Osmosis (OSMO), the leading decentralized exchange (DEX) on the Cosmos (ATOM) blockchain, has exploded in a +25% price move, but as OSMO price enters localized retracement – is it too late to buy Osmosis?
The explosive price action appears to have been triggered by a major development on the Cosmos network that will see the two largest DEXs on the blockchain – Osmosis and Umee – merge.
The Cosmos ecosystem is on fire lately
– dYdX chain launched, $2B+ in trading volume (top 10 DEX already)
– Osmosis chain top 20 DEX, smart accounts coming
– Stride chain $75M in TVL, liquid staking growing
– Cosmos Hub forking, AtomOne chain coming
– Airdrop szn (Celestia,…
— Nick Tomaino (@NTmoney) December 12, 2023
Moves towards a merge between the two exchanges have appeared after Osmosis skyrocketed into the top 20 DEX (by volume) across all-blockchains this week.
OSMO Price Analysis: Is It Too Late to Buy Osmosis After +25% Cosmos DEX Merge Pump?
As price action enters retracement, Osmosis is currently trading at a market price of $1.02 (Representing a 24-hour change of -5.05%).
This comes following rejection from historic resistance around $1.17 – which marks an 11-month high for OSMO price action.
Much of the skyrocketing movement appears to have been supplied with support from the aggressively ascendant 20DMA, which is currently stood at $0.75.
Meanwhile, the 200DMA remains descendant still (stood at $0.46), reflecting the sudden shift in velocity by OSMO price action.
As OSMO price retraces, a tight banded trading channel is emerging, revealing that a drop down to $0.82 could be on the cards.
This is a view supported by the RSI indicator, which has overheated to a severe degree at 77.88 – suggesting further retracement is needed.
However, the MACD continues to reflect the impressive upside momentum, with bullish divergence at 0.0248.
Overall, OSMO therefore appears due a healthy retracement move, to strengthen the technical structure of a breakout rally move.
This leaves OSMO price with an upside target at $1.26 (representing a +23.63%).
While downside risk remains at $0.82 (a potential -19.54%).
Osmosis therefore carries a current risk: reward ratio of 1.21 – a reasonable entry, with upside potential baked in, suggesting it is not too late to buy OSMO.
And in other news, a new meme coin presale is exciting markets, as traders rush to ride the next major pump.
Meme Kombat On Verge of $3M Raise In Skyrocketing Presale – Don’t Miss The Next Pepecoin
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Some whale just dropped a cool $50k on $MK
And with that we also passed the $2.9 million mark in our presale pic.twitter.com/8hbZ4eMA2a
— Meme Kombat (@Meme_Kombat) December 13, 2023
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.246, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is It Too Late to Buy Osmosis? OSMO Price Spikes 25% as New Meme Coin Approaches Exchange Listing appeared first on Cryptonews.