Next Cryptocurrency to Explode Friday, 22 December - Wall Street Memes, Algorand, Internet Computer

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The crypto market currently reflects traders’ and investors’ excitement with the rise of different assets as the year draws to a close. If they keep up the momentum, then the expected 2024 bull run would be inevitable. The market is maintaining a relatively steady ascent, following up its gains yesterday.

Next Cryptocurrency To Explode

While the Fear and Greed index hits 75, indicating Greed, more crypto assets are still on the rise. The top picks include assets that have been rising throughout the year and those that recently started.

1. Algorand (ALGO)

The Algorand (ALGO) cryptocurrency has been on a steady rise in recent weeks. Its surge is directly connected with the ongoing crypto rally. Reaching a peak of $0.2525, ALGO’s price rose by 190% from its lowest point this year. This resulted in its total market cap of nearly $2 billion. Despite its ecosystem growth facing some pressures, the coin’s upward trajectory has been notable.

Various favorable factors have buoyed the crypto market as a whole. Some of them include expectations of rate cuts, potential approval of a spot Bitcoin Exchange-Traded Fund (ETF), and amplified Fear and Greed Index contributing to FOMO (Fear of Missing Out). The current price movement culminates in a total market cap surpassing $1.66 trillion.

Analyzing ALGO’s daily chart, its price surge has been exceptional in recent months, boasting a 180% increase from its September lows. Throughout this climb, the coin has consistently maintained positions above the 50-day and 100-day Exponential Moving Averages (EMA).

Technical indicators showcase ALGO’s bullish momentum, with the coin currently riding along the upper boundary of the Bollinger Bands. The Average Directional Index (ADX) has surged to 40, signifying an extraordinarily strong trend, while the Relative Strength Index (RSI) has entered the extremely overbought territory.

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— Algorand Foundation 🐍 (@AlgoFoundation) December 21, 2023

With the ALGO price targeting $0.30 as the next significant milestone, market analysts foresee this bullish trend continuing through the festive season, attributing it to the ongoing Santa Claus rally and an attribute of the next cryptocurrency to explode.

Algorand, recognized for its energy-efficient Pure Proof-of-Stake (PPoS) model, advanced smart contract capabilities, commitment to sustainable technology, and anticipation of quantum computing resistance, stands out as a forward-thinking blockchain platform. Positioned not only to keep pace with current blockchain trends but also to set new benchmarks, Algorand’s expansion and evolution signal its potential to become a prominent player in the blockchain space beyond 2024.

2. Internet Computer (ICP)

Internet Computer (ICP) is also surging exceptionally to become the next cryptocurrency to explode. Its rate outperformed Bitcoin’s movement between October 12th and December 16th. With an astonishing climb of 312%, the token’s growth overshadowed Bitcoin’s comparatively modest 60% increase. Despite the peculiar name, ICP’s gains have drawn attention, but recent days have seen a notable retracement due to waning bullish momentum.

Examining the three-month uptrend from $2.87 to $11.9, analysts observed a series of Fibonacci retracement levels (pale yellow) plotted on the charts.

Notably, in May last year, the $12 mark had previously acted as a supportive zone for several weeks, potentially explaining why ICP encountered resistance around this level during its recent price surge. This abrupt pause might also indicate a scenario where the market had extended itself excessively.

The Relative Strength Index (RSI) on the 1-day chart peaked at 90.5 on December 17th, marking an unprecedented high since the inception of ICP trading on Binance. This surge beyond the 80 level, which historically acted as a cap during previous rallies, underscored the extraordinary nature of the current momentum.

Shoutout to @icphubgermany and their tremendous keynote at@nextblockexpo, the blockchain festival of Europe 👏#ICP is bringing #AI + #CRYPTO to the world! 🌍 pic.twitter.com/4bVHB2ybUp

— ICP HUBS NETWORK (@ICPHUBS) December 10, 2023

Regarding potential support zones during a retracement, former resistance levels from the weekly timeframe at $8.64 and $7.25 could serve as pivotal support zones. Additionally, the 61.8% and 78.6% Fibonacci levels at $6.32 and $4.8, respectively, might offer further support in case of a pullback. The asset’s recent surge and subsequent pullback highlight the volatile nature of the cryptocurrency market, where corrections can swiftly follow significant gains.

3. Arweave (AR)

Arweave, the pioneering decentralized platform dedicated to preserving immutable data and constructing a lasting public internet space referred to as the “permaweb,” relies on its core component: the AR token. This cryptocurrency plays a pivotal role in driving the functionality and sustainability of the Arweave network.

At the heart of Arweave’s ecosystem, the AR token serves as a means to facilitate payments for storing data within the network, ensuring the long-term permanence and integrity of stored records. Additionally, miners are incentivized through the AR token, receiving rewards for tasks such as transaction validation and adding blocks. This unique incentivization mechanism fosters a community of autonomous miners, bolstering the network’s reliability and resilience.

The versatility of the AR token extends to its tradability across numerous cryptocurrency exchanges, providing accessibility to a wide range of users. This accessibility piques the interest of individuals interested in either utilizing the Arweave platform for data storage or investing in the ecosystem’s growth.

Looks like Arweave is experiencing:

✦ All time high of Transactions Per Second (TPS)
✦ All time high of daily transactions.

Info via @viewblock. pic.twitter.com/ISzYXcVjed

— Only Arweave (@onlyarweave) December 21, 2023

The AR token not only fuels the operational aspects of the Arweave network but also serves as a bridge to engage users and investors, offering opportunities to participate in the platform’s ongoing evolution and development.

As Arweave continues to advance and expand its capabilities in creating a permanent, decentralized internet space, the AR token stands as a key element, facilitating the network’s operations and community involvement.

4. Wall Street Memes (WSM)

Wall Street Memes has been a captivating memecoin project since its presale phase. It took the cryptocurrency community by storm. It amassed over $25 million. Despite its listing on exchanges, it continues to rank among the most enticing investment prospects in today’s market.

The project strategically aligns itself with the ethos of WallStreetBets, channeling the community spirit and humorously satirizing the greed prevalent in traditional finance (TradFi). It urges traders to unite, ‘HODL,’ and revel in humorous commentary while mirroring the recklessness of traditional financial markets.

Earning recognition for its witty and engaging content, Wall Street Memes has amassed a robust Twitter following of over 263,000 enthusiasts. Even tech mogul Elon Musk, renowned for his affinity for memes, has endorsed the project by retweeting several of its memes.

Led by a proficient team experienced in creating viral content, the project’s developers previously orchestrated the immensely successful Wall Street Bulls NFT collection in 2021, selling out within 30 minutes.

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— Wall Street Memes (@wallstmemes) December 21, 2023

Beyond fostering a large community, Wall Street Memes has sparked immense enthusiasm for its native WSM token, primarily geared towards speculation without any inherent utility. Despite this, analysts and key figures in the crypto sphere foresee the potential for Wall Street Memes’ token to be the next breakout meme cryptocurrency of 2023.

Presently available on prominent exchanges like OKX, the WSM token boasts versatility, offering lucrative APY rewards and integration into the newly launched live casino by Wall Street Memes, further enhancing its appeal among enthusiasts.

Visit Wall Street Memes.