NEO’s native settlement GAS token, has undertaken a price explosion, with GAS price pushing up +11.5% despite serious retracement, is it too late to buy GAS token?
GAS is a settlement token, generated by staked NEO, which is used to pay for transactions on the NEO network.
In recent weeks, there has been a dramatic growth in GAS price as traders rush to stack bags following the news that GAS will be used for settlement on NEO’s sidechains.
This has led to increased moments of divergence, where the price of GAS (in orange) exceeds that of underlying token NEO (in blue).
But with price dropping in heavy retracement following a new all-time high, this bounce-back move has got markets super-charged – lets dig in.
GAS Price Analysis: Will GAS Price Bounce Back to Continue Sidechain Rally?
With the chart super-charged following the bounce back, GAS is currently trading at a market price of $8.91 (representing a 24-hour change of +1.13%).
This comes after GAS price found feet above the $7.175 supper level which was established originally at the start of November.
Ongoing GAS price action has created a pan-handle pattern on the chart, which bolsters technical structure – still strong after the golden cross on October 29.
Currently the 20DMA is sat above price action, creating a potential ceiling of localized resistance around $10.75.
However, the 200DMA remains low, providing bed-rock support at $3.5.
In a bullish display, the RSI indicator has cooled-off significantly from a major over-bought signal on November 10, to a neutral on the fence reading at 51 today.
This suggests price action is now ripe and ready to push-up on a second run, however, the MACD flags stalling momentum with bearish divergence at -0.509.
Overall, GAS looks strong here, having successfully consolidated after a much-needed consolidation, suggesting price can once again resume upside movements.
GAS price has an upside target at 20DMA resistance around $10.75 on the short-time frame (a potential +21.21%).
While downside risk could see GAS price plummet down to lower support at $7.18 (a possible -19.04%).
This leaves GAS price with a risk: reward ratio of 1.11 on the short-time frame, suggesting that it is not too late to buy GAS at current prices.
But while GAS offers a potentially alluring gain on the short-time frame, a better opportunity emerges from a new meme coin presale that has matched NEO’s explosive November growth, meet Meme Kombat.
Meme Kombat Presale Pushes Beyond $2m Raised With $10k Giveaway – Don’t Miss Out!
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
The price of $MK is now $0.214
Make sure you are ready for Kombat and have you $MK ready too! pic.twitter.com/46vMGrXURU
— Meme Kombat (@Meme_Kombat) November 23, 2023
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.214 (with a price rise in just 3-days!), and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is It Too Late to Buy Gas? Neo GAS Price Soars 11.5% as Viral Meme Coin MK Secures $2 Million – Next SHIB or DOGE? appeared first on Cryptonews.
