The new month has begun as excitement builds around the Bitcoin halving event, however, altcoins across the market are seeing a slight drop in price. The reason for the overall price action is unclear at this time, but there is speculation that funds may be moving back into Bitcoin ahead of the halving event.
Generally, cryptocurrency investors believe that based on historical data, Bitcoin could be one of the next cryptocurrencies to skyrocket. However, while anticipation and excitement surrounding the halving event continue, investors are still looking for long-term opportunities and focusing on alternative coins.
The next cryptocurrency to skyrocket
Typically, it is best to research upcoming cryptocurrency projects when considering investing in an asset with significant growth potential. 5th Scape is a promising project that has the potential to see price increases after listing. The project has already found its place in the main cryptocurrency narrative and equally covers both the software and hardware aspects of cryptocurrency. This article highlights the important facts about 5th Scape.
1. Toncoin (TON)
Is TON the next cryptocurrency to skyrocket? Toncoin has been in the news recently as the community is executing a series of initiatives designed to drive market activity for the network and its underlying cryptocurrency, TON. The latest move in this regard is the giveaway of hundreds of thousands of dollars worth of TON. The campaign has brought visibility and intense activity to the network, resulting in an increase in the value of the coin and transaction volume.
In the past 24 hours, the price of TON has risen by more than 3%, marking further gains in the new month. The second quarter will see more activity on the Toncoin network and its associated platform Telegram. The company recently announced some plans that may increase TON's use cases, especially on social media platforms.
Telegram recently announced a plan to share revenue with channel owners with 1,000 subscribers on the platform. Under the plan, there will be a 50% revenue split between Telegram and channel owners. In addition, there are plans to allow advertisers to use TON to run ads on Telegram.
Therefore, it is expected that the demand for TON will peak in the upcoming weeks, especially with the halving event approaching. However, as its relative strength index chart approaches oversold values, the asset value may show signs of a temporary pullback.
Furthermore, the Average Directional Index shows that TON’s uptrend is weakening, with the current value at 32. Therefore, investors should expect a temporary pullback before the asset trend continues upward.
2. 5th Scape (5SCAPE)
5th Scape is one of the upcoming cryptocurrency projects to watch out for this quarter. The project’s mission spans across major cryptocurrency narratives and emerging technologies. According to 5th Scape’s white paper, the project aims to become the world’s first virtual reality ecosystem. It works to connect all virtual reality around the globe into one giant network. By doing so, users can access endless content and other features.
The platform also seeks to decentralize the hardware side of VR technology. Rather than utilizing third-party devices for content delivery and achieving its mission, the 5th Scape team hopes to invest in VR device development and other related hardware. In the long run, the platform could become one of the few Web3 projects that spans both hardware and software implementations.
Currently, the pre-sale price of 5SCAPE is $0.00285 due to an ongoing discount campaign. Investors who participate in the pre-sale can expect to receive an impressive ROI once the project is listed on exchanges. At the same time, as the project executes its roadmap, the value of its underlying cryptocurrency will see vertical growth. Ultimately, the team and early investors who participated in the project will win.
3. Theta Network (THETA)
The past 30 days have been quite profitable for THETA holders. The token has accumulated gains of over 53% during this time. Today, THETA has seen an intraday gain of over 5%, reaching a value of over $3. THETA’s market cap has also increased by 12% in the past 24 hours, placing the token at 46th position in the market cap rankings.
In addition to the surge in price and market cap, the trading volume of Theta Network Tokens has also increased. Today, it has increased by nearly 2,20%, which is proportional to 4% of the market cap. Typically, a significant increase in trading volume often means a growing interest in an asset.
Once again, THETA’s performance improvement is not accidental. The project’s long-standing presence in the decentralized video, entertainment, and content distribution space gives it an advantage over new entrants. The Theta Network is focused on providing decentralized infrastructure for video, entertainment, and content distribution. Recently, the team and community have been working hard to leverage advances in artificial intelligence technology to expand the application areas of blockchain.
The expansion of the project has led to a resurgence in demand for its underlying cryptocurrency THETA. Despite the current price of $2.9, there are signs that THETA could be one of the next cryptocurrencies to skyrocket. At the time of writing, the coin’s chart is trending towards and will reach the $2.8 resistance range.
It is best to note that a price reversal at this price level could lead THETA’s price to climb back above $3. However, if it breaks down, it could move closer to the $2.4 to $2.5 range. Therefore, investors should keep a close eye on this coin as it could offer smaller returns on short-term investments.
4. Uniswap (UNI)
Uniswap is currently trending down. However, while the price drop may seem like a disadvantage, it is an opportunity for investors to buy the dip. After an impressive first quarter, UNI may be ready to rise again despite its poor performance.
The Uniswap chart shows that the asset’s price is currently retesting the middle range of the current cycle. This means that a breakout above this price level will provide the token with the required momentum to reach the $15 to $18 price range. Therefore, UNI is likely to enter the top range due to the bull run that will be caused by the upcoming halving event.
Analysis of the Uniswap charts shows that investors may soon see a stagnation in the asset’s price decline, as its Average Directional Index reading shows a weakening trend. Therefore, in the new week, UNI’s chart may enter a consolidation phase before starting an uptrend towards the upper part of the intermediate range.
If the price range of $15 is broken, UNI exchange may become the next cryptocurrency to skyrocket. However, whether UNI can break through the highest price of this cycle will depend on the prospects of the entire bull market. In short, investors should put UNI tokens on their watch list to follow the development of the trend.
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The next cryptocurrency to skyrocket in 2024
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