Join Our Telegram channel to stay up to date on breaking news coverage
The second quarter is markedly different from the first quarter as several cryptocurrencies, particularly altcoins, are forced into a price decline. Due to the ETF approval, the crypto market saw the bulls’ dominance in the first quarter. However, the quarter is progressing otherwise. Many altcoins have lost over 20% of their gains at press time.
Thus, traders and investors may have difficulty finding the next cryptocurrencies to explode amid the downturn. Notwithstanding, today’s post shares insight on promising crypto assets to watch in the bearish outlook.
Next Cryptocurrency To Explode
Furthermore, Investors should expect the interest of the crypto market to tilt towards meme coins and utility assets in the meantime. Recent market data shows that these categories of assets thrive more when there’s widespread uncertainty in the market. Thus, presale offerings such as Slothana are assets to watch, and further details are included below.
1. Toncoin (TON)
Toncoin briefly touched the $7 mark before the bear dominance hit the crypto market. The token has since lost over 6% of its value and is worth $6.7 at the time of writing. Even though the price decline sent a cold foot across the market, TON maintains its reputation as one of the top cryptocurrencies to watch.
Most investors believe it may become the next crypto coin to explode. Toncoin and its community recently launched a series of incentive-based activities to increase the visibility of the token. Before that, the team worked extensively to improve the token’s utility.
For example, TON is now an adopted payment medium on the Telegram platform. Influencers on the platform will also earn TON as rewards for setting up successful channels on Telegram. Thus, the growing utility of the cryptocurrency and its increasing visibility have given it status as one of the best-performing cryptos in the bull market.
Also, TON is not only growing within its ecosystem. It is also expanding its reach across the entire crypto community. According to a post on its official Twitter handle, TON might see a surge in adoption in the Asia-Pacific region. The recent Hong Kong crypto embrace has opened up a new cryptocurrency market.
🤝 TON Foundation has formed a strategic partnership with @HashKeyGroup to boost the #TON Ecosystem, aiming to put crypto and Web3 in every pocket!
What does it entail?
✅ Support for early-stage TON-based projects
✅ Enhanced fiat access for @wallet_tg users in APAC
✅… pic.twitter.com/khIiYMHXfC— TON 💎 (@ton_blockchain) April 12, 2024
TON is making the first moves to secure a first-mover advantage. The partnership with Hashkey Group would increase liquidity in the region, enabling TON holders to convert their TON tokens into cash. With that, there’ll be an increase in investors’ confidence in the asset.
Ultimately, the bear market allows investors to own more of the TON asset ahead of price recovery.
2. Slothana (SLOTH)
The Slothana rave grows louder as the project approaches its listing date. SLOTH’s presale performance is one of the most successful in recent times. The project raised over $500k within 8 hours of the presale offering and millions of dollars in a few days.
🌿💰 Prepare for the rise of Slothana! With our coffers overflowing, it's time to embark on a Sloth crusade to establish a global empire. Slothana's reign is imminent. ⚔️ Anyone who stands in its way will face the wrath of the holy Slothana army! 🚀🦥 #SlothanaEmpire… pic.twitter.com/TyFjlJTL8q
— Slothana (@SlothanaCoin) April 11, 2024
While several projects have raised and executed multimillion-dollar presale offerings, Slothana stands out with its ability to achieve these milestones within days of the presale. What’s even more thrilling is the community behind the project. The engagement across its social media handles has been quite remarkable.
Presently, Slothana boasts over 18 thousand followers on Twitter alone, with hundreds of daily engagements. Even though the project is on the verge of exchange listing, the opportunity to participate in the presale is still open. The presale is offered at 10000 SLOTH to 1 SOL. The details of the presale participation are available on the project’s website. Investors can also find updates across its social media platforms, particularly its Twitter handle.
3. Ethena (ENA)
Ethena, the recently listed synthetic dollar protocol token, has shown formidable resilience in the face of the recent market downturn. Even though the price of ENA dropped by over 12%, it still retained most of its gains in the past 7 days. Data from Ethena price action shows that investors should closely monitor the token.
Before the price decline, Ethena focused on the ATH target and gradually pushed towards $2. Nevertheless, it has a $1.25 price at press time and is trading closer to its critical support at the $1.2 region. Investors can expect Ethena to range sideways before breaking above the $1.4 price wall to the upside.
At the moment, Ethana’s moving average remains bullish in the short run. Sadly, the token has minimal data for its long-term moving average, making it difficult to measure the strength of its trend. However, the MACD reading, which is bearish at the time of writing, reflects the token’s momentary pullback.
Another critical factor that might contribute to the overall performance of ENA in the coming weeks is the increasing exchange integration. It would ensure the growing liquidity of the token and influence the consistent ENA price increase.
We are excited to announce our integration with exchange wallets
The integrated wallets are:@Web3WithBinance@Bybit_Official@okxweb3@BitgetWallet
Users locking USDe for at least 7 days through exchange Web3 wallets are eligible for a 20% reward boost starting today pic.twitter.com/kUJOLiKeKM
— Ethena Labs (@ethena_labs) April 10, 2024
However, investors also need to pay attention to the token circulating supply. Currently, Ethena has only 9.5% of its total supply in circulation. Inflation will negatively affect the asset’s price trend as more tokens enter the market. Hence, investors should factor in the token release and vesting plan into their investment strategy.
4. THORChain (RUNE)
RUNE has not spared the recent price decline in the crypto market, as the token price has declined by over 21%. Despite the recent token burn valued at over $140 million, the widespread crypto price dump hit the RUNE price. Many investors assumed the burn would usher in the much-anticipated price rally toward its ATH.
Market data from the RUNE chart suggest that the token may find its way back to the upside before the end of the quarter, according to the technical analysis of RUNE, the token projects an RSI value that suggests that it is oversold.
More importantly, the week following the token burn announcement, RUNE recorded a trading volume pump of over $10 billion, and the effect of the recent staking initiative is yet to reflect on the asset’s value. Also, an update on Thorchain’s Twitter handle reveals that the platform metrics are at an all-time high. Thus, RUNE would likely receive a windfall.
TC Metrics are all-time-high
Swaps pic.twitter.com/BbK3OvLwcE
— THORChain (@THORChain) April 12, 2024
Similarly, the trends of its moving averages suggest that the RUNE has a higher chance of returning to the upper range. While the short-term moving averages reflect the ongoing bearish trends, the long-term ema suggests that RUNE still has room for upside.
Moreover, the ADI reading of the asset suggests that the current trend is weakening and might soon swing in a new direction. Investors looking at RUNE should further analyze the asset before deciding whether the crypto market remains relatively uncertain.
Read More
Join Our Telegram channel to stay up to date on breaking news coverage
