The price of NEO’s native settlement token, GAS, has experienced a significant surge, with an increase of 11.5% despite a notable retracement. Traders have been flocking to acquire GAS tokens following the announcement that it will be used for settlement on NEO’s sidechains. This surge in demand has resulted in moments of divergence, where the price of GAS exceeds that of the underlying token NEO. However, after reaching a new all-time high, the price has retraced, creating an opportunity for investors.
At present, GAS is trading at $8.91, representing a 24-hour change of 1.13%. The price has successfully consolidated above the $7.175 support level established in November, forming a pan-handle pattern on the chart. This pattern strengthens the technical structure, further supported by the golden cross on October 29. The 20-day moving average (20DMA) currently acts as a potential resistance level at $10.75, while the 200-day moving average (200DMA) serves as a strong support level at $3.5.
The relative strength index (RSI) indicator has cooled off from a major overbought signal on November 10 to a neutral reading at 51, indicating that the price action is ready for further upward movement. However, the moving average convergence divergence (MACD) indicator shows bearish divergence at -0.509, suggesting a potential stall in momentum. Despite this, the overall outlook for GAS remains positive, with the potential for upside movements.
On the short-term timeframe, GAS has an upside target at the 20DMA resistance level of $10.75, indicating a potential gain of 21.21%. Conversely, downside risk could see the price plummet to the lower support level at $7.18, representing a possible decrease of 19.04%. This risk-to-reward ratio of 1.11 suggests that it is not too late to buy GAS at its current price.
While GAS offers an enticing opportunity, another potential investment arises in the form of a new meme coin presale called Meme Kombat. This initiative combines nostalgic gaming and GambleFi into a decentralized Web3 platform. Meme Kombat features an arena where meme characters from different crypto communities compete, allowing players to place bets on the outcomes and potentially earn attractive rewards.
Season 1 of Meme Kombat showcases 11 distinct meme characters, with Season 2 already planned for December 2023. The project’s decentralization and AI-driven battles ensure transparency and unpredictability, providing players with a unique and engaging experience.
Meme Kombat’s commitment to transparency is evident through their upcoming security audit of their smart contract. This move sets them apart from many other projects that shy away from such audits. Moreover, the founder and project lead, Matt Whiteman, brings credibility to Meme Kombat with his extensive experience in process design and his position as the COO of North Technologies. Whiteman’s open profile and the project’s physical address in Amsterdam add an extra layer of trustworthiness.
Meme Kombat offers attractive tokenomics for potential investors. The Meme Kombat token (MK) is currently priced at $0.214, with a recent price rise in just three days. Stakers of MK tokens can enjoy a generous annual percentage yield (APY) of 112%, earning passive income while also using their staked tokens to place bets in the arena. This dual functionality, combining earning and gaming, sets Meme Kombat apart from other projects in the GambleFi industry.
Meme Kombat presents a fresh and unique offering to the crypto community by merging memes, gaming, and blockchain. With the GambleFi industry experiencing significant growth, Meme Kombat is well-positioned to tap into this market with its innovative approach. For investors looking for diversification and a promising opportunity, Meme Kombat should not be overlooked.
The recent surge in GAS token price presents a potential investment opportunity, with the possibility of further upside movements. Additionally, the introduction of Meme Kombat offers an exciting and unique investment prospect, combining gaming, memes, and blockchain. Both GAS and Meme Kombat present opportunities for investors willing to embrace the future of crypto. However, it is important to remember that crypto is a high-risk asset class, and this article should not be considered investment advice.
