The recent market performance shows strong buying pressure. Most traders are actively adding coins to their portfolios, indicating a general belief that a bull run is imminent. Due to this action, investors are now looking for the next cryptocurrency that could skyrocket, which increases interest in altcoins.
The increased interest in these altcoins points to a possible change in market trends. This article compiles a list of these coins and provides investors with a summary of all the necessary metrics to make a more informed investment choice.
The next cryptocurrency that could explode
1. XRP (XRP)
As XRP approaches the apex of a macro consolidation, a bullish breakout is imminent. Meanwhile, VET has gained 11% and is currently trading at $0.04843.
Additionally, Meme Kombat is a noteworthy project that investors should keep an eye on, and the pricing of GRT suggests that the cryptocurrency is currently on the rise.
According to CoinMarketCap, 286.9 million XRP were traded over the past day, with a total value of $1.6 billion. This is an increase of 61% from the previous day's trading volume. The price of XRP increased by nearly 5% during this trading activity, reaching $0.559 earlier today. After Bitcoin broke through $50,000, the entire altcoin market ushered in a good breakout; however, technical research shows that the price trend of XRP is still unclear.
Looking at the weekly timeframe, XRP’s relative strength index (RSI) is struggling to break above 50, suggesting that buyers may have the upper hand. Additionally, XRP’s price is attempting to break above the weekly 200 moving average (MA), which coincides with a support/resistance level of approximately 55 cents.
Recently, XRP made an announcement that it had reached an agreement to acquire Standard Custody. The move is intended to enhance Ripple’s product offering and expand its collection of regulatory licenses around the world. You can find more information about this latest acquisition on Ripple’s platform.
While recent gains are encouraging, XRP’s future price action depends on staying above key daily moving averages, especially MA 50 and MA 200. A sustained close above these levels could lead to further price gains, potentially pushing XRP above $0.62.
2. VeChain (VET)
VeChain has generated excitement as the protocol is set to unveil a major milestone at the MWC 2024 event in Barcelona. Although details have not yet been made public, the protocol is expected to lead in the field of sustainability, solidifying its position in the wider technology sector. Speculations have swirled about potential partnerships, including a collaboration with global consulting giant BCG.
On February 14, VeChain launched account abstraction, a technology that enables customized interactions with the Ethereum (ETH) blockchain. This innovation enhances interoperability and grants access to programmable smart contract wallets.
Furthermore, VET has gained 11% in the past day and is currently trading at $0.04843. Nevertheless, the encouraging trend has continued throughout the month; the coin has gained 61% in the past month and 65% in the past week, making it the next cryptocurrency that could break out.
However, with its recent rise of 65%, VeChain’s strong fundamentals hint at a possible major breakout. With strong support from VeChain’s loyal supporters and the wider cryptocurrency community, all eyes are on how this blockchain giant performs in the market.
3. Meme Kombat (MK)
The prevailing trends in the cryptocurrency market indicate a growing interest in GameFi projects, with many of the top tokens falling into this category. Currently, Meme Kombat is a notable project that investors should keep an eye on.
Currently, 37,251,521 MK tokens are locked in staking, accounting for 80% of the total MK tokens in circulation. Staking provides an attractive annualized yield of 1,06%. So far, 8,421,057 MK tokens have been distributed to stakers, and 12,077 people have participated in the staking program. These statistics highlight the significant interest and active participation of investors in MK tokens, indicating its potential for future growth.
Additionally, Meme Kombat has reserved a pre-sale share for half of the MK token inventory, ensuring that all investors can participate. In addition, 30% of the supply is used for staking and battle rewards, promoting support and balance in the ecosystem. In addition, 10% of the tokens will be matched with liquidity pools on decentralized exchanges (DEX). Finally, 10% of the tokens will be used for community rewards, highlighting the importance of community participation and interaction through participating in fun battles.
However, investors are drawn to Meme Kombat because of its unique gameplay features and the opportunity to earn passive income through staking. This innovative staking mechanism combines on-chain and off-chain transactions to minimize user fees, allowing users to stake or use tokens for battles within the integrated gaming platform.
4. The Graph (GRT)
The Graph Horizon initiative proposed by Edge and Node aims to transform The Graph into a more accessible and efficient protocol. This transformation aims to integrate decentralized data into the web3 technology stack for the first time. By enabling a variety of data services and query languages, Graph Horizon is expected to open up new opportunities in decentralized data usage.
Furthermore, observing the price on The Graph shows that the cryptocurrency is currently trending upwards. Over the past day, the price has gradually increased to $0.1717, indicating an upward trend on the cryptocurrency market. Since its launch, the price has steadily increased and more growth is expected soon. Interestingly, $0.2103 is a key resistance level for GRT and a breakout of this resistance could lead to greater gains. At $0.1717, the market is currently in a position to break out.
However, if the positive outlook for the cryptocurrency market continues, The Graph’s price will rise to record highs. Although the bull run has stabilized the support level, breaking through the resistance is crucial for further market growth. If the bull run is successful, The Graph will soon see substantial growth. Current signs suggest that GRT is ready for further expansion.
Graph Horizon is a plan proposed by Edge and Node to transform The Graph into a more permissionless and efficient protocol to lead the role of decentralized data in the web3 technology stack. By enabling unlimited data services, query languages, and more, Graph Horizon has the potential to open up new opportunities in decentralized data usage.
The technical analysis prediction of The Graph’s price in 2024 shows a minimum price of $0.2070 and a maximum price of $0.2519. The average trading price is expected to be around $0.2148, making the coin a high potential candidate in the cryptocurrency market.
In today’s news, Bitcoin’s market value surpassed $1 trillion for the first time since November 2021. The milestone was helped by strong investments in U.S. spot Bitcoin ETFs, which have been pumping money into the market and driving prices higher.
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The next cryptocurrency that may explode in 2024
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