The Pixel’s price has surged by 17% in the past 24 hours and is currently trading at $0.5980 with a market cap of $442 million.
The rally stems from the listing of PIXEL on crypto exchange Binance, which is undoubtedly a remarkable achievement considering that Binance is the largest exchange by trading volume.
The hype around Pixels is also responsible for the price increase, with market observers saying Pixels is the best Web3 play right now.
According to one market observer, this ongoing excitement is just the beginning, as Pixels will launch the first multiplayer online role-playing game (MMO) social finance guild next week. The feature will reportedly enable users to buy and sell multiple memberships to different guilds using PIXEL tokens.
Pixels Price Outlook: PIXEL is showing a bullish bias when listed on the Binance exchange and remains in an ascending parallel channel on the 15-minute time frame. It is currently trading with support at the 50-day Simple Moving Average (SMA) at $0.5943.
As long as the Pixels price continues to consolidate within this bullish technical formation, investors are likely to see more gains.
The relative strength index (RSI) position above 50 increases the possibility of an upward move. This state is supported by the satisfactory excitement indicator (AO), which shows a large number of green bars in the positive zone.
If buying pressure increases, the Pixels price has the potential to continue rising and break through the resistance of the midline of the ascending parallel channel. In an extremely bullish scenario, the price could break above the range high of $0.6947. A breakout and close above this level on the 15-minute timeframe would bring attention to the psychological $0.8000 level, which would be an upside of about 30% relative to current levels.
Conversely, if the bears gain dominance, the Pixels price could decline. This could cause it to first lose the support of the 50-day SMA. If the decline extends, the Web3 coin could break below the support provided by the lower border of the ascending parallel channel.
In an extreme case, the Pixels price could drop to $0.4617. A breakout and close below this level on the 15-minute timeframe would invalidate the current bullish view.
Besides PIXEL, another altcoin that performed well is MK, which some analysts believe is one of the most promising meme coins.
Meme Kombat is a crypto gaming platform where users can place bets on battles featuring popular meme characters such as Doge, Pepe the Frog, and Wojak. The platform uses a “play and earn” model through its battle arena, rewarding users with additional MK tokens for selecting winning meme fighters.
MK is the native cryptocurrency of the Meme Kombat ecosystem, an innovative gaming platform designed for gaming enthusiasts. Community members have the opportunity to battle in the arena as meme characters of their choice.
In addition to regular battles, there are larger, more high-profile battles that gamers can participate in for a chance to win great prizes. This is one of the reasons why cryptocurrency YouTuber Jacob Bury listed it as one of the five most promising cryptocurrencies right now.
Meme Kombat provides users with a variety of convenient features, including but not limited to active betting and passive staking, providing a diverse way to earn rewards, especially appealing to loyal gamers.
The project is currently in the pre-sale phase and is becoming a major player in the memecoin space. It has attracted the attention of the crypto community and analysts, with pre-sale sales exceeding $9.65 million and a target of $10 million. Investors can buy MK at $0.279 on the official website.
Since the pre-sale of MK will end on February 20, 2024, hurry up and buy MK here.
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