The native settlement token of NEO, GAS, has experienced a significant price explosion in recent weeks. Despite a serious retracement, GAS price has seen an 11.5% increase, leading many to wonder if it is too late to buy GAS token. GAS is used to pay for transactions on the NEO network and is generated through staked NEO. The recent growth in GAS price can be attributed to traders stacking bags following the news that GAS will be used for settlement on NEO’s sidechains. This surge in price has caused moments of divergence, where GAS price exceeds that of NEO. However, with the price experiencing a retracement after reaching a new all-time high, it is important to analyze the current market conditions before making any investment decisions.
Technical Analysis of GAS Token
At the moment, GAS is trading at a market price of $8.91 with a 24-hour change of +1.13%. The price of GAS has found support above the $7.175 level that was established in early November. The ongoing price action of GAS has created a pan-handle pattern on the chart, which indicates a strong technical structure. The 20-day moving average (20DMA) is currently above the price action, creating a potential ceiling of resistance around $10.75. On the other hand, the 200-day moving average (200DMA) remains low, providing a solid support level at $3.5. The Relative Strength Index (RSI) indicator suggests that the price action is ripe for a push-up, as it has cooled-off significantly from a major overbought signal to a neutral reading at 51. However, the Moving Average Convergence Divergence (MACD) indicator shows bearish divergence, indicating a potential stall in momentum with a reading of -0.509.
Considering the technical analysis, GAS appears to be in a strong position for further upside movements. The short-term upside target for GAS price is the 20DMA resistance level at $10.75, which represents a potential gain of 21.21%. On the other hand, there is a downside risk that could cause GAS price to plummet to the lower support level at $7.18, resulting in a possible loss of 19.04%. With a risk-reward ratio of 1.11 on the short-time frame, it seems that it is not too late to buy GAS at its current price.
While GAS provides an enticing investment opportunity, there is another project that has caught the attention of potential investors. Meme Kombat is a trailblazing initiative that combines the memetic love of nostalgic gaming with GambleFi on a decentralized Web3 platform. This project has gained significant traction, matching NEO’s explosive November growth.
Meme Kombat offers a captivating arena where characters from different crypto communities engage in animated battles. Players can place bets on the outcomes of these battles and potentially earn attractive rewards. The project’s decentralized nature ensures transparent and unpredictable outcomes, keeping players engaged. Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract. The founder and project lead, Matt Whiteman, brings credibility to the project with his decades of experience in process design and his position as the COO of North Technologies. The tokenomics of Meme Kombat, with a price of $0.214 and a generous APY of 112%, provide opportunities for passive income and gaming. By combining memes, gaming, and blockchain, Meme Kombat presents a fresh offering to the crypto community and taps into the booming GambleFi industry.
For investors looking to diversify their portfolio with a unique and innovative project, Meme Kombat presents an opportunity worth considering. With Season 1 already showcasing 11 distinct meme characters and Season 2 on the horizon, there is no shortage of action on the platform. By embracing the future of meme-based gaming and betting, investors can explore the potential rewards offered by Meme Kombat. However, it is crucial to remember that crypto is a high-risk asset class and to perform thorough research before making any investment decisions.
The surge and retracement of GAS token have created an interesting investment opportunity. Despite the price increase and subsequent retracement, GAS remains strong and poised for further upside movements. Investors should carefully consider the technical analysis and potential risks associated with GAS before making any investment decisions. Additionally, Meme Kombat presents a unique and innovative project that combines memes, gaming, and blockchain. With its commitment to transparency and attractive tokenomics, Meme Kombat offers an opportunity for diversification in the crypto market. However, as with any investment, it is important to approach these opportunities with caution and conduct thorough research to make informed decisions.