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As Bitcoin made slight gains in the past 24 hours, some altcoins also experienced bullish trends, boasting significant increases. Meanwhile, other cryptocurrencies also show signs of readiness to surpass crucial resistance levels.
Many altcoins, like Frax Share, NEM, and Skale, are experiencing a bullish trend. Based on the market data from these cryptocurrencies, some have posted gains in the same period, and higher gains are likely. It’s becoming evident that some of these tokens will become the next cryptocurrencies to explode.
Next Cryptocurrency To Explode
Many investors will be moving to seize new opportunities in the current market. Analysts are highlighting the potential of upcoming projects, and one example worth checking out is WienerAI. The project aims to merge AI and crypto trading to create a powerful, user-friendly trading platform. Below, we’ll look at updates on the project and its future.
1. Frax Share (FXS)
Frax Share is a groundbreaking cryptocurrency with a fractional-algorithmic stablecoin that combines the dependability of traditional finance and the flexibility of decentralized finance (DeFi).
Frax Share’s ecosystem has attracted attention due to its strategic partnerships and promising price projections. Unlike traditional stablecoins that are directly pegged to fiat currencies, Frax uses a fractional-algorithmic method. This method ensures stability, maximizes capital efficiency, and maintains its peg to the US dollar by dynamically adjusting collateral ratios.
Yields on yields on top of yield bearing assets on Fraxtal Balancer pools. Earn $OP, $FXS, $FXTL points, & more while LPing yield bearing tokens. 👇https://t.co/u6pdG5kGbR https://t.co/ONoT2pV10e
— Frax Finance ¤⛓️¤ (@fraxfinance) July 26, 2024
In the past 24 hours, the price of FXS has grown by over 14%, with the market cap experiencing similar growth. The market cap surged to $198,680,672, and the daily trading volume increased by 93.15%, reaching $43,061,093.
As the native governance token of the Frax Protocol, FXS is essential for maintaining the system’s stability and governance. The token’s value is tied to the protocol’s performance, so rising demand for Frax stablecoins drives FXS’s value higher. Predictions suggest a positive outlook for FXS, and price projections indicate significant growth as the protocol expands its market presence and user base.
2. NEM (XEM)
NEM is a blockchain platform launched in March 2015 to address the limitations of earlier chains. As one of the first non-Turing complete chains, NEM introduced key features like user-defined tokens (mosaics), customizable namespaces, and multi-signature accounts. It also implemented a unique peer-to-peer trust mechanism called the EigenTrust++ reputation system.
NEM’s proof-of-importance consensus mechanism also rewards on-chain activity and counters wealth concentration, which is common in proof-of-stake systems. The platform’s client, NIS, is developed in Java, providing a strong foundation for its operations.
NEM recently recorded an impressive 7.40% increase, bringing its price to $0.02664. While the current price prediction sentiment is neutral, a Fear & Greed Index of 57 (Greed) indicates bullishness. Moreover, the short-term outlook is promising, with 60% green days in the past month and low volatility at 11%.
NEM serves as an alternative payment method for various businesses and vendors. It supports a range of applications, especially in Japan, where it supports social media platforms like nemgraph. This community-driven app offers a unique alternative to Instagram.
Furthermore, NEM’s security is a key strength, supported by its unique consensus mechanism and a solid blockchain framework. These features collectively enhance its reliability, making NEM a trustworthy option for digital transactions and applications.
3. WienerAI (WAI)
The presale phase of the WienerAI initial coin offering may have ended, but there is still time to get the token before it is listed on exchanges. Firstly, according to an X post from the team, WienerAI’s $WAI token will be listed on top-tier exchanges on Monday, August 5th. Moreover, even though the presale has ended, the accommodating team at WienerAI has allowed latecomers to buy the token to satisfy persistent demand.
This unique meme coin has raised over $9 million from eager investors. Its artificial intelligence trading use case attracts these investors. As the crypto market faces pressure from the Mt. Gox distribution to creditors, investors favor projects like WienerAI. This project provides excellent market fit, better capital preservation, and appreciation potential.
