worth more than $2.6 billion, could be unlocked in April.
Starknet Price Breaks Above The Symmetrical Triangle
The Starknet price is still in a consolidation phase as the struggle between the bears and the bulls turns more intense. The formation of a symmetrical triangle pattern supports the movement of the STRK price.
However, the bears tested the crucial support level at $1.8, as the bulls face resistance at $2.18. The STRK price is trading slightly above the 50-day Simple Moving Average (SMA), coinciding with the token’s support at 1.85.
Additionally, the Relative Strength Index (RSI) seems to be rebounding from the 50-midline level at 54. If there is sustained bullish momentum, the RSI could be on an upward trend towards the 70-overbought region. This could consequently rally the price, as there would be intense buying pressure.
Furthermore, the Moving Average Convergence Divergence (MACD) line (blue) is trading above the signal line (orange), signifying a bullish crossover. This is an indication of a suitable entry point for investors.
The green bars on the histogram also support the bullish sentiment, as they extend above the zero line. This means that the price is currently on a positive trajectory.
Starknet Price Prediction
Starknet’s short-term technical analysis shows that the price is bound for a bullish reversal as it breaches the upper boundary of the symmetrical triangle. The bulls aim to break out of the consolidation phase as they breach the resistance at $2.18, targeting new resistance at $2.63.
However, if the bears exert more pressure, as the RSI is near the 50-neutral zone, it may easily cross to the oversold levels, which could drive the price down further to the support zone at $1.66.
While STRK bulls are looking for the best entry point, many other investors are considering Sponge V2 in the hope it can repeat the 100X gains its predecessor, Sponge V1, produced last year.
Buy $SPONGE V2, A Promising Opportunity For 100X Returns
Sponge V2 is emerging in the crypto space as an upgraded version of Sponge V1. If you missed Sponge’s 100X surge last year, you now have an opportunity for the same with Sponge V2, before its imminent launch on prominent exchanges.
POV: you didn't buy $SPONGE and the FOMO hits 👊🧽#SpongeV2 #Web3 #Crypto #100x #MemeCoin #Bullish #Altcoins pic.twitter.com/b4OfAZiAak
— $SPONGE (@spongeoneth) February 19, 2024
Earlier this month, Sponge V1 was discontinued, with over 13,000 holders moving to the more secure and cost-efficient 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 project aims to revolutionize the market through its unique approach to transaction fees, liquidity provision, and staking mechanisms. Sponge V2 absorbs a small percentage of every transaction, redistributing it to you as a token holder. As such, holders who stay in the community for a long time are rewarded.
Stake $SPONGE V2, 912% Annual Rewards
After the transition, you can now buy and stake your $SPONGE V2 tokens on the Polygon Network and earn an impressive 912% annual percentage yield (APY). There are over $10 million Sponge tokens already bridged and staked.
You can also earn through an upcoming game, Sponge Racer, which will have both free and paid versions. Players will engage in racing competitions and earn token rewards.
Don't forget about the upcoming #SpongeV2 Play-to-Earn game! 👀
Stay tuned for updates. 🧽$SPONGE #Crypto #Altcoins #100x #Web3 #AltSeason #Binance pic.twitter.com/Z51MSmKqVF
— $SPONGE (@spongeoneth) February 21, 2024
Crypto analyst and YouTuber Jacob Bury says that Sponge V2 has the potential to repeat the success of its predecessor, Sponge V1, with another 100X return on investment.
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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