The price of NEO’s native settlement token, GAS, has experienced a significant surge, with an 11.5% increase despite a notable retracement. This surge in GAS price can be attributed to the growing interest in staking NEO and the announcement that GAS will be utilized for settlement on NEO’s sidechains. However, with the price experiencing a retracement after reaching an all-time high, the question arises: is it too late to buy GAS token?
As of now, GAS is trading at a market price of $8.91, indicating a 24-hour change of +1.13%. The price of GAS has managed to surpass the $7.175 support level established in November, forming a pan-handle pattern on the chart. This pattern strengthens the technical structure, which has remained robust since the golden cross on October 29. Despite the 20DMA acting as a potential resistance around $10.75, the 200DMA continues to provide strong support at $3.5.
In terms of technical indicators, the RSI indicator has cooled off from being overbought to a neutral reading of 51, indicating a potential upside movement. However, the MACD flags bearish divergence at -0.509, suggesting a possible stall in momentum. Despite this, GAS appears to be in a strong position for further upside movements after consolidating following a much-needed retracement.
In the short-term, GAS has an upside target at the 20DMA resistance of around $10.75, offering a potential gain of 21.21%. On the other hand, downside risk could lead to a drop in GAS price, reaching the lower support level at $7.18, representing a possible decrease of 19.04%. When considering these factors, GAS presents a risk-reward ratio of 1.11 on the short-time frame, indicating that it may still be an opportune time to buy GAS at its current price.
While GAS presents potential gains, there is another opportunity worth exploring: Meme Kombat, a new meme coin presale that has taken inspiration from NEO’s explosive growth in November. Meme Kombat aims to combine nostalgic gaming and GambleFi into a decentralized Web3 platform. This unique initiative revolves around an arena where animated characters confront each other, allowing players to place bets on battle outcomes and potentially earn rewards.
Meme Kombat offers a captivating experience by tapping into crypto communities and their tribal affinities. With Season 1 already showcasing 11 distinct meme characters and Season 2 on the horizon for December 2023, there is no shortage of action to engage players. The decentralized nature of the project and AI-driven battles ensure transparent and unpredictable outcomes, keeping players consistently engaged.
Meme Kombat places a strong emphasis on transparency, evident through its forthcoming security audit of the smart contract, a characteristic often lacking in many projects. The founder and project lead, Matt Whiteman, contributes to the credibility of Meme Kombat with his extensive experience in process design and his position as the COO of North Technologies. With Whiteman’s open profile and the project’s physical address in Amsterdam, Meme Kombat establishes an extra layer of trustworthiness often absent in the crypto space.
The tokenomics of Meme Kombat is an appealing factor for potential investors, allowing them to stake the Meme Kombat ($MK) token, priced attractively at $0.214. Not only does this provide passive income, but staked tokens can also be used for betting in the arena. This dual functionality, combining earning potential with gaming, sets Meme Kombat apart. Participation and engagement on the platform directly impact the income one can earn, presenting users with an opportunity to maximize their earnings.
With the GambleFi industry flourishing, exemplified by the success of coins like Rollbit, Meme Kombat is well-positioned to tap into this thriving market. By merging memes, gaming, and blockchain, Meme Kombat introduces a fresh and unique offering to the crypto community. For investors seeking to diversify their portfolios and explore novel investment opportunities, Meme Kombat is a proposition too intriguing to overlook. Embrace the future of meme-based gaming and betting with Meme Kombat.
While GAS token presents potential gains and remains a viable investment option, Meme Kombat offers an alluring alternative with its innovative approach to meme-based gaming and betting. Both projects possess unique characteristics and opportunities for investors to explore. However, it is essential to remember that cryptocurrency investments are inherently high-risk. Therefore, thorough research and careful consideration are necessary before making any investment decisions in this volatile market.