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- Cryptocurrencies
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- Industry
- Geography
The cryptocurrency market has seen a significant price rise this week, with MulitiversX, Immutable, and Meme Moguls among the top performers. The rise of Meme Moguls is especially noteworthy, as it is capturing huge attention while still in the presale phase of development. Let's look at what might be driving this bullish move in the market.
The MulitiversX chart reveals that the price has just broken out of a descending trendline that had held the price down since August 2022. This sent the MulitiversX price rocketing from $34.80 to a recent peak of $68.35 in exactly one month. But will the MulitiversX price keep surging?
Breaking such a significant resistance level generally results in sustained upward momentum. Plus, the next MulitiversX price resistance sits way up at $120, a further 89% gain from the current level of $63.52. Local support sits at $52, so buyers could look there if MulitiversX prices fall.
Looking at the fundamentals of MulitiversX, the TVL has grown from $96m at the start of November to $218m at the time of writing. This supports the growing consensus that MulitiversX is becoming one of the best platforms to build on.
The MulitiversX team has been hard at work transforming MulitiversX from its old history as "Elrond" to an alternative layer-1 protocol that uses sharding for unmatched scalability. Should MulitiversX prove itself as one of the fastest networks, we could see the MulitiversX price rise to $1,000 in the long term — 1,574% from today's price.
Meme Moguls is set to impact the P2E and cryptocurrency markets significantly. It offers a unique blend of education, entertainment, and investment wrapped up in the universally appealing world of memes.
Players get $100,000 in virtual cash at the onset in Meme Moguls, providing them with the initial capital to embark on their investment journey. Players then have free reign to experiment with different trading strategies and decisions.
But while the virtual cash isn't tangible, the rewards for successful investments in Meme Moguls are very much real. Players can earn MGLS tokens, NFTs, and other meme-based assets for competing in trading competitions and completing certain milestones.
There are head-to-head battles, large trading competitions, and even a "Beat the Market" mode where players can challenge themselves to outperform traditional markets like the S&P 500. Those who emerge as top performers can become meme moguls and share advice with other players to earn passive income.
The MGLS token is a key component of the game, acting as a governance token through which players can vote for platform upgrades and other decisions. The MGLS token can also be staked in the liquidity pool to earn more tokens over time. There are clearly so many ways to earn in Meme Moguls, and that's part of its appeal.
MGLS can be bought for $0.0021 during phase one of the ongoing presale event. This price is set to keep increasing in subsequent phases, so early investors have a greater chance of seeing significant returns. Analysts are already predicting that MGLS could reach a value of $0.19 as it becomes more widely adopted on the Meme Moguls platform.
Immutable is a layer-2 protocol built for the gaming and NFT industry, offering gas-free trading and instant settlement. Immutable is powered by its native token, IMX, which can be used for staking and governance on the platform.
The price of Immutable has recently broken above the $1.20 level that has served as support and resistance for nearly two years. As expected, the price of Immutable pumped by more than 68% in the last three weeks to reach today's price of $2.02.
But is this move simply down to the chart pattern, or is there more to it? Well, VanEck, a traditional investment management firm, recently published a report that outlined why they think Immutable will become a top-25 cryptocurrency by market capitalization in 2024. This set the wheels in motion for Immutable's bullish move.
As Illuvium, Guild of Guardians, and any of the other 100+ projects built on Immutable see adoption and success, the demand for IMX will continue to increase. This could result in Immutable reaching a fully diluted market cap of $50 billion, resulting in a price appreciation of 1,250% to around $25.
