Bitcoin leading crypto charge, analysts upbeat on Polkadot and Meme Moguls in 2024
Bitcoin (BTC) generally leads the way in crypto bull runs, and 2023 is no different, with the “digital gold” doubling to a recent peak of $37,000. Such a run has analysts predicting that gains from Bitcoin will flow to other altcoins like Polkadot (DOT) and Meme Moguls (MGLS).
Bitcoin is setting the crypto pace
Unsurprisingly, Bitcoin (BTC) is leading the current crypto wave. The crypto king usually moves first as investors flock to the most established asset during bull runs.
Nonetheless, this cycle is slightly different. The potential for a spot Bitcoin exchange-traded fund (ETF) could mean institutional investors finally accepting Bitcoin.
The Bitcoin price has been rallying, spurred by this fundamental shift, with traders betting on increased demand for the digital asset.
The current price of $37,000 represents a break of the $30,000-$32,000 resistance zone, which had suppressed the Bitcoin price since May 2022.
Moreover, the Bitcoin halving expected in 2024 will cut BTC miner rewards by half, possibly driving the coin’s demand up and supporting prices.
Polkadot turning bullish
Polkadot facilitates communication between different blockchains. Its native currency, DOT, is crucial in governance and staking.
During the 2021 bull run, DOT surged 10X in just four months. However, DOT prices plummeted from a high of $55 to $3.55 in October 2023. Despite this, analysts remain optimistic about the coin’s potential for 2024.
Firstly, DOT prices broke out of a descending triangle on the weekly chart, indicating a bullish trend reversal. As a result, analysts predict that Polkadot’s horizontal resistances at $8.00 and $10.00 will be tested soon.
Secondly, Cardano announced that it will use the Polkadot SDK for interoperability, indicating Polkadot’s uniqueness.
In the last seven days alone, DOT has surged by 16%, and analysts predict DOT could reach $72 in the coming years.
Meme Moguls aiming to ride higher
The impressive gains made by Shiba Inu in 2021 and PEPE in 2023 could serve as primers for Meme Moguls in 2024. Meme coins are popular primarily due to their volatility.
Meme Moguls aims to reshape the meme coin landscape by introducing a decentralized trading platform where memes are traded like stocks.
Users can buy, sell, and trade memes using the platform’s native token, MGLS.
Meme Moguls is building an ecosystem of products comprising Moguls Casino, Moguls Exchange Trading Platform, Moguls Fantasy Trader, and a metaverse called Mogul Land.
The economic model of Meme Moguls revolves around rewards. A staking mechanism incentivizes users to hold and utilize MGLS tokens.
In addition, non-fungible token (NFT) rewards are given to players who excel in gameplay or complete tasks within the platform. The team announced a $10,000 giveaway to X’s most active presale participants.
Due to its exciting developments, analysts predict that Meme Moguls could join the ranks of PEPE, Shiba Inu, and Dogecoin.
A PEPE holder turned a $250 investment into $1.02 million within four days, and analysts believe Meme Moguls could follow a similar trajectory.
In phase 1 of the ongoing presale, MGLS is available for $0.0019.
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