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Coq Inu price has dropped 12% to trade for $0.000001727 as of 6:40 a.m. EST time, with a 25% drop in trading volume.
The Coq Inu ecosystem is built atop the Avalanche (AVAX) blockchain. As such, sentiment from its basal blockchain tends to affect the COQ token. Accordingly, the 12% drop in Coq Inu price follows a 7% drop in Avalanche price.
Coq Inu Price Outlook As Sentiment From The Avalanche Blockchain Influences The COQ Market
The Coq Inu price is trading within the lower half of the Bollinger Band indicator. It faces immediate resistance due to the 50-day Moving Average (MA) at $0.000001858. The inclination of the Relative Strength Index (RSI) to the south shows that momentum is falling. With this, Coq Inu price could drop before a potential move north.
If the bears have their way, Coq Inu price could break below the support offered by the lower band of the Bollinger indicator at $0.000001664. In the dire case, the slump could extend for the price to lose the critical support at $0.000001630.
This bearish thesis is accentuated by two indicators. First, the negative reading on the Awesome Oscillator (AO) then the Moving Average Convergence Divergence (MACD). Both their histogram bars are flashing red to show the bears have established a strong presence in the COQ market.
Converse Case
If history is enough to go by, however, then Coq Inu price could be coiling up for a move north after a recent correction. This has happened multiple times before, as indicated by the wavelike motion of the red and green arrows. The $0.000001630 critical support level could hold, with buying pressure from this buyer congestion level likely to see Coq Inu price push north.
The ensuing buying pressure could see Coq Inu price overcome the resistance due to the 50-day MA at $0.000001858. Further north, the gains could extend for the price to tag the resistance confluence between the centerline (yellow band) of the Bollinger indicator and the 200-MA around the $0.000002011 level.
In a highly bullish case, the gains could extend for the price to flip the resistance due to the Parabolic SAR indicator into support and use it as the jumping-off point to target the upper band of the Bollinger indicator at $0.000002338.
The very ambitious case could see Coq Inu price break past the Bollinger band upper bounder towards the range high at $0.000004059.
Meanwhile, while the Avalanche-based meme coin works out the next move, investors have shifted their gaze to Sponge V2, a stake-to-bridge project with the potential for 100X gains, just like its predecessor.
Promising Alternative To Coq Inu
Analysts have selected their top picks for the best crypto ICOs with big returns in 2024, with Sponge V2, featuring among them. It is an upgraded version of Sponge V1, coming into the space and poised to outperform its predecessor, Sponge V1, the meme coin that recorded a 100x surge in 2023.
Sponge V1 is up 6% today and 25% over the past week as excitement grows over the new, upgraded Sponge V2.
📣 We’re excited to announce that #Sponge is bridging from V1 to V2!
Stake your $SPONGE to earn #SpongeV2 tokens. 🧽💦
Buy and stake now for a special V2 token bonus! Don’t miss out 🔥#MemeCoin #Web3 #BullMarket pic.twitter.com/bYmkg1TNrU
— $SPONGE (@spongeoneth) December 18, 2023
The Sponge V2 project has attracted the attention of industry executives such as Tron founder and Huobi Global advisor Justin Sun, with a wallet address (0x176f3dab24a159341c0509bb36b833e7fdd0a132) tagged as ‘Justin Sun 4’ on Etherscan reported to be holding 108 million SPONGE V1 valued at $43,246.
🚀Crypto billionaire Justin Sun made a $14.7 million ETH transfer from Binance, sparking rumors of a potential investment in Sponge V2. With the upcoming launch and P2E gaming, could this be the next meme coin to explode? Dive into the details here: https://t.co/vfHD8vdE9v
— Chris Terry (@BlockchainSoft) December 29, 2023
Standing among the best metaverse crypto projects and a top pick for NFT and virtual world enthusiasts, Sponge V2 is in the presale stage.
Investors looking to own the token can do so by buying Sponge V1 and staking it. Each Sponge V1 token is selling for $0.000548. Buy and Stake V1 tokens to earn sponge V2 tokens now, as the tokens are only available through Stake-To-Bridge.
🚀Missed 100x in 2023?💥 $SPONGE is BACK with V2 – Bigger, Better, and ready to absorb the damp!
Hurry and stake now to join the ride!
Visit our website for more info! 🔥#SpongeV2 #Web3 #Crypto #Alts pic.twitter.com/bD4oZTpElW
— $SPONGE (@spongeoneth) January 2, 2024
When you buy or stake Sponge V1 on the website, you get an equal amount of Sponge V2, alongside staking rewards from your previously locked or held V1 tokens over 4 years.
Visit and buy Sponge V2 tokens here.
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