Osmosis (OSMO), the leading decentralized exchange (DEX) on the Cosmos (ATOM) blockchain, has experienced a staggering 25% price surge. This surge can be attributed to a major development on the Cosmos network, which involves the merger of the two largest DEXs on the blockchain: Osmosis and Umee. The Cosmos ecosystem has been buzzing with activity lately, with the launch of the dYdX chain, $2B+ in trading volume, and the growth of liquid staking. This merger between Osmosis and Umee has propelled Osmosis into the top 20 DEXs by volume across all blockchains.
Despite its recent surge, Osmosis is currently undergoing a retracement phase, with a market price of $1.02 and a 24-hour change of -5.05%. The retracement comes after facing rejection from historic resistance around $1.17, which marked an 11-month high for OSMO price action. The 20DMA has played a significant role in supporting the upward movement, currently standing at $0.75. However, the 200DMA remains on a downward trend at $0.46, indicating a shift in the velocity of OSMO price action.
A tight banded trading channel is now emerging as OSMO price retraces, suggesting a potential drop down to $0.82. The RSI indicator further supports this view, as it has overheated to 77.88, indicating the need for further retracement. On the other hand, the MACD reflects bullish divergence at 0.0248, showcasing the impressive upside momentum. OSMO appears to be due for a healthy retracement move to strengthen its technical structure before potentially continuing its rally. This presents an upside target of $1.26, representing a potential 23.63% increase, while downside risk stands at $0.82, a potential -19.54%. Therefore, the current risk-reward ratio of Osmosis is 1.21, making it a reasonable entry point with significant upside potential.
In the midst of the cryptocurrency market’s excitement, Meme Kombat has emerged as a trailblazing initiative, capturing the attention of traders and investors alike. Meme Kombat is a decentralized Web3 platform that combines nostalgic gaming and GambleFi into a seamless and captivating experience. The platform features a unique arena where animated meme characters battle it out, allowing players to place bets and predict the outcomes.
Season 1 of Meme Kombat introduces 11 distinct meme characters, ensuring a wide array of action-packed battles. Furthermore, Season 2 is already on the horizon for December 2023. What sets Meme Kombat apart is its decentralized nature and AI-driven battles, guaranteeing transparency and unpredictability. By placing a strong emphasis on trust, Meme Kombat is undergoing a security audit of its smart contract, with the findings set to be made public. The project’s founder and project lead, Matt Whiteman, brings decades of experience in process design and credibility as COO of North Technologies.
Investors are keen on the tokenomics of Meme Kombat, as it offers an attractive APY of 112% for stakers of the $MK token. Stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena, creating a dual functionality that sets Meme Kombat apart from other projects. The platform incorporates engagement as a key factor in determining one’s income, incentivizing active participation.
Meme Kombat is poised to tap into the booming GambleFi industry, aligning with the innovative approach of merging memes, gaming, and blockchain. With its physical address in Amsterdam and an open profile of its founder and project lead, Meme Kombat is building trust within the crypto community. Potential investors looking to diversify their portfolios with a unique offering should pay attention to the Meme Kombat presale.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice.