Coq Inu Price Prediction: COQ Plunges 12%, but SpongeV2’s FOMO Causes Meme Coin Competitor Sponge to Surge 25% in One Week

adminJanuary 5, 2024

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Coq Inu prices were down 12% at $0.000001727 as of 6:40 AM ET, with volume down 25%.

The Coq Inu ecosystem is built on the Avalanche (AVAX) blockchain. Therefore, the sentiment of the underlying blockchain tends to influence the COQ token. So the 12% drop in Coq Inu prices follows a 7% drop in Avalanche prices.

Avax inside Coq — TradingView: COQ/USDT 3-hour chart, AVAX/USDT 3-hour chart

Coq Inu Price Outlook As Avalanche Blockchain Sentiment Influences COQ Market

Coq Inu price is trading within the lower half of the Bollinger Band indicator. It faces immediate resistance due to the 50-day moving average (MA) at $0.000001858. The southward slope of the Relative Strength Index (RSI) shows that momentum is declining. This could allow Coq Inu prices to fall before potentially moving north.

If the bears have their way, the Coq Inu price could fall below the support provided by the lower band of the Bollinger indicator at $0.000001664. In severe cases, the plunge could extend to the point where the price loses the important support of $0.000001630.

This bearish thesis is emphasized by two indicators. First we have a negative reading for the Awesome Oscillator (AO) and then a reading for the Moving Average Convergence Divergence (MACD). Both histogram bars are flashing red, showing that the bears have established a strong presence in the COQ market.

inside — TradingView: COQ/USDT 3-hour chart

converse case

However, if history is anything to go by, Coq Inu prices could move north after the recent correction. This has happened many times before, as evidenced by the wavy movement of the red and green arrows. The critical support level at $0.000001630 may hold and the buying pressure from this level of buyer congestion is likely to push Coq Inu price northward.

The ensuing buying pressure may allow Coq Inu price to overcome the resistance posed by its 50-day MA of $0.000001858. Further north, the advance could extend as prices tag a resistance confluence between the central line of the Bollinger indicator (yellow band) and the 200-day moving average near the $0.000002011 level.

In a very bullish case, the resistance posed by the parabolic SAR indicator could be converted into support and used as a starting point to extend the price upward targeting the upper band of the Bollinger indicator at $0.000002338.

A very ambitious example could see the Coq Inu price break above the upper Bollinger Band towards a high of $0.000004059.

Meanwhile, while the Avalanche-based meme coin works out its next move, investors have turned their attention to Sponge V2, a stake-to-bridge project that could yield 100x profits like its predecessor.

A promising alternative to Coq Inu

Analysts have selected their top picks for the best cryptocurrency ICOs set to deliver big returns in 2024, including Sponge V2. This is an upgraded version of Sponge V1 and is poised to surpass its predecessor, Sponge V1, a meme coin that recorded a 100x surge in 2023.

Sponge V1 is up 6% today and 25% compared to last week as anticipation grows for the new upgraded Sponge V2.

📣 We are excited to announce this. #sponge Connects from V1 to V2!
your $sponge Earn #SpongeV2 token. 🧽︎
Buy and stake now to receive special V2 token bonuses! Don’t miss it 🔥#memecoin #web3 #bull market pic.twitter.com/bYmkg1TNrU
— $SPONGE (@spongeoneth) December 18, 2023

The Sponge V2 project has attracted industry executives such as Tron founder and Huobi global advisor Justin Sun, as a wallet address (0x176f3dab24a159341c0509bb36b833e7fdd0a132) tagged on Etherscan as ‘Justin Sun 4’ is reported to hold 108 million SPONGE V1 worth $43,246. It caught their attention.

🚀Crypto billionaire Justin Sun transferred $14.7 million ETH from Binance, sparking rumors of a possible investment in Sponge V2. With upcoming releases and P2E gaming, could this be the next meme coin to explode? Find out more here: https://t.co/vfHD8vdE9v
— Chris Terry (@BlockchainSoft) December 29, 2023

Sponge V2, one of the best Metaverse cryptocurrency projects and the best choice for NFT and virtual world enthusiasts, is in the pre-sale phase.

Investors who want to own tokens can simply purchase Sponge V1 and stake it. Each Sponge V1 token sells for $0.000548. Tokens are only available through Stake-To-Bridge, so you can get Sponge V2 tokens by purchasing and staking V1 tokens now.

🚀Did you miss 100X in 2023?🎉 $sponge We’re back with V2 – bigger, better and ready to soak up the moisture!
Hurry up and stake your stake now to join the ride!
Visit our website for more information! 🔥#SpongeV2 #web3 #Cryptocurrency #how pic.twitter.com/bD4oZTpElW
— $SPONGE (@spongeoneth) January 2, 2024

By purchasing or staking Sponge V1 on the website, you can get the same amount of Sponge V2 and receive staking rewards from V1 tokens that were previously locked or held for 4 years.