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The next cryptocurrency to explode
Immutable has extended zkEVM mainnet access to selected gaming studios and partners, while the MultiversX cryptocurrency is showing buyer strength on the short-term charts, with profit-taking observed.
Additionally, Meme Kombat (MK) has raised nearly $8 million for its fighting game ecosystem, which will see spoof characters face off in a fighting arena, while Frax Finance brings a unique positioning to FXS in the stablecoin space.
1. Immutable (IMX)
As the leading second-layer scaling solution for NFTs on Ethereum, Immutable (IMX) has successfully solved the shortcomings of the platform, such as low scalability and poor user experience. In addition, due to its competitive advantages in massive scalability and zero gas fees for NFT minting and trading, Immutable ensures enhanced liquidity and security, making it the next cryptocurrency to explode.
In addition, in the NFT world, Immutable X, Ethereum’s main second-layer scaling solution, is currently priced at $2.10, with $6484,6551 traded in the past 24 hours, down 2.38%. Immutable X’s market capitalization is approximately $2.67 billion.
According to posts on X's Twitter account, the Immutable (IMX) token price has been on an upward trend since October 19, 2023, reaching a peak of $2.60 on December 27, 2023. Immutable has extended mainnet access to zkEVM to selected game studios and partners. zkEVM is a major achievement for Immutable, enhancing its ecosystem by providing additional features, lowering gas fees, and potentially attracting a wider audience for blockchain gaming. After falling to a monthly low of $1.70 on January 23, IMX has rebounded to its current price of $1.95 (as of January 31).
Additionally, IMX, the main token of the Immutable Layer 2 scaling solution, recently rebounded from the $1.73 support level as the cryptocurrency market got some relief from the post-ETF sell-off. This positive reversal has seen the coin price rise by 30% in two weeks to its current level of $2.21.
If the price breaks above the upper neckline and closes on a daily basis, buyers may push the price to add 25.5%, pushing the price of Immutable to $2.9 levels. The recent rise has also recaptured the 20-day and 50-day EMAs, providing additional support for buyers to keep the uptrend going.
2. MultiversX (EGLD)
The price of MultiversX has seen strong momentum, surpassing the 20, 50, 100 and 200 EMAs on the daily timeframe, indicating a bullish signal in recent trading. The technical chart shows a bearish breakout, the neckline has been breached, and the cryptocurrency has experienced sharp upside momentum.
However, the cryptocurrency has been testing the demand area around $50, finding support and bouncing back, indicating a resurgence of bullish forces with the goal of reaching the $70 level in future trades. Despite the volatility in the previous months and multiple rejections from the $80 supply area, the lows around $50 acted as a support area, allowing the cryptocurrency to bounce back and break above the key EMA.
Furthermore, analyzing the trajectory of the EGLD cryptocurrency, a bullish zone above $80 can be observed, indicating that a wave of rebound may occur. However, further rejections on the chart may lead to continued negative trading, and below $50, continued bearishness is likely. Currently, the MultiversX cryptocurrency is trading at $57.523, with a slight intraday decline of 3.05%, breaking through the key EMA and showing a bullish signal in the market. Moreover, with an intraday trading volume of 27.88 million, the market capitalization of the MultiversX cryptocurrency is $1.52 billion.
The MultiversX cryptocurrency is showing buyer strength with profit taking observed on the short-term chart. Moreover, the price has broken above the key EMAs, indicating further gains in the cryptocurrency’s price, making it the next cryptocurrency to break out.
Furthermore, the RSI curve is close to the overbought region at 70.97, reflecting a bearish attitude towards the cryptocurrency and foreshadowing a bearish signal for the market. The MACD indicator has been forming green histograms and has noted a bullish crossover, suggesting a possible bullish move in future trading.
3. Frax Share (FXS)
Frax Finance, known for creating decentralized stablecoins, announced its own second-layer blockchain, Fraxchain, which is expected to be launched by the end of 2024. However, contrary to expectations, the price of Frax has declined since the announcement, falling from $1.0002 on June 16 to $0.9996 on January 30, a decrease of 0.06%. Analysts are optimistic about growth and expect Frax's price to rise to $1.805 by the end of March, driven by partnerships within the Frax ecosystem. However, some analysts expect that Frax's price may drop slightly to $0.680 due to Frax's gradual adoption and current market trends.
Founded in 2020, Frax Finance brings a unique positioning to FXS in the stablecoin space. In addition, the token started on December 28, 2020 and peaked at $39.04 on April 4, highlighting its resilience and sensitivity to market dynamics. However, this makes the token the next cryptocurrency to break out.
However, following the announcement, the price of Frax Share (FXS) increased significantly, from $6.44 to $9.85 between August 13, 2023 and January 28, 2023, a massive increase of 52.95% in FXS price. As Frax Share (FXS) responds to market challenges and embraces innovation, its success as a collateral token and Fraxchain will crucially shape its future trajectory within the cryptocurrency space.
Additionally, as collateral for the Frax stablecoin, which has a target price of $1, Frax Share (FXS) enables users to participate in governance through voting rights. Despite falling below $10 in May 2022 and experiencing market turmoil, Frax Share (FXS)'s recently announced Fraxchain project has increased optimism and boosted the value of Frax Share (FXS).
4. Meme Kombat (MK)
Meme Kombat (MK) has raised nearly $8 million for its battle iGaming ecosystem, which will see meme characters face off in a battle arena. However, meme coins are gaining traction, attracting investors fascinated by their vision, particularly the potential for decentralized applications with broad appeal in the multi-billion dollar meme coin space and beyond.
However, cryptocurrency investors are increasingly focusing on projects with real-world applications that can attract a broad and engaged customer base, and Meme Kombat fits perfectly with this trend. The project targets three important areas of cryptocurrency: gaming, gambling, and joke coins. According to Coingecko, the market cap of the GameFi industry is around $20.7 billion, gambling tokens are around $700 million and growing, and the joke coin industry is around $20 billion. Meme Kombat fits in well with this market, representing a multi-billion dollar total addressable market.
So now that we have raised $8 million in the presale, we are looking forward to the future. We continue to invest a lot of time and energy in the development of the game, and despite some delays, we want to assure you that we are still here and still working hard to create something fun and engaging ⚔️ We are now pushing to the end...
Additionally, Meme Kombat’s unique integration of staking and betting, as well as its entertaining spoof duels, make it a standout project in the cryptocurrency space, offering users a dynamic experience and the potential for passive income. Potential presale participants can find peace of mind throughout the security-audited smart contracts, with no major issues found, making it the next cryptocurrency to break out.
Additionally, Meme Kombat features quality artwork on its social media platforms, making it stand out. In a parody coin, an active community fueled by unorthodox humor and engaging artwork is crucial, which makes Meme Kombat well-positioned to attract new community members.
Elsewhere, Bitcoin remained steady on Monday, trading above $42,000, with the CoinDesk 20 index showing a loss of 0.751tpt3t, according to CoinDesk Index data.
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