Pups (Ordinals) Price Prediction: PUPS Is The Biggest Meme Coin Loser With A 27% Plunge As Traders Turn To This Rival That Soared 100X In A ...

By Inside Bitcoins
about 1 month ago

The Pups (Ordinals) price plunged 27% in the past 24 hours to trade for $55.29 as of 06:02 EST.

With this dump, the PUPS token has become the biggest meme coin loser among the top 100 meme coins by market capitalization, coming only days after the meme coin was the biggest gainer.

The token has also featured among the top viewed cryptos, standing alongside GALA, ORBS, ONDO, and BTC.

One trader says that with this dump, the PUPS price is taking a much-needed breather before a bold move north.

Pups (Ordinals) Price Outlook As PUPS Becomes Biggest Loser

The Pups (Ordinals) price is trading with a bearish bias from a naked eye, but a closer look shows the altcoin is consolidating within a falling wedge pattern.

The falling wedge pattern is interpreted as both a bullish continuation and bullish reversal pattern. This causes some confusion in the identification of the pattern. Both scenarios contain different market conditions that must be taken into consideration.

The differentiating factor that separates the continuation and reversal pattern is the direction of the trend when the falling wedge appears. A falling wedge is a continuation pattern if it appears in an uptrend and is a reversal pattern when it appears in a downtrend. With the latter being the case for the PUPS price, a break and close above the resistance trendline would signal the entry into the market.

As such, traders looking to take long positions on the Pups (Ordinals) price should wait for a candlestick close above $66.30. Such a move could pave the way for more gains, potentially setting the tone for a continuation to $130.60.

In a highly bullish case, the Pups (Ordinals) price could extend a neck higher to $190.96, with a decisive candlestick close above this level clearing the path for PUPS price to nick the $261.56 range high.

Pups price

TradingView: PUPS/USDT 4-hour chart

Converse Case

On the other hand, if the $66.30 roadblock holds, a rejection from this resistance level could send the Pups (Ordinals) price south. Such a directional bias could see the PUPS price find inflection at $21.68 where a recovery could ensue if the level holds as support.

However, should the $21.68 level break, the Pups (Ordinals) price could drop to the range low of $7.30.

Amid the gamble that is the Pups (Ordinals) price, some traders are shifting to SPONGE V2, after predecessor Sponge V1 recorded 100X gains in a bear market last year.

Promising Alternative To Pups (Ordinals)

Sponge V2 aims to build on its predecessor’s success. Sponge was introduced to the market in May last year, with early investors seeing an upward trajectory comparable to PEPE coin, and quickly built a $100 million market cap.

The meteoric rise was enabled by listings on over ten prominent exchanges, including MEXC, LBank, Poloniex, and Gate.io.

Although Sponge V2 maintains the appealing viral meme coin aspect of its previous iteration, the second version introduces token utility, potentially resulting in sustained demand over the long run.

Sponge V2 Play-to-Earn (P2E)

The Sponge V2 team is developing a unique play-to-earn (P2E) game. Players can earn $SPONGEV2 tokens by participating in the game and achieving high rankings on the leaderboard.

The game offers both free and paid versions, allowing users to play for fun or use Sponge V2 tokens to purchase game credits for additional passive earnings.

Sponge V2 now runs on both Ethereum and Polygon chains, a cross-chain integration that underscores its ambition to broaden its reach and accessibility. Stakers can earn Annual Percentage Yields (APY) as high as 165% on Ethereum and $354% on Polygon

So far, upwards of 9.775 billion SPONGE tokens have already been staked.

Sponge v2

Investors who missed Sponge V1’s success last year can still seize the opportunity to invest in Sponge V2 before it launches on major exchanges soon.

For a last chance to buy, visit the official Sponge V2 website here.

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