Pandora’s price plummeted more than 19% in the last 24 hours to trade at $14,511.81 at 9 a.m. EST as investors continue to put selling pressure on the altcoin.
ERC-404 Hype Catapults Ethereum Gas Fees
PANDORA’s price drop comes after a week in which its price rose 371% following the launch of the first experimental ERC-404 token standard.push pushed gas fees on the Ethereum network to an eight-month high, reaching an average cost of around 70 gwei on February 9. Maximum costs rose to 377 gwei, a level not seen since May 2023.
This increase in gas prices can be attributed to the growing excitement around the emergence of the experimental token standard, ERC-404. The ERC-404 frenzy began on February 5, when Pandora spearheaded the experimental token standard with the launch of its platform.
Pandora price re-enters the consolidation zone
4-hour chart for PANDORA/USDC (Source: TradingView)
He Pandora The price is trading in a consolidation channel between $12,200 and $26,100, which it has been in for the past few days. In the last 24 hours it fell below the average level of this range. As a result, it could be at risk of testing the $12,200 support level in the next 48 hours, in case traders continue to dump the altcoin.
A break below this important price point could put Pandora price at risk of falling to the next support level at $5,560 in the next 48 hours. This bearish thesis may be invalidated if the altcoin manages to close a 4-hour candle above the average level of the current sideways channel in the next 24 hours.
In this alternative scenario, Pandora price may again attempt a challenge at the $26,100 barrier. A sustained close above this threshold could give the cryptocurrency the necessary foundation to continue rising in the short term.
Technicals Point to Possible Bullish Pandora Price Reversal
Technical indicators in PANDORA The 4-hour chart suggests that buyers have identified the cryptocurrency’s current levels as a buying opportunity. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing early signs of a possible bullish reversal of the altcoin’s negative trend.
The RSI line tries to cross above its simple moving average (SMA) line. An intersection between these two lines can be taken as a sign that buyers have gained the upper hand over sellers on the PANDORA 4-hour chart. In addition to this, the MACD line is rising towards the MACD Signal line, which could indicate that the crypto’s negative trend has weakened in recent hours.
As Pandora price tries to fend off sellers, traders are turning their attention to Smog for potentially explosive profits.
The latest addition to the Solana ecosystem
Smog made a dramatic entry into the crypto space on Solana’s decentralized exchange Jupiter, with its token rising to a market capitalization of $32.16 million.
One #Memecoin to rule them all! 🚀
Join #SMOG In Zealy! 🔥
Link in bio 🔗 pic.twitter.com/vsn4p5cSF4
-SMOG (@SMOGToken) February 8, 2024
With its rapid rise, Smog shows a similar trajectory to other successful Solana meme coins in the past, such as Myro, Bonk, and Honk. What separates the project from its predecessors is its turbocharged airdrop campaign, which will most likely allow the project to reach virality in the coming weeks.
An airdrop investors won’t want to miss
Smog encourages token ownership through its Zeal Campaign. Participants can earn points by completing interactive missions on platforms like X and Discord. This encourages community participation and rewards investors who are loyal to the project.
To add to the excitement, there is also a qualifying competition, which aims to attract a substantial amount of interest and improve the overall airdrop experience.
Although the exact details regarding the airdrop are unknown, the project’s allocation of 35% of the funds records The airdrop supply hints at a gigantic airdrop event that investors won’t want to miss.
Learn more about Smog and buy the token here.
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