The Elon Mars X price surged more than 47% over the past week to trade at $0.000006088 as of 2:00 a.m. EST as investors bet big on the newly-launched meme coin.

EMX is the latest meme coin inspired by tech mogul and SpaceX founder Elon Musk. Other meme coins that took inspiration from the billionaire include Dogelon Mars (ELON), Baby Elon (BABYELON), and Elon Musk (MUSK), not to mention Dogecoin (DOGE) and Grok (GROK).

Elon Mars X Price Outlook

1-hour chart for EMX/USD (Source : TradingView)

The Elon Mars X price is currently resting on the 9 Exponential Moving Average (EMA) line on its hourly chart as it attempts to challenge the resistance level at $0.000006133. Overcoming this barrier within the next 6 hours could lead to the meme coin rising to the subsequent threshold at $0.000007462 in the following 6 hours. 

However, a break below the 9 EMA line in the coming hours may invalidate this bullish thesis. In this alternative scenario, the Elon Mars X price may drop below the 9 EMA line. It will then have the 20 EMA line on the hourly chart as its last line of defense before it potentially drops to the next key support at $0.000004657. In an extremely bearish scenario, the meme coin could be at risk of dropping to as low as $0.000003291 in the short term.

Technicals Suggest The Elon Mars X Price May Correct In The Short Term

Technical indicators on EMX’s hourly chart suggest the Elon Mars X price may drop in the next few hours. The Moving Average Convergence Divergence (MACD) indicator shows that EMX’s bullish trend is in the process of transitioning to a bearish cycle. This is evident by the MACD line dropping towards the MACD Signal line. An intersection between these two technical indicators may be a confirmation that EMX has entered a bearish cycle.

In addition to this, the Relative Strength Index (RSI) line is sloped negatively towards oversold territory. This may be indicative of sellers growing stronger against buyers. Lastly, there is also a strong negative trend line that has formed on EMX’s hourly chart that the meme coin will need to overcome before it can begin to rise.

While EMX attempts to break above resistance in the next few hours, Sponge V2 looks to be on track to repeat its prior 100x success after it surged more than 39% over the past 7 days.

A Potential 100X Opportunity

Sponge V1 managed to soar 100x shortly after its launch during the 2023 bear market to also reach a peak market cap of $100 million. Now, the Sponge team has returned to offer investors who missed the substantial returns posted by Sponge V1 a second opportunity at whopping gains with the latest iteration of the meme coin.

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To better Sponge V2’s chances of replicating its prior 100x success, the project’s team has lined up several major centralized exchange listings, while also introducing a unique play-2-earn racer game into the meme coin’s ecosystem. This racer game will come in both a paid and a free version.

In the paid version, Sponge V2 tokens will need to be used for in-game credits. Players will also be able to earn tokens within the game. This not only gives the meme coin exposure to the rising blockchain gaming sector, but also introduces a level of utility to Sponge V2 that is not commonly seen in memes coin projects.

Polygon Migration

📣 Attention, #SPONGERS!

Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥

Learn more about the token details below 👇https://t.co/TCdxgXx40w

🧵1/3 pic.twitter.com/YZzXOlKmHY

— $SPONGE (@spongeoneth) February 6, 2024

Due to security concerns, the Sponge team decided to move forward the date for their planned migration to the highly-scalable Polygon network. With the migration complete, Sponge V2 token holders are now able to transact at much quicker speeds and at much lower costs. This also increases the profit margins for players of the project’s play-2-earn racer game.

On top of the increased profit margins for Sponge gamers, there is also a staking program with an attractive annual percentage yield (APY) of 932% on offer. Investors have been scrambling to gain access to this opportunity as more than $10 million has been staked and bridged on Sponge V2’s website. In token terms, this amounts to around 8.4 billion tokens, which is almost 20% of SPONGE’s original supply.

Sponge V2 can be purchased here.

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• Source: https://insidebitcoins.com/news/elon-mars-x-price-prediction-emx-soars-47-in-a-week-as-this-meme-coin-sensation-prepares-to-100x-again