Many cryptocurrencies rallied in October as the overall crypto market showed signs of recovery . Over the past 24 hours, the market has gained 3.1%, bringing its total market capitalization to $1.16 trillion. Meanwhile, some cryptocurrencies have now become growth leaders.
Bitcoin is leading the rally today, October 2 at 06:09 EST, trading at $28,300 . Some altcoins are also showing impressive growth based on the development of their ecosystem.
These altcoins include Solana, THORChain, Render, and Meme Kombat. Read on for more interesting facts about its ecosystem and future price predictions.
Solana (SOL) is a decentralized and scalable network
SOL is trading at $24.2, up 5.7% in the last 24 hours as of Oct 2 06:26 EST. Surprisingly, it has risen 24.3% in the last seven days, confirming that buyers are in control.
Data from online analytics platform DefiLlama shows that Solana's total value locked (TVL) has increased by 4.9% in the last 24 hours. It's 7:59 today. EST, Solana's TVL is $337.84 million, and this jump will boost prices.
In addition, Solana's developers continued to develop the network and its community-oriented approach. They have launched the Break Point 2023 event , which will be held in Amsterdam, the Netherlands, from October 30 to November 3 .
This event is open to artists, developers, and anyone else who can build and learn at a subsidized cost. Additionally, content creators such as writers, video creators, and podcasters who promote Solana are invited to the event, driving more interest and demand for the asset.
Meanwhile, one of Solana's most important features is its relatively low operating cost. This feature is likely to encourage more investors to collect Solana tokens, leading to an increase in prices. Thus, SOL formed several green candles on the daily chart, confirming the activity of buyers.
SOL is testing the $24.4 resistance as buyers continue to apply pressure. Can he win?
SOL is bullish on the daily chart, breaking the $22.9 resistance and turning it into support. Today's candle tops also break above the $24.4 resistance as buyers refuse to give up.
Furthermore, SOL is trading above its 50-day and 200-day simple moving averages (SMA), showing a bullish signal. Furthermore, the Relative Strength Index (RSI) is at 75.8 and confirms buyer pressure in the overbought zone.
Although the RSI is in the overbought zone, it shows no signs of recovery as more buyers open long positions. Furthermore, the moving average convergence/divergence (MACD) is above the signal line, indicating a strong buy signal.
Histogram bars are also green, confirming that buyers are aggressively rushing. Based on SOL's historical data, it may break the $24.4 resistance level before a possible pullback occurs.
THORChain (RUNE) is a cross-chain exchange solution
Today, October 2, RUNE is trading at $2.18 at 06:28 EST, up 11.1% in the last 24 hours. The price has also increased by 28.4% in the last seven days.
THORChain has continued to implement DeFi innovations, likely leading to price spikes. However, the biggest development in the ecosystem driving RUNE prices is the arrival of the BNB Smart Chain to THORSwap.
According to the September 29 announcement , BNB Smart Chain is now available on THORSwap. Thus, users can exchange between BEP-20 tokens and more than 5500 tokens with one click.
The developers also noted that THORChain has supported the BNB Beacon Chain since its launch. Therefore, with its addition, users gain access to a large EVM-friendly DeFi ecosystem.
In addition, THORSwap's BSC DEX aggregator connects directly to PancakeSwap liquidity. Therefore, it allows you to easily convert BTC to CAKE and various BEP-2o assets with one click . THORSwap supports easy connection of multiple BSC wallet interfaces.
This includes browser interface, mobile device and hardware. Users can also earn BNB in RealYield, which is obtained from THORChain liquidity pools . These funds do not carry a permanent loss and deposits can be withdrawn at any time without penalty.
These impressive features are likely to attract more users to the ecosystem and increase the value of RUNE. As buyers remained in control, RUNE hit higher on the daily chart.
RUNE breaks the $2.14 resistance as buyers dominate. What's next?
RUNE is in an uptrend on the daily chart, forming a green candle that broke the $2.14 resistance today. RUNE also breached the $2.00 support to continue its gains as buyers continue to dominate .
Furthermore, RUNE is trading near the upper band of the Danchan Channel (DC), confirming that the bulls are in control. Furthermore, the MACD is showing a strong buy signal as confirmed by the green bars on the histogram.
