Bitcoin

Snek Price Prediction: SNEK Plunges 15% But Not Even A Bear Market Can Stop This Other Meme Coin Pre-Selling.

adminJanuary 21, 2024

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Snek’s price has fallen 15% over the past 24 hours, trading at $0.0009752 as of 10:15 AM ET, with volume up 51%.

This comes as meme coins, led by Dogecoin (DOGE), the largest sector token by market capitalization, continue to shed losses. Myro was the best performer, with a return of more than 7%.

meme coinmeme coin

Despite the slump in the price of Snek, the meme coin defied the massive surge recently witnessed by the price of Bonk Inu (BONK). While Bonk thrived throughout December, SNEK also boasts year-to-date gains of more than 700% and is one of the top 20 meme coins by market cap metrics, according to CoinMarketCap data.

Snek price outlook due to SNEK plunge

Snek prices have plummeted, showing a steep downward trend with lower highs and lower lows. Overhead pressure appears to be showing up in the form of the 25-day and 50-day exponential moving averages (EMAs) sitting around the $0.0012636 and $0.0011660 levels respectively.

Increasing selling pressure could extend the decline in Snek price, testing support from the 100-day EMA of $0.0009168, or, in the worst case, extending the decline to test the 200-day EMA of $0.0006544.

Like the Snek price, the Relative Strength Index (RSI) is also trending downward, signaling a decline in momentum. This momentum indicator follows a sell signal triggered by a downward crossing of the signal line (yellow band) on January 12th. The same outlook is seen in the Moving Average Convergence Divergence (MACD) indicator, which is also still moving below its signal line (orange band) following the December 25th crossover. This highlights the downside of the problem.

snacksnack

TradingView: SNEK/USDT 1-day chart

converse case

Conversely, if bulls take advantage of the opportunity to buy the dip, Snek price could recover northward and face the 50% Fibonacci level of $0.0015118 after clearing the resistance posed by the 50-day and 25-day EMAs.

Intensifying buying pressure could push Snek price up to the most important Fibonacci level, the 61.8% Fibonacci level at $0.0018341.

In a very optimistic case, the Snek price could go up to $0.0022930, which is the 78.6% Fibonacci level, but in a very ambitious case, we could see the meme coin regaining its December 16 high of $0.0028700. Such a move would represent an increase of 195% from current levels.

While the price of Snek continues to plummet, there is no stopping Sponge V2, a meme coin pre-sale that is trending lower despite the decline. This explains why analysts rate it as one of the best meme coins that can yield exponential profits. This token is also one of the top three presales to buy in 2024.

A promising alternative to SNEK

Sponge V2 is the latest meme coin sensation that sets a high bar for performance following its predecessor, Sponge V1. Now that the listing of Sponge V2 is imminent, Sponge ($SPONGE) is up 14% in the last 24 hours despite most meme coins falling. Sponge has surged 1,195% in the past 12 months.

After a successful launch and listing on major exchanges in 2023, Sponge V1 is back with an upgraded version, Sponge V2. This upgrade builds on the achievements of previous versions and adds better features and increased value for token holders to the catalog.

Investors are already riding the Sponge V2 wave, even as the meme coin aspires to not only replicate but surpass the success of its frontrunners. It introduces new features and benefits for token holders that pave the way for them to explore iconic locations, navigate thrilling obstacle courses, and unlock potentially lucrative rewards.

The project introduced Stake-to-Bridge, a unique token distribution method that allows users to stake older tokens and receive new versions in return.

The staking feature has been popular, with nearly 5.5 billion tokens staked. This brings the value of tokens staked and bridged to the project to over $5.2 million. Holders enjoy an impressive Annual Percentage Yield (APY) of over 298%.

New entrants to the Sponge V2 ecosystem can earn tokens through the website using ETH, USDT, or credit cards.

For more information, see our guide to the best staking platforms or visit the Sponge V2 website here.

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adminJanuary 21, 2024

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