The hot topics in the crypto market recently have focused on new cryptocurrencies that have seen amazing gains and eye-catching price movements. Stories like the price movement of the Bome memecoin and the influx of more than $100 million into crypto pre-sale projects have raised concerns in the market.
Nevertheless, the return of a bullish trend to the crypto market has sparked a new round of optimism, with meme culture once again topping the list of gainers. Over the past 24 hours, projects in the memecoin category have seen considerable price growth, with some seeing double-digit percentage increases.
The next cryptocurrency to explode
Newer crypto projects like Smog are also performing well and are recovering from the downturn. One advantage Smog has in the crypto market is its ongoing airdrop event, which will end in about 12 days, a summary of which is included in this post.
1. Sui (SUI)
Sui has gone a long way in improving the use of cryptocurrencies in everyday transactions. The team’s main goal behind the project is to accelerate the adoption of cryptocurrencies around the world, which they believe will also increase the use cases of blockchain technology. Although there are more use cases for cryptocurrencies than a few years ago, a large portion of the world’s population has yet to get involved in the emerging technology.
Therefore, given its strong fundamentals, SUI’s vision and mission are significant, making this token one to watch. According to a post on its official Twitter page, the platform recently launched its Pilotfish technology, which they believe will drive the realization of its ultimate vision.
Pilotfish is described as a technology that can increase the throughput of the SUI network. As a result, some believe that the throughput of the SUI chain will soon exceed the throughput recorded on the Bitcoin blockchain. As the SUI chain improves overall, the use cases of the chain are likely to increase, and the growing demand could lead to a corresponding increase in the price of SUI.
Introducing Pilotfish, a new groundbreaking auto-scaling technology built on Sui by Mysten Labs that enables a single validator to use multiple machines for the first time!
Pilotfish points to a future in which the question is no longer whether a certain throughput level…
– Sui (@SuiNetwork)
March 20, 2024
Currently, SUI is trying to break out of the sideways trend that has lasted for a month. For the past 30 days, the coin has been in a price discovery phase with strong support at the $1.5 level and resistance at the $1.6 area.
However, over the past 48 hours, the coin has seen an uptrend, printing higher highs and higher lows, indicating that demand for the coin is growing. Eventually, as the market returns to a bullish trend, SUI will break through its all-time high price of $1.96 and could push towards the $2 range.
2. Smog (SMOG)
Smog once again topped the list of top cryptocurrency gainers today, gaining more than 30% in the past 24 hours. In the past week, the cryptocurrency market has seen a round of overall declines, and memecoin has once again taken the lead as the project with the highest gain.
Smog’s listing provides investors who missed out on Pepe and other rising crypto tokens with an opportunity to participate in the ongoing rally. Since its listing, the token has allowed investors to gain more than 500% from the memecoin in less than 30 days.
Interestingly, current market data shows that SMOG is one of the cryptocurrencies to watch in the upcoming quarter. The coin recently established support at $0.17 and is challenging the ascending trendline.
Attention, dogwifcoin holders!
Update on SMOG airdrop:
This is an ongoing process as we make sure all holders get their share! If you haven't received one yet, don't worry - more are on the way!
Meanwhile, the mission has been carried out, for those who have received…
– SMOG (@SMOGToken)
March 7, 2024
With the continued action of the bulls, SMOG is likely to maintain its progress towards higher values. Moreover, it is currently enjoying the exposure of the ongoing airdrop campaign. The community claims that this airdrop will be the largest in the history of the Solana chain. Therefore, it is best to keep an eye on the future movement of this coin.
Visit Smog website
3. THORChain (RUNE)
RUNE’s recovery from a downtrend provides an opportunity for short-term and medium-term hedging. The token experienced a rally earlier this month after the community voted to adjust its lending cap. This decision led to an influx of funds, pushing RUNE’s price to an all-time high of over $10 in less than seven days.
However, the recent decline in the market has forced RUNE to pull back its price, which is currently priced at around $8.5. However, the recent chart data of RUNE shows that RUNE may return to an upward trend in the next few days. In the past 24 hours, the price of RUNE has increased by more than 10%, ending the long-term decline of the past seven days.
Similarly, the recent destruction conducted by the network could be the catalyst that makes RUNE the next cryptocurrency to break out. Although the destroyed tokens are not in circulation, they account for 12% of the total supply of RUNE, which will affect the price of the asset in the long run.
$60 million of RUNE was destroyed from the standby reserve, creating room for 20 million RUNE ($140 million worth) for lending collateral.
Right now, THORChain’s lending space can hold about 2,000 Bitcoin or 36,000 Ethereum, with no liquidation and no interest.
For more details, please see Medium:
https://t.co/yLCdz13oyL
– THORChain (@THORChain)
March 8, 2024
RUNE’s technical analysis shows that its short-term moving averages are now below the current price, indicating a return to bullish sentiment. Moreover, its RSI reading indicates neutrality. The value of 55 creates the right atmosphere for this coin to return to an uptrend. Furthermore, if the outlook for the overall crypto market remains positive, the market can expect to see RUNE break above the $10 level before the end of the month.
4. Arbitrum (ARB)
Arbitrum experienced a major price drop earlier this month after unlocking more than 2.2 billion ARB tokens. Within seven days of the token unlocking, its value dropped by more than 30%, with the price dropping from $2 to $1.4.
However, ARB’s trend direction has changed and it has started to rise in the past 24 hours. With today’s gains exceeding 6%, the chart pattern suggests that there is still room for further gains. Ultimately, ARB will most likely return to the $2 level before the end of the month.
Generally speaking, a breakout above the $1.7 region would put the coin in a position to rise further towards $2. From the chart, the market is bearish on the ARB token, mainly due to the recent token unlocking. However, the price action offers an opportunity to buy the dip in anticipation of a return to the uptrend. Furthermore, ARB’s RSI value of 40 shows that the coin is undervalued and is likely to start rising soon.
Nice to see the kurorobrawl game is now on mobile too
https://t.co/Eh0e2QxZLW
– Arbitrum (,) (@arbitrum)
March 20, 2024
Investors should expect further efforts to push higher values in the coming weeks as the RSI drops further. Additionally, the ARB Network is continually working to ensure that the platform has more and more use cases in the gaming crypto space. Adoption of the platform in crypto gaming will ensure that the token benefits from the growing GameFi story.
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