The leading altcoin, Ethereum (ETH), has come out from the recent decline in the price of cryptocurrencies. The Ethereum Sentiment indicator is still bullish despite recent market downturns. It is anticipated that the altcoin will soon reach the $2,800 milestone because of its strong upward momentum.
But a new player on the scene, KangaMoon (KANG), has emerged with the ability to upend the cryptocurrency industry. KANG is regarded as one of the best altcoins to buy in 2024 because of its distinctive tokenomics and special use case that benefits long-term holders.
Ethereum (ETH) Regains Bullish Momentum, Sets Sight on $2,800
Ethereum (ETH) began 2024 with a strong bullish momentum that had been building since mid-October 2023. With this momentum, the price of Ethereum formed a multi-year high at the $2,715 level on January 12.
However, the cryptocurrency market had a severe downward trend post Bitcoin ETF approval. As a result, Ethereum's price dropped to a monthly low of $2,170. Despite the severe fall, the Ethereum Sentiment Index has remained optimistic. This suggests that ETH could rise in the next few weeks.
Technical analysis suggests the possibility of a climb in the next weeks. The Ethereum chartshows that the altcoin price is placed above three key support levels at $2,200, $2,000, and $1,800. Only a break above these levels can turn the sentiment of ETH bearish.
So, with the backing of the bulls, the Ethereum price will look to chase the $2,800 target. However, based on the chart, there is a major resistance forming at the $2,700 level. For the Ethereum price to get to the $2,800 level, the altcoin price must overcome this resistance and $2,400.
KangaMoon (KANG) Takes the Altcoin Market By Storm
While Ethereum prepares for an upswing, there's a new player that looks poised to disrupt the memecoin market. KangaMoon has received great attention because of its unique ecosystem, community support, and strategic tokenomics model.
KangaMoon has created an ecosystem to connect meme coin enthusiasts worldwide to nurture a vibrant, like-minded community. The ecosystem is designed to be community-driven yet allow members to monetize their gaming time and compete with players worldwide.
In terms of tokenomics, KangaMoon is superior to top memecoins. While the likes of Dogecoin have unlimited supply and SHIB with over 589 trillion, KangaMoon is launching with only 1 billion KANG tokens. 60% will be sold via its presale to encourage decentralization in its holding.
In addition, KANG is launching a deflationary model to ensure long-term price increases for the coin. The KangaMoon ecosystem is based on the Ethereum network and has been audited by SOLIDProof. As the community grows, the KangaMoon team has announced that it will introduce new projects, such as a play-to-earn environment.
Experts have big plans for the future and have named KANG the best memecoin of 2024. KangaMoon is now valued at $0.005 per coin, but it is expected to have a 50x increase by the end of 2024.
Closing Thoughts
Ethereum is well-positioned for a noteworthy upswing in the upcoming weeks, according to the positive sentiment index. But with its current pace and excitement, KangaMoon (KANG) has a chance to emerge as one of the best altcoins to buy in 2024.
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