PepeFork’s price has risen by more than 6,00% in a week, trading at $0.0000006083 as of 9 a.m. EST, as investors bet big on the new “meme” coin.
PepeFork’s price has been on a roller coaster ride over the past 24 hours and is currently up over 3% over that period.
PepeFork price enters short-term consolidation phase
PORK/USDT 1-hour chart (Source: TradingView)
PepeFork price is attempting to break above the $0.0000006795 resistance level, which is also the middle level of a consolidation channel that the cryptocurrency has been trading in for the past few hours. If it can close a 1-hour candle above this important price point, it may attempt to break out of this sideways channel.
This bullish view might be negated if the PepeFork price fails to close a 1-hour candle above $0.0000006795 within the next 12 hours. In this alternative scenario, PORK might drop to the immediate support level of $0.0000003850.
Technical indicators suggest that PepeFork price may see a short-term correction
Technical indicators on the coin’s 1-hour chart suggest that the PepeFork price could drop in the next few hours. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are showing bearish signals.
The MACD line is crossing below the MACD signal line, which is often seen as a sign of strengthening of the negative trend in cryptocurrencies. Sellers appear to have the upper hand on the hourly chart, considering that the RSI line is below its Simple Moving Average (SMA) line. However, the RSI is gradually approaching the SMA line. This could be an early sign that the cryptocurrency is entering a short-term bullish phase.
As PepeFork attempts to gain a foothold in the cryptocurrency market, Sponge V2 is accelerating its roadmap and migrating to the highly scalable Polygon network.
Open up a plethora of opportunities
The Sponge team decided to move forward the planned date for migration to Polygon. The shift is a response to the recent malicious attacks on its liquidity pools. As a result of the move to the second layer network, the project will stop using Sponge V1 tokens and accelerate the launch of its V2 tokens.
Important Information
Our V1 snapshot will be taken on February 5th at 11pm UTC.
$SPONGE
V1 will be discontinued immediately.
Follow this post to migrate your decentralized and centralized tokens to V2 before it’s too late!
1/4
pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth)
February 2, 2024
This transition from Ethereum to Polygon will not only reduce transaction costs for Sponge V2 token holders, but will also open up a plethora of opportunities for projects to enter the booming blockchain gaming industry.
With the launch of Sponge V2, the project will be launching both paid and free versions of its play-to-earn token racing game. The main difference is that players of the paid version have the opportunity to win Sponge V2 tokens and will use V2 tokens as in-game credits, adding a layer of utility to the Sponge ecosystem.
100-fold growth potential
Important Information
Our V1 snapshot will be taken on February 5th at 11pm UTC.
$SPONGE
V1 will be discontinued immediately.
Follow this post to migrate your decentralized and centralized tokens to V2 before it’s too late!
1/4
pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth)
February 2, 2024
Most new crypto projects advertise to investors the potential for 100x growth. What makes the Sponge V2 token different from its competitors is that the Sponge team achieved 100x growth after the launch of Sponge V1 last year.
It also reached a peak market cap of $100 million. YouTube cryptocurrency analyst Jacob Burb said that Sponge V2 definitely has the potential to explode when it is launched.
Furthermore, the migration to Polygon and its foray into the blockchain gaming industry further increase its growth potential. Taking these factors together, it suggests that the project has solid fundamentals to soar in the near future.
Sponge V2 is available here.
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