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The VeThor Token price surged by over 42% in the last 24 hours to trade at $0.006267 as of 2.30 a.m. EST on trading volume that soared more than 100% to $352 million.
The main driver behind the price surge is believed to have been the liquidation of shorts, which led to a massive rise in open interest. The price went up as traders embraced a FOMO attitude. VTHO was not the only one to be affected, as similar growth also hit VeChain’s VET token.
VeThor Token Price Prognosis
Despite the VeThor Token price rally, many in the crypto community remain uncertain about what is next on the token’s agenda.
The rally came for fundamental reasons, rather than technical, but now that the hype has seemingly reached its peak, traders and investors have found themselves turning to technical indicators to try and deduce where will the token go from here.
Looking at its 30-minute chart, it is clear that the token’s Bollinger bands still remain quite wide, especially compared to the situation from two days ago. The price has even exceeded the upper band for the time being, still showing extreme bullishness.
On the other hand, the token’s Relative Strength Index (RSI) level is once again approaching the overbought zone, suggesting that a correction might start in the near future. Last time when the token’s price drove RSI into the overbought zone, the price dropped to a support at $0.0050.
This is a strong level that will likely keep the price from sinking back down, and it might even allow it to stabilize above it once the correction comes. Once VTHO reaches stability, this support may even allow it to try to launch future attempts at growth.
Chances of the token going beyond the $0.0070 level seem slim at this point, as VTHO seems to be losing buying power. However, if the bulls do manage to push it beyond this level, the token will have an open path toward $0.009889.
Promising Alternative to VeThor Token
Analysts say one of the best alternatives to VeThor Token right now is Sponge V2). This is a new version of a popular crypto project that was originally launched in 2023, $SPONGE, with a 100x pump after going live.
However, Sponge V1 has since then been discontinued, and instead of it, the team started working on version 2, which is to be bigger and better than the original.
You haven't seen anything yet! 🧽🧽#SPONGEV2 coming in hot 🔥#MemeCoin #BullMarket #Binance #Coinbase #Crypto #100x #Alts pic.twitter.com/db32pVByQ8
— $SPONGE (@spongeoneth) February 7, 2024
The promise of an even better alternative quickly started attracting users, especially since the project bridged SPONGE from V1 to V2. More than that, it allows users to stake their SPONGE in order to earn even more.
Users interested in buying and staking sponge can do so on its platform, where the token is available for $0.001116. You can get it in exchange for ETH or USDT, and join others who have staked their own.
So far, the total amount staked and bridged exceeds $10 million, and the figure keeps growing by the day. Given the success of the first SPONGE, many expect that V2 can bring an even greater pump, and allow them to earn even more this time around.
Of course, this is speculation, but those with past experience with the project and its team were willing to stake $10 million worth of SPONGE, which shows how excited they are for round two.
Visit Sponge V2 here.
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