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The crypto market is getting closer to a fresh round of rallies as prices of crypto assets posted a significant increase today. Bitcoin retains its price above the $70k mark, while Ethereum posted over 4% intraday gains. Equally impressive is the improvement in overall market sentiment as indicated by the Fear/Greed index of 79.
Today’s article explores the performance of cryptocurrencies that have dominated the gainers list in the last 24 hours. The objective is to identify the next cryptocurrencies to explode and inform investors and traders about each token. Also included in the post is an overview of the market trend of crypto assets, which have the potential to post significant gains in the future.
Next Cryptocurrency To Explode
Regarding upcoming crypto projects with high value, 5th Scape is changing the VR space trends. In comparison, most virtual reality projects focus on hardware or Software, 5th Scape charting a path towards dominating the two sides of the sector. The overview of the project and all that investors need to know.
1. Theta Network (THETA)
THETA might climb above the $2.8 resistance before the end of the week. Currently, the token is trading close to the resistance cluster at that price, which indicates the move into the mid-range. If THETA makes it past the resistance at the $3 price, it might signify the beginning of a new phase of its uptrend.
The THETA chart has limited critical levels in the $3 – $5 range. Thus, investors should watch out for a possible 2x move by THETA before the end of the quarter. More importantly, the token is favored by the return of the bull market, as indicated by the significant increase in Bitcoin price and the prices of several altcoins.
However, almost every other indicator applied to the chart returned bullish momentum. THETA’s RSI reading remains steady at 53, revealing a tendency for a further uptrend as the asset remains at a neutral valuation.
EdgeCloud v1 release is coming May 1, with an EC-powered GenAI showcase! Check the release blog to see how EdgeCloud will revolutionize cloud + edge computing w/ the best price-to-performance GPU power for any AI, video, 3D rendering or gaming task.https://t.co/T0FN4yP0CH
— Theta Network (@Theta_Network) April 8, 2024
Furthermore, Theta network is expanding its fundamentals as it launches a new AI initiative. According to the post on its official Twitter account, the platform will launch the EdgeCloude v1 in Q2. The proposed date at the time of writing is May 1. The EdgeCloud will give Theta network its first footing in the AI sector.
Ultimately, the success of the new AI project would provide the momentum THETA needs to reach new ATH values and break into the mid-range. In the meantime, investors should include the THETA token on their watchlist and observe the trend.
2. 5th Scape (5SCAPE)
Currently, the VR space is dominated by the legacy tech giants like Apple. With the 5th Scape‘s arrival, the narrative might take a new twist. It provides access to limitless entertainment and content through its innovative network and native cryptocurrency, 5SCAPE. Thus, users can choose from a plethora of content they may not otherwise have access to.
More importantly, 5th Scape is taking the control of the VR industry away from the powerful companies and bringing it closer to the people. The project aims to influence the VR sector’s hardware side by investing in VR gadgets’ research and design. While it might be one of its long-term strategies, it would likely revolutionize how people interact in the virtual world.
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— 5th Scape (@5th_scape) April 4, 2024
Currently, the 5th Scape cryptocurrency is on presale at a discounted price. Investors who get in early can get it at a fraction of its listing price, giving dual returns to early investors. Firstly, they benefit from the returns on investment upon listing; later, the listing pump will provide significant returns. The details of the project are available on its presale page.
3. Synthetix (SNX)
Synthetic is one of DeFi’s top-performing assets, with impressive price action since the bull market’s start. In the last 24 hours, Synthetix posted gains of about 5%, and trading volume increased by over 40%. The growing activity in the network largely fuels the bullish momentum.
SNX’s upbeat performance results from the recovery trend across the crypto market. As the market regains its bullish sentiment, the chance of SNX climbing into the $5 range is relatively high. This means the asset has a clear path to $10 if the market trend remains bullish.
Last night, the Synthetix V3 Liquidity Provider caps on @base reached the 10 million USDC LP cap. Governance has promptly raised the cap to 21.92 million USDC.
Deposit USDC to earn perps trading fees & USDC/SNX LP incentives. 👇https://t.co/qQWDxPdoMG
— Synthetix ⚔️ (@synthetix_io) April 8, 2024
In addition to improving market sentiment, technical data indicate a solid potential uptrend for the SNX token. However, some indicators applied to the SNX chart signal weaknesses in its trends. For example, SNX may experience a pullback on its path to $5 as its MACD readings turned bearish today. Similarly, values from its SMA30 turned bullish on the daily time frame.
Nevertheless, The token’s RSI reading is trending closer to the overbought region, which may trigger a return to an uptrend. Also, its ADI value is relatively low at 15. This value indicates that the trend might soon reverse. Another indicator that suggests bullish sentiment is the EMA200, which is significantly below its current price. With that, SNX has enough room to fill the short-term bearish pressure.
4. Cronos (CRO)
Cronos is the native token of the cryptocurrency exchange Crypto(dot)com. It serves as the native token of the platform used for several functions. Primarily, CRO’s utility is related to platform trading fees. However, the crypto exchange platform has extended the utility of CRO beyond its exchange through partnerships. Now, users have other uses for their assets, such as the exclusive benefit of an MCO Visa Card and mobile crypto payment.
The value of CRO has equally increased with the growing utility. Today, the token posted gains of about 5% and a trading volume of over $42 million. As the token pushes for more uptrend, the price would likely touch the $0.2 range before the end of the week.
Moreover, the drive to initiate partnerships across the industry is one of the propellers of CRO’s future. In addition to the partnership, Cronos is also working towards increasing the use case of its network. It recently launched a grant program in collaboration with Covalent. The move would reward and support projects that leverage the Cronos network through the Covalent API.
Cronos x @Covalent_HQ Grant Partnership Announcement!📢
We are thrilled to share that Covalent grants are now available to Cronos ecosystem projects that are building on top of Crovalent's robust API infrastructure.
Cronos devs apply away: https://t.co/K4OjZfUS6G pic.twitter.com/QppHz5gXX9
— Cronos (@cronos_chain) April 5, 2024
Such initiative and the overall trend of the token suggest that CRO is one of the tokens to watch this quarter. However, predicting the chance of CRO reaching $1 before the end of the year is quite challenging due to the critical resistance spread across the $0.15 – $0.2 region. Notwithstanding, If it exceeds the $0.2 range, the token might rally as high as $0.6 or more before the end of the year.
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