The price of Ethereum (ETH) underwent a slight dip of 3.5% over the past 24 hours, reducing down to $1,667, as some investors took profits amidst the overall cryptocurrency market loss of 2.5%. Yet, despite today’s decline, ETH is performing robustly, showing a 5% increase over the week, a 2% monthly rise, and a significant 39% gain since the onset of the current year.
Close examination of ETH trading charts offers a promising outlook. In spite of today’s setback, ETH looks set to extend its rally with its relative strength index climbing back towards 60 after an overnight fall from 70. Here, the 30-day moving average – an important gauge of price trends – continues to ascend without signs of slowing down and could potentially surpass the coin’s 200-day average.
Newcomer altcoins have an excellent opportunity to deliver an even faster rally, as the price gains for an established altcoin like ETH might be more gradual. Pre-sale tokens show thrilling promise, with Meme Kombat (MK) being a prime example. Meme Kombat is a unique gaming platform allowing users to bet on AI-generated battles between popular meme characters – a definite selling point.
Not only has Meme Kombat’s presale achieved over $230,000 despite opening a few weeks ago, but the proposed rewards system also appears attractive. Users will receive rewards in the form of MK tokens for winning bets, potentially encouraging greater engagement.
It’s also noteworthy that MK tokens are limited to 12 million in total, which may lead to considerable deflation in the long-term. Half of these tokens are set aside for the sale, while 30% are allocated for battle and staking rewards, allowing holders to earn passive income. Only 10% of the tokens will be directed towards liquidity, and the remaining 10% are earmarked for community rewards, providing further incentives for user engagement.
However, despite the promises and excellent hype built around such newcomer altcoins, remember, crypto investments imply high risks. Therefore, every enthusiast needs to carefully consider their financial capacity and do thorough research before investing. Although ETH continues to dominate the cryptocurrency ecosystem, lesser-known altcoins like MK are providing a compelling case for consideration.
Source: Cryptonews