The RSI is also in overbought territory, showing a value of 70.9 and continues to rise. The RSI confirms that buyers are still actively collecting RUNE tokens, which is driving prices higher. Based on these indicators, RUNE will continue its rally if buyers refuse to surrender in the coming days.
Rendering (RNDR) is a trusted provider of decentralized GPUs.
RNDR is trading at $1.7 as of 06:32 EST on October 2nd , an increase of 8.0% in the last 24 hours. In addition , the increase in its value in the last seven days was 12.4%, which indicates a continuous accumulation phase. Last week's RNDR price increase is likely the result of recent collaborations with Microsoft and Google .
Apple also uses Render Network's OctaneX for iPhone and iPad. They are also improving plans for OcttanX users to upload their work directly to the Render Network.
Platforms like Facebook (META) , HBO and Netflix work with Render Network. Therefore, these interesting associations can lead to an increase in the price of the RNDR token, making it bullish on the daily chart.
RNDR is fast approaching an overbought zone as the bullish pressure continues, will there be a near repeat?
Today, RNDR is in an uptrend, continuing its gains since October 1 after a brief pullback on September 30. RNDR found support at $1.69 and is testing the $1.73 resistance level. A break above this level would likely send a signal close to the $2 psychological resistance.
Meanwhile, the Parabolic SAR indicator has fallen below the green candles, indicating increasing pressure from buyers. Furthermore, the RSI is rising into overbought territory and is showing a value of 69.3. If buyers continue to rally and break the resistance at $1.73, RNDR will enter an overbought zone.
The MACD is also above the signal line indicating a buy signal as confirmed by the green bars on the histogram. While RNDR indicators are bullish , traders should see if today's candle closes above $1.73 to confirm this.
However, RNDR is likely to continue to recover in the coming days without breaking out of the overbought zone. If you missed today's crypto market rally, you can take advantage of the ongoing Meme Kombat presale.
Meme Kombat (MK) is an online gaming ecosystem
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Meme Kombat is a crypto gaming platform created for gaming-loving users with tons of exciting modes. $MK is a service token of this ecosystem that has many applications for its owners.
It also offers users the opportunity to earn staking, a growing trend in the cryptosphere, and passive income . MK holders can also participate in auto-battles, bet on results and stake their tokens.
The MK presale continues as more investors collect tokens
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$MK is pre-sale and each token is worth 1.67 USD . As of October 2, approximately $215,700 of the $1 million goal had been raised. Users can also choose ETH or USDT to buy and link their crypto wallet.
In addition, MK tokens can be purchased on the BSC Smart Chain. However, MK runs on the Ethereum blockchain; Therefore , there is a possibility that tokens purchased on BSC Smart Chain will be transferred . According to T okenomics , 50% of the total 12 million tokens are ready for sale.
Does the auto bid feature offer additional rewards?
In addition, every MK token purchased before the sale will be automatically transferred to the purchase wallet for rewards. However, these rewards are based on the APY at the time of purchase, which can be seen on the Meme Kombat game page.
In order to receive the pre-sale offering reward, each wallet must redistribute all available tokens for at least one closing period. Additionally , all spell tokens must be forfeited once, as partial completion is not supported.
Shares in Meme Kombat add more utility and variety to the ecosystem
In particular, Meme Kombat offers betting and betting opportunities to attract members to the ecosystem. It also has different methods like Player vs. Player betting and Player vs. Game betting .
In addition, other options available are straight bets and side bets. Player Versus Player mode allows users to bet against each other in a live competition. Additionally, Player vs. Game mode focuses on specific in-game events.
Outright betting also allows participants to bet on specific fights or characters and win prizes based on the outcome of the fight. Finally , secondary action bets cover certain aspects of the fight, such as the first action and others .
Ultimately, the goal is to ensure the utility of Mk tokens in games and maintain a high level of user investment in the ecosystem. Therefore, based on the past success of gambling and gambling tokens, MK's value is likely to increase in the long term.
Closure
Given the improvement in the cryptocurrency market, the accumulation phase is likely to occur in the last quarter of 2023. However, this forecast is highly speculative, as the market is influenced by external factors.
A constant factor among the top winners is the development of a mature ecosystem that leads to wider adoption. However , like any other investment venture, there are risks associated with investing in cryptocurrencies. Funders are therefore advised to properly investigate and manage these risks.