The Pandora price plummeted more than 19% over the past 24 hours to trade at $14,511.81 as of 9 am EST as investors continue to exert selling pressure on the altcoin.
ERC-404 Hype Catapults Ethereum Gas Fees
The PANDORA price slump comes after a week in which its price has surged 371% after the launch of the first ERC-404 experimental token standard helped push gas fees on the Ethereum network to an eight-month high, reaching an average cost of around 70 gwei on Feb. 9. Peak costs climbed to as high as 377 gwei, which is a level not seen since May 2023.
This surge in gas prices can be attributed to growing excitement surrounding the emergence of the experimental token standard, ERC-404. The ERC-404 frenzy started on Feb. 5, when Pandora spearheaded the experimental token standard with the launch of its platform.
Pandora Price Re-Enters Consolidation Zone
4-hour chart for PANDORA/USDC (Source: TradingView)
The Pandora price is trading in a consolidation channel between $12,200 and $26,100, which it has been in over the past couple of days. In the last 24 hours, it dropped below the middle level of this range. As a result, it could be at risk of testing the $12,200 support level in the next 48 hours, should traders continue to dump the altcoin.
A break below this significant price point could put the Pandora price at risk of falling to the subsequent support level at $5,560 in the following 48 hours. This bearish thesis may be invalidated if the altcoin is able to close a 4-hour candle above the middle level of the current sideways channel within the next 24 hours.
In this alternative scenario, the Pandora price may attempt a challenge at the $26,100 barrier again. A sustained close above this threshold could then give the crypto the foundation needed to continue rising in the short term.
Technicals Point To A Potential Bullish Reversal For The Pandora Price
Technical indicators on PANDORA’s 4-hour chart suggest buyers have identified the crypto’s current levels as a buy opportunity. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing early signs of a potential bullish reversal of the altcoin’s negative trend.
The RSI line is attempting to cross above its Simple Moving Average (SMA) line. An intersection between these two lines may be taken as a sign that buyers have gained the upper hand against sellers on PANDORA’s 4-hour chart. In addition to this, the MACD line is rising towards the MACD Signal line, which could indicate that the crypto’s negative trend has weakened in the last few hours.
While the Pandora price attempts to fend off sellers, traders are turning their attention to Smog for potentially explosive gains.
The Newest Addition To The Solana Ecosystem
Smog made a dramatic entrance into the crypto space on the Solana decentralized exchange Jupiter with its token soaring to a market cap of $32.16 million.
One #Memecoin to rule them all! 🚀
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
With its rapid ascent, Smog displays a similar trajectory to other past successful Solana meme coins such as Myro, Bonk and Honk. What separates the project from its predecessors is its turbo-charged airdrop campaign, which will most likely enable the project to achieve virality within the coming weeks.
An Airdrop Investors Will Not Want To Miss
Smog encourages token ownership through its Zealy campaign. Participants are able to earn points by completing interactive quests on platforms such as X and Discord. This fosters community participation and rewards investors who are loyal to the project.
To add to the excitement, there is also a leaderboard competition, which aims to attract a substantial amount of interest as well as enhance the overall airdrop experience.
Although the exact details regarding the airdrop event remain unknown, the project’s allocation of 35% of the token’s supply to the airdrop hints at a mammoth airdrop event that investors will not want to miss.
Learn more about Smog and buy the token here.
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