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The lull witnessed in the Bitcoin market these past few days has also seeped into the altcoin market, with most coins paring recent gains.

Polkadot, which rose to a multi-month high amid the broader uptick early this month, has declined to a key support level. The pullback could however end with a fresh upside push by the bulls.

Meanwhile, the breakout performance of Solana-based BONK has the crypto market targeting what could be the next gem in the meme coin sector. Meme Moguls, currently in presale, is attracting massive attention from investors.

Polkadot is an interoperability network offering cross-blockchain transfers for a Web3 ecosystem.

In the past few months, the native governance token, which is also used for staking and bonding, saw significant gains. The addition of more parachains across decentralized autonomous organizations, Internet of Things (IoT) and the metaverse catalysed the upward price move.

Circle’s launch of native USDC for Polkadot and integration of Standard Chartered-backed crypto asset custodian Zodia Custody also contributed to the positive run.

While the latest downward pressure has prices dipping from highs of $7.77 last week, the shakeout of weak hands could offer bulls an opportunity to stage a new surge.

A number of positive catalysts for the crypto market. These include the highly anticipated spot Bitcoin ETF in early 2024, and wider investor reaction to the US Federal Reserve decision on interest rates.

$DOT price could thus eye a retest of $10 should buyers break through the primary supply wall around $8. Polkadot’s price reached an all-time high above $54 in November 2021, which suggests current prices could be a bargain amid a possible bull market rally.

A decline from current levels could however see $DOT fall to primary support near $5.

As BONK reignites interest in the meme coin world, one of the projects on the rise ahead of its market debut is Meme Moguls ($MGLS). While this is a meme coin designed to provide the thrill of meme culture, a few features stand out and related utility could put it ahead of many other meme projects.

For instance, the Meme Moguls whitepaper highlights a play-to-earn game ecosystem with exciting rewards for users.

The stock-market style trading for meme assets also comes with rewards for beating other moguls, and staking supports the network as well as offer holders of $MGLS a chance to earn passively as their portfolio grows.

Also attractive could be the NFTs and a metaverse features set to be part of the Meme Moguls.

Amid all these, the native $MGLS will be at the heart of ecosystem transactions. Holders will also help shape the project’s future through decentralized governance.

The Meme Moguls tokenomics outlines a fixed supply of 3 billion MGLS tokens. To aid in the projects development, 60% of these are available for early bird investors. Indeed, the exciting potential for Meme Moguls has seen this early stage backing raise over $565k in just days of the MGLS token sale launch.

Currently, MGLS is selling at just $0.0023 in stage two of the presale.

As the price will rise throughout the token sale, early investors could see the value of their assets increase as the project moves closer to its official launch. The post-launch opportunities such as those posted by the likes of Pepe and Bonk make buying at current levels seem a huge bargain.

The post Polkadot eyes upside continuation; Meme Moguls presale pulls in crypto enthusiasts appeared first on Invezz

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