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The price of SOHOTRN has risen by 18% in the past 24 hours to $0.0005066, and the trading volume has surged by 1300% to $3.06 million.
Inspired by a tweet from Elon Musk that read “so hot rn,” the SOHOT token has surged by 1,51% in the past seven days.
The project announced earlier this month that it would develop an NFT marketplace specifically for models.
$SOHOT
: Where models become masterpieces!
Join our NFT revolution - $SOHOT is more than a marketplace; it's the canvas for models to become iconic digital masterpieces. Don't miss out on this revolution!
#SOHOT
#SOHOTTOKEN
#ELON
#CRYPTOCURRENCY
#SOHOTSURGE
– SOHOT RN TOKEN (@SohotRNToken)
February 4, 2024
Can SOHOT be as successful as other Musk-related meme coins such as GROK, DOGE and MEMEAI?
The bullish forces on the SOHOTRN price are looking to maintain the upward momentum.
SOHOTUSD chart analysis Source: Tradingview.com
SOHOTRN price has been in a downtrend since the coin hit an all-time high (ATH) of $0.0022 on February 5. However, around $0.0002, a struggle between bears and bulls has occurred, leading to a consolidation phase. This is also the basis for the bulls to break out and drive the price higher.
However, the bulls faced some resistance near $0.0005845, which allowed the price to fluctuate inside a flag pattern.
Currently, SOHOT is trading above the 50-day and 200-day simple moving averages (SMAs), supporting the bullish outlook for the price. The 50-day SMA is also trending above the 200-day SMA, forming a golden cross at $0.000225, further supporting the upcoming bullish run.
Moreover, the Relative Strength Index (RSI) seems to be rebounding from oversold levels towards the overbought zone of 64 at 70, which suggests strong buying pressure.
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows that the MACD line (blue line) is trading above the daily line (orange line), indicating a bullish crossover. This opens up opportunities for more entries that could push prices higher. The green bar is also bouncing off the zero line, showing positive momentum.
The Average Directional Index (ADX) is currently at 33, indicating a strong trend that may be about to break out. This could serve as a buy signal, indicating the start of a stronger bullish trend.
SOHOTRN Price Prediction
Short-term technical analysis shows that the price of SOHOT will continue its upward momentum on the flag chart. The bulls will aim to recapture the $0.000545 resistance level, which is 15.41% growth from the current price.
However, the reversal scenario could allow the bears to influence a pullback to the support area at $0.0004344, which is in line with the 50-day SMA.
As SOHOT price bulls continue to gain strength, investors are beginning to focus on Sponge V2, a memecoin that aims to emulate the success of its predecessor, Sponge V1.
Buy and stake SPONGE V2 tokens to earn an impressive 190% annualized yield (APY).
The team also plans to launch Sponge Racer, a game with both free and paid versions. This game will allow players to compete in racing events and earn tokens as rewards.
Cryptocurrency analyst and YouTuber Jacob Burry said Sponge V2 has the potential to achieve 100x growth upon launch, just like its predecessor.
To participate in the presale, visit the official Sponge V2 website and link your digital wallet with ETH or USDT to exchange for V2 tokens. You can also purchase directly with a bank card.
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