KangaMoon price forecast amid pessimism over spot Ethereum ETF approval in May
Ethereum (ETH) continues to hover above $3,100, with bulls showing great resilience as several altcoins battle pressure near key support levels.
However, could news that the US Securities and Exchange Commission (SEC) may reject spot Ethereum ETF applications in May dent ETH price outlook?
What does this mean for KangaMoon (KANG), the new meme coin project looking to establish itself as a crypto mainstay through SocialFi and Play-to-Earn?
Ethereum price forecast: Is the SEC poised to reject ETH spot ETFs?
Ethereum price rose to above $4,000 in March, riding the Dencun upgrade news. ETH soared amid optimism for spot Ethereum ETFs after BlackRock and others filed applications. ETH also surged after Hong Kong approved its first ETH spot ETFs.
The outlook for Ethereum could thus tie in with the SEC decision on the various spot ETH ETFs.
The pessimism around this topic has persisted for a while now, and latest reports suggest the SEC’s engagement with top issuers points to a negative outcome.
Per Reuters report on Thursday, meetings between the SEC and issuers have largely been discouraging and “one-sided.” VanEck CEO Jan Van Eck has also shared this outlook, noting that the regulator is probably set to reject the spot Ethereum ETF.
If this is the case, ETH is likely to trade lower as altcoins sell-off after the halving.
Crypto analyst Rekt Capital recently noted that while the altcoin hype cycle of Q1 “hasn’t completely died down just yet,” this prediction could crystallize with a bottoming in early summer.
While Standard Chartered analysts predict ETH price at $8,000 in 2024, the potential downside effect of an ETF rejection could be seen in the coming months.
In this case, the key price levels are likely to be the $3,000 level and the ATH of $4,878 reached in November 2021.
KangaMoon sees presale success amid SocialFi buzz
KangaMoon (KANG) is gearing towards the launch of its meme-inspired SocialFi and play-to-earn game and token.
Ahead of this, the project is witnessing unprecedented interest from early bird investors. This levels of attention has helped push KangaMoon into the spotlight as potentially one of the best new tokens to buy in 2024.
The combination of Social-Fi, GameFi and a community-driven ecosystem make for features that set KangaMoon apart from most other meme related projects. The fusion of play-to-earn and NFTs, and the inclusion of reward activities, has the community buzzing.
It’s this that makes the ongoing presale a likely great entry point and why KangaMoon has raised more than $5.7 million so far.
KangaMoon price prediction
The outlook remains positive despite the token sale hitting the final presale stage. About 30% of the tokens in stage 5 are still available and the 10% bonus means it could yet be a positive bet at prices of $0.0196 per token.
Meanwhile, analysts forecast a new hype cycle for altcoins in coming months. There’re huge Bitcoin and Ethereum price predictions for 2024, which could lift the rest of the market.
This outlook and KangaMoon’s potential explosion post-presale suggests early KANG buyers could see significant returns.
To learn more about this project, visit the official website.
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