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Recently, Meme Kombat, a decentralized entertainment platform on Ethereum, has enjoyed remarkable success. By combining user-created memes with blockchain technology, the platform allows users to win rewards through voting and competition. However, just after Meme Kombat broke the $500,000 milestone, the price of its token, TWT, fell sharply.
TWT is the native token of the Meme Kombat platform and is used to reward participants and drive the platform's growth. Over the past few months, as Meme Kombat's popularity has climbed, the price of TWT has soared, attracting a lot of investor attention. However, as market sentiment shifted and some investors took profits, TWT prices began to fall sharply.
There are many reasons behind this TWT price crash. First, as Meme Kombat's user growth slowed, the market began to cast doubt on the platform's prospects. Second, some investors are concerned about the sustainability of the Meme Kombat platform and the long-term development of the business model. In addition, the overall correction of the cryptocurrency market has also had a certain impact on the TWT price.
Although the collapse in the TWT price has caused investors some losses, it is also the norm in the cryptocurrency market. With the development of technology and markets, volatility in cryptocurrency prices is inevitable. Investors should remain rational when participating in such projects, pay attention to diversifying investment risks, and fully understand the fundamentals and risk factors of the project.
For Trust Wallet ($TWT), the market reacted negatively to a preview that was dubbed a "major update", causing the price to drop 8%, and some disappointed holders began to question "whether Trust Wallet will fall to zero".
This follows an impressive multi-rally of 47.9% that Trust Wallet has endured an impressive 47.9% gain, triggered by a cryptic teaser tweet on October 4, coinciding with the 20DMA reconquest.
After nearly two weeks of anticipation, this mysterious update was revealed as a minor brand update.
The market reaction was disappointing, with the revelation triggering an 8% sell-off almost immediately.
TWT Price Analysis: Will Trust Wallet Fall to Zero After Rebranding Marketing Hype Fails?
With the downside momentum emerging, TWT is currently trading at a market price of $1.00 (representing a 24-hour change of -4.62%).
Now colliding with 200DMA (positioned at $0.96), price action is likely to continue to slide to short-term support levels.
The recent +47.9% gain led to a significant technical strengthening of the chart position, with TWT prices breaking through 3 support levels between 20DMA (currently located at $0.92) and 200DMA.
This creates a solid downside support level ranging between $0.90 and $1.00 due to the close convergence of the moving averages as well as the local support level of $0.94.
Meanwhile, focusing on the Trust Wallet's indicator, the RSI cooled quickly after an 8% drop in price, although a bearish divergence remained at 60.23.
The MACD is holding a bullish divergence around 0.0103.
Overall, in the short term, Trust Wallet looks vulnerable to further downside risks with TWT prices likely to fall to converging moving average support levels.
This would bring Trust Wallet's upside target to $1.05 (potentially +4.18%).
The downside risk lies at $0.94 (-6.74% possibly).
As a result, Trust Wallet's risk:reward ratio is 0.62, which is a bad entry characterized by downside risk, but certainly not falling to zero.
In addition, an emerging "meme coin" pre-sale has exploded, sparking the market's interest, raising $562,000.
Raised $560,000 – Will Meme Kombat Be the Biggest Meme Coin in Q4 2023?
Meme Kombat is a groundbreaking initiative that cleverly combines the meme love of nostalgic gaming with GambleFi into a decentralized Web3 platform.
So, what's the secret to Meme Kombat's success, and why should potential investors keep an eye on this pre-sale?
At the heart of Meme Kombat is its appealing arena, where characters are designed to attract a deep tribal-like crypto community where they compete fiercely.
Players are free to bet on these animated battles, predict the outcome, and potentially earn great rewards.
The first season promises to showcase 11 unique meme characters, guaranteeing a great gameplay content, and the second season is already on the horizon in December 2023.
The decentralized nature of the project, combined with the thrill of AI-powered combat, ensures that the outcome is both transparent and unpredictable – each battle is a new experience, ensuring players remain engaged.
In conclusion, with Meme Kombat breaking the $500,000 milestone, the TWT price plunge has attracted a lot of attention. This incident reminds us that investment risks in the cryptocurrency market still exist and that investors need to be cautious and manage their risks. At the same time, we also expect the Meme Kombat platform to further improve its business model and bring more value to users and investors."
Cryptocurrency Market Analysis: Altcoins rally slightly to break the sideways trend
Recently, there have been some changes in the cryptocurrency market, especially altcoins. Altcoins have been sideways for some time in the past with no clear upward or downward trend. However, a small rally in altcoins recently broke this sideways trend.
Loom Network (LOOM)
Since September 19, Loom Network (LOOM) has been on an upward trend, reaching a high of $0.2949. Although the market looks slightly overbought, the LOOM price indicator has indicated that it may rise to the 2.0 level of the Fibonacci extension, which is $0.30. LOOM's current price is $0.2646, the market cap has reached $343,939,049, and the trading volume is not to be underestimated, reaching $404,122,015, an increase of 66.56% in seven days.
Klaytn (KLAY)
Klaytn (KLAY) is currently at the bottom of the chart and has experienced a downtrend. However, since September 22, KLAY has been correcting its upside and has managed to break through the moving average. KLAY recently reached a high of $0.12, but met resistance there. If price can stay above the moving average, KLAY is expected to continue to rise and is expected to rise to a high of $0.14. The current price is $0.125, the market cap reaches $721,261,667, the trading volume is $14,045,273, and the seven-day increase is 5.72%.
Trust Wallet Token (TWT)
The price of Trust Wallet Token (TWT) rebounded on October 4 and managed to break through the moving average, reaching a high of $1.00. While buyers have repeatedly tried to keep the price above the $1.00 mark, the market is still struggling to sustain the rally. If the current hurdle is cleared, TWT is expected to rise to the $1.25 level. The current price is $0.9745, the market cap reaches $974,590,160, the trading volume is $21,824,387, and the seven-day increase is 5.41%.
PAX Gold (PAXG)
The price of PAX Gold (PAXG) is approaching the bottom of the chart, albeit suppressed by the resistance level of $1,960. The price is currently fluctuating between moving averages, but once the moving average is breached, the price will be expected to continue to rise. Features of PAXG include a current price of $1,917.10, a market cap of $476,748,117, a trading volume of $7,136,817, and a seven-day increase of 4.00%.
Kronos (CRO)
Kronos (CRO) is currently trading sideways at the bottom of the chart, with price trading in a narrow range between $0.0500 and $0.540. Although resistance at $0.06 limits the uptrend, CRO is expected to continue rising as long as price stays above the moving average. The current price is $0.0519, the market cap reaches $1,570,741,042, the trading volume is $7,936,140, or 2.21% in seven days.
The performance of these five altcoins in the market is in the spotlight, and investors may wish to keep a close eye on their price dynamics and future potential.
Overall, the small rally in altcoins has injected some vitality into the cryptocurrency market. Investors should pay close attention to market dynamics and consider a variety of factors when making decisions.