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Cryptocurrency prices have had a mixed start of the year. While Bitcoin initially surged to over $45,000, it slumped hard on Wednesday as traders continued waiting for the SEC Bitcoin ETF approval. Other coins like Solana, Avalanche, and Terra also retreated sharply on Wednesday.
It is unclear whether this crypto and stock sell-off will be brief or prolonged. Historically, however, an asset’s performance in the first two days of January is not always an indicator of what to expect for the rest of the year. This article will look at key cryptocurrencies like Meme Moguls (MGLS), LCX, and Ethereum Name Service (ENS).
Meme Moguls forecast
Meme Moguls whose token is MGLS is an upcoming cryptocurrency in the meme coin sub-sector. The developers’ goal is to create one of the leading meme coins that will compete with the likes of Pepe, Bonk, and Samoyedcoin.
Unlike other meme coins, Meme Moguls will have an entire ecosystem that will keep its fans engaged. This ecosystem will be made up of games and NFT collections. Also, eventually, the network will become fully decentralized, giving all holders a say about its future.
According to Meme Moguls white paper, 60% of the tokens have been allocated to the presale period. The remaining ones will be allocated to the ecosystem, exchange listings, and the team.
Meme Moguls has already raised over $1.4 million from global investors. This raise is coming at a time when there are numerous tailwinds in the crypto industry. For example, there are signs that the Securities and Exchange Commission (SEC) will approve a Bitcoin ETF.
There are also signs that the Federal Reserve will start cutting interest rates later this year. And most importantly, the closely-watched Bitcoin halving will happen in late April. In most cases, cryptocurrencies tend to rally ahead and after a Bitcoin halving event. You can buy the Meme Moguls token here and stand a chance to win big.
LCX price forecast
LCX, the native token for the LCX crypto exchange, has been one of the best performing tokens this week. The token jumped to a high of $0.1474, its highest level since January 2023. This rally happened after the company launched the LCX trading competition where lucky winners will share $15,000.
On the daily chart, the LCX token price jumped above the psychological resistance point at $0.10. It also rose above the 50-day and 100-day Exponential Moving Averages (EMA), which is a positive sign.
Meanwhile, the Average Directional Index (ADX) rose to above 50, signaling that the token has the momentum. The Relative Strength Index (RSI) moved above the overbought level of 80.
Therefore, I suspect that the coin will waver a bit as the turbulence in the crypto and stock market continue. It will then bounce back as buyers target the key resistance point at $0.1615, the highest swing on January 25th.
Ethereum Name Service price forecast
Ethereum Name Service (ENS) price popped to its highest point since April 16th. At its peak, the token was up by more than 122% from its lowest point last year. This jump happened after Vitelik Buterin, the founder of Ethereum noted that the platform was super important for the community.
The daily chart shows that the ENS token price has remained above the 50-day and 100-day Exponential Moving Averages. Further, the Relative Strength Index (RSI) and the Average Directional Index (ADX) has moved to over 24. Therefore, the Ethereum Name Service will likely retreat as the hype fades. This could see it drop to the key support at $10.
The post Crypto price predictions: Meme Moguls (MGLS), LCX, Ethereum Name Service appeared first on Invezz