Furthermore, announcements from the project indicate that the coin will be listed on decentralized and centralized exchanges. This is evident from their statement about “partnering with top-tier exchanges.” Additionally, there is an incentive to invest now, with the chance of earning rewards worth 123% annually, paid in $WAI tokens.
The regular presale phase has ended!
Get ready: Token claims and trading kick off on Monday, August 5th.
We're partnering with top-tier exchanges for the launch. pic.twitter.com/GvgxgRx7ai
— WienerAI (@WienerDogAI) July 31, 2024
WienerAI’s crypto trading bot makes finding trade setups as easy as asking ChatGPT a question. Trading professionals will no longer have an edge over retail traders. WienerAI’s technology aims to turn ordinary traders into expert and profitable market participants. The platform scans the market for patterns and signals, which would otherwise require many hours of monitoring and expertise. With the forthcoming WienerAI platform, traders can position themselves to take advantage of solid trading opportunities before they arise.
4. Helium (HNT)
The HNT price is ready for a bullish trend after a trendline breakout. Firstly, the altcoin faces resistance at the 38.20% Fibonacci level at $5.610, causing a retest of the broken trendline. However, with a successful reversal after the retest, the HNT price surged 7.78% overnight, forming a bullish engulfing candle.
Nevertheless, sideways movement between two Fibonacci levels led to a bearish cross in the MACD and signal line. Considering the broader market’s bullish turnaround, with Bitcoin surpassing $65,000, the altcoin price could reach the 78.60% Fibonacci level at $8.514.
Moreover, the HNT token rebounded from its lows in July’s second fortnight, reviving hopes of a fresh ascending trend. However, the price remains in a decisive phase, showing the potential to rise above $6 or drop below $3. Therefore, the next few days are crucial for the HNT price, which could significantly impact future price action.
Helium’s price analysis also reveals a steady increase over recent weeks, starting around July 12th. In the last seven days, we have had more price increases than declines. Helium’s price surged by over 8% at the beginning of the past week, moving from approximately $4.5 to $4.8.
— Helium🎈 (@helium) July 31, 2024
Despite experiencing declines on two days within the week, it closed around $5.5, marking a 4.8% rise. CoinStats data highlights HNT as the week’s top performer, with an overall gain of 18.8%. Furthermore, Helium’s Relative Strength Index (RSI) is currently above 70, indicating a strong bullish trend, although it is overbought.
5. Skale (SKL)
SKALE is a modular blockchain network designed to enhance Ethereum’s scalability. Firstly, it provides unlimited, fast, secure blockchains with zero gas fees. These blockchains, known as SKALE chains, can be customized or shared among different decentralized applications (DApps).
Moreover, this setup allows DApps to function in a decentralized, modular cloud environment. This results in faster and more cost-effective execution of Solidity smart contracts, which is particularly advantageous for projects such as games and streaming services.
In the last 24 hours, SKALE’s price has risen by 7.69%, reaching $0.05349. Additionally, the token has a strong liquidity ratio of 0.1902 and a Greed and Fear Index of 76, indicating “Greed.” Over the past year, SKALE’s price has increased by 70%, outperforming half of the top 100 crypto assets. Furthermore, the token has posted 25 green days in the last 30 days.
As gaming evolves, so does the creator economy! 🎮 🎨 🛠️ @TheMetakraft is now utilizing SKALE to enable seamless on-chain 3D asset exports into Web3.0 games and XR applications.
Get ready for a new era of virtual asset creation: https://t.co/c9S9YMiglN pic.twitter.com/BVd3m4Ll7Q
— SKALE (@SkaleNetwork) August 1, 2024
Recently, SKALE released the Pacifica V3 upgrade. This upgrade significantly increased block mining speed by 108% and transaction throughput by 122%. Consequently, it enhances the network’s overall performance, supports EIP-1559 transactions, and improves contract functionality.
As a result, SKALE can now process over 300 transactions per second, with block mining times reduced to under 2 seconds. Additionally, SKALE saved users approximately $400 million in gas fees in June alone while facilitating around 55 million transactions. As further detailed below, these substantial improvements have increased demand and utility for the SKL token.
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