The cryptocurrency market has seen mixed results over the past week, with major altcoins like Ethereum (ETH) sliding while up-and-comers like Avalanche (AVAX) continue to show impressive growth.
AVAX has surged over 72% in the past seven days, climbing from $12.97 to a high of $24.67 earlier today before experiencing a slight pullback.
Meanwhile, a new gaming-focused token, Meme Kombat (MK), is generating significant buzz in its presale phase, attracting investors eager to participate before the token’s debut on exchanges.
AVAX Price Pushes Higher as Uptrend Gains Momentum
AVAX has posted four green weekly closes in a row and looks likely to make it a fifth this week as the positive momentum shows no signs of slowing.
This marks an impressive recovery, with the token now at its highest level since August 2022, erasing all losses sustained earlier in the year.
AVAX is trading well above its 200-day exponential moving average (EMA), which it broke in the first week of November.
This indicates that the long-term trend has shifted to the upside.
Adding more optimism, AVAX also broke resistance at $16 last weekend before returning to test it as support from the other side.
However, the AVAX price is now struggling slightly around the $22.80 level, which proved to be a challenging obstacle when it was tapped in February.
Price has broken this level on the 4-hour time frame, although it is now trading sideways just above it – suggesting that buyers and sellers are battling for supremacy.
Spot Crypto ETF Hopes Propel Avalanche to New Highs
The recent price surge of Avalanche can mainly be attributed to improved market sentiment stemming from the potential approval of Bitcoin and Ethereum spot ETFs in the US.
The SEC has signaled an openness to allowing these spot crypto ETFs, giving mainstream investors easy access to investing in the world’s two largest cryptocurrencies.
BlackRock, the world’s biggest asset manager, has filed for its own Bitcoin and Ethereum funds – both now in the vetting process.
With the prospects of a spot crypto ETF being made available, investors have regained confidence in the cryptocurrency market, which has had a knock-on effect on altcoins like AVAX.
As the broader institutional adoption of crypto accelerates, AVAX could stand to benefit as a leading smart contract platform for DeFi and enterprise applications.
Given this possibility, the token’s recent double-digit gains seem reasonable, with many expecting its price to continue appreciating.
Meme Kombat Aims to Be Next Big Meme Coin Phenomenon After Raising $1.7m
Moving on from Avalanche, another altcoin that’s generating investor buzz is Meme Kombat (MK).
This coin is involved in the fast-paced world of crypto gaming, combining the viral power of memes with the potential to generate tokenized income.
Meme Kombat’s main feature is the AI-powered battle arena, where users can wager MK, Meme Kombat’s native token, on battles between iconic meme characters.
Beyond the battle arena, MK also offers staking rewards of up to 607% per year, thereby creating a dual-earning approach for platform users.
Meme Kombat’s ongoing presale event has already raised over $1.7 million in under two months, showcasing the strong demand from retail investors.
Investors can buy MK tokens for $0.205 during Stage 3 of the presale – although this price will rise incrementally in the following stages.
The project’s tokenomics are designed for complete decentralization, with half of the MK supply allocated to presale participants.
This ensures the community has a sizable stake in the project’s future.
Once the presale ends, the development team, led by founder Matt Whiteman, plans to list MK on major DEXs like Uniswap, using 10% of the token supply for liquidity.
As crypto gaming and meme coin niches continue rising in popularity, Meme Kombat looks well-positioned to capitalize on these converging trends.
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