The Elon Mars X worth surged greater than 47% over the previous week to commerce at $0.000006088 as of two:00 a.m. EST as traders guess large on the newly-launched meme coin.

EMX is the most recent meme coin impressed by tech mogul and SpaceX founder Elon Musk. Different meme cash that took inspiration from the billionaire embrace Dogelon Mars (ELON), Child Elon (BABYELON), and Elon Musk (MUSK), to not point out Dogecoin (DOGE) and Grok (GROK).

Elon Mars X Worth Outlook

1-hour chart for EMX/USD (Supply : TradingView)

The Elon Mars X worth is at the moment resting on the 9 Exponential Shifting Common (EMA) line on its hourly chart because it makes an attempt to problem the resistance stage at $0.000006133. Overcoming this barrier throughout the subsequent 6 hours might result in the meme coin rising to the next threshold at $0.000007462 within the following 6 hours. 

Nevertheless, a break under the 9 EMA line within the coming hours might invalidate this bullish thesis. On this various state of affairs, the Elon Mars X worth might drop under the 9 EMA line. It’s going to then have the 20 EMA line on the hourly chart as its final line of protection earlier than it doubtlessly drops to the following key assist at $0.000004657. In a particularly bearish state of affairs, the meme coin may very well be prone to dropping to as little as $0.000003291 within the quick time period.

Technicals Counsel The Elon Mars X Worth Might Right In The Quick Time period

Technical indicators on EMX’s hourly chart counsel the Elon Mars X worth might drop within the subsequent few hours. The Shifting Common Convergence Divergence (MACD) indicator reveals that EMX’s bullish development is within the strategy of transitioning to a bearish cycle. That is evident by the MACD line dropping in the direction of the MACD Sign line. An intersection between these two technical indicators could also be a affirmation that EMX has entered a bearish cycle.

Along with this, the Relative Power Index (RSI) line is sloped negatively in the direction of oversold territory. This can be indicative of sellers rising stronger in opposition to patrons. Lastly, there may be additionally a robust adverse development line that has shaped on EMX’s hourly chart that the meme coin might want to overcome earlier than it could start to rise.

Whereas EMX makes an attempt to interrupt above resistance within the subsequent few hours, Sponge V2 appears to be on monitor to repeat its prior 100x success after it surged greater than 39% over the previous 7 days.

A Potential 100X Alternative

Sponge V1 managed to soar 100x shortly after its launch through the 2023 bear market to additionally attain a peak market cap of $100 million. Now, the Sponge workforce has returned to supply traders who missed the substantial returns posted by Sponge V1 a second alternative at whopping positive factors with the most recent iteration of the meme coin.

To raised Sponge V2’s possibilities of replicating its prior 100x success, the challenge’s workforce has lined up a number of main centralized trade listings, whereas additionally introducing a novel play-2-earn racer sport into the meme coin’s ecosystem. This racer sport will are available in each a paid and a free model.

Within the paid model, Sponge V2 tokens will have to be used for in-game credit. Gamers may also be capable of earn tokens throughout the sport. This not solely provides the meme coin publicity to the rising blockchain gaming sector, but additionally introduces a stage of utility to Sponge V2 that isn’t generally seen in memes coin initiatives.

Polygon Migration

📣 Consideration, #SPONGERS!

Right here is a few vital info to recollect about $SPONGE V2!$SPONGE V1 has formally been discontinued, and V2 has been launched on #Polygon! 🔥

Study extra concerning the token particulars under 👇https://t.co/TCdxgXx40w

🧵1/3 pic.twitter.com/YZzXOlKmHY

— $SPONGE (@spongeoneth) February 6, 2024

Because of safety issues, the Sponge workforce determined to maneuver ahead the date for his or her deliberate migration to the highly-scalable Polygon community. With the migration full, Sponge V2 token holders are actually in a position to transact at a lot faster speeds and at a lot decrease prices. This additionally will increase the revenue margins for gamers of the challenge’s play-2-earn racer sport.

On prime of the elevated revenue margins for Sponge avid gamers, there may be additionally a staking program with a pretty annual share yield (APY) of 932% on supply. Traders have been scrambling to realize entry to this chance as greater than $10 million has been staked and bridged on Sponge V2’s web site. In token phrases, this quantities to round 8.4 billion tokens, which is sort of 20% of SPONGE’s unique provide.

Sponge V2 may be bought right here.

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