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Assets in the Ethereum ecosystem and GameFi sector are currently on the rise. Their surging price coincides with the growing interest in crypto AI projects, which makes many wonder if they’re the next cryptocurrencies to explode.
Today, Cardano, Immutable, Optimism, and a handful of cryptos set the pace for the market this week with impressive price actions. Several upcoming projects are also making notable progress as the market approaches the halving month.
Next Cryptocurrency To Explode
The Meme Kombat, which is only a few days away from its listing, is among the upcoming crypto projects to watch this season. The project combines the GameFi trend with innovative memecoin initiatives. It also leverages deflationary concepts to ensure a consistent increase in the value of its MK token. The overall outlook of the project appears promising, and a quick highlight of its performance is covered in the article.
1. Immutable (IMX)
The excitement surrounding the ETH price surge may have overshadowed the potential of other cryptocurrencies in the ecosystem. Most importantly, many traders are currently underplaying the potential of the Immutable IMX token. The token is likely one of the next cryptocurrencies to explode as the bull run swings into full force.
Immutable is designed to serve as a scalability layer two platforms for the Ethereum chain, particularly the NFT wing. With the rising anticipation of the Ethereum spot ETF and Dencun upgrade, layer two projects are also poised to ride the wave. Thus, IMX holders are in a position to catch the windfall. Plus, the network is seeing growing use cases and incentivizing more users and developers to come on board.
Interestingly, the trend in the Ethereum ecosystem has pumped the price of IMX by nearly 70% in the last 30 days. Market data reveals further upside as it is already putting pressure on the $3.4 resistance. More uptrend for the ETH token would result in a further increase in the price of IMX.
Immutable zkEVM is gas free for gamers!
Immutable will pay for all gas fees for eligible games and marketplaces on Immutable zkEVM, powered by @0xPolygon, until September 2024.
Players and traders using Immutable Passport will have gas fees REMOVED from the user experience… pic.twitter.com/y6JMZJZ5Iq
— Immutable (@Immutable) February 20, 2024
Moreover, the price recorded is over a 3% increase today and a 30% increase in trading volume. The increasing trend shows the bulls are still on the move. Further details from its technical data show that the RSI indicator remains neutral, and its price remains below its moving averages in the 200-day and 100-day indicators.
On the other hand, investors might watch for increased pressure from the bears in the short term as its 10-day and 20-day moving averages indicate mounting sell pressure. In that case, it’s best to review the trend adequately before deciding.
2. Meme Kombat (MK)
With the Meme Kombat listing approximately eight days away, more investors flock to the presale page to join the project before it goes live. The project is recording increasing numbers of stakers, with 12,966 participating at the time of writing. Consequently, over 41,435,828 have been staked at over 95% APY.
We have passed 10,000 memebers in the Telegram community🥊
LET'S GOOOOOOO pic.twitter.com/N7jnNHv6O4
— Meme Kombat (@Meme_Kombat) February 25, 2024
Investors don’t have to wait until MK is fully launched before earning rewards. The project has paid over 9,367,789 MK in reward. The more the stake, the higher the reward. With the blend of utility through its gaming features and memecoin concepts, the Meme Kombat project has a unique niche.
As the project approaches its debut, investors still have a chance to buy and stake the MK token at a discount. The value at press time is pegged at $0.279. Upon listing, the value is bound to increase by a wide margin, given the number of holders it amassed during its presale offering. Joining early allows investors to earn significant ROI from its early rally.
3. Mantle (MNT)
The chance of MNT swinging into an uptrend is relatively high, given the recent trends in the DeFi sector. Since BitDAO migrated to the Mantle token at 1:1 in the second quarter of last year, the token has struggled to keep its price above its launch value of $0.4.
However, as usual, the mantle price set a new ATH today after the price touched the $0.95 mark. The pressure on the price of the assets must have resulted from the 250% increase in the trading volume of the asset. In the last 24 hours, the price recorded a 20% increase before encountering a pullback to its current value of $0.88.
However, the recent surge in value is not unfounded, as the ongoing voting call in the community puts it on the map. Following recent UNI price action, many anticipate a similar trend with the MNT community.
With its value currently trending closer to the oversold range, the reversal likely will take effect, forcing the asset’s price closer to the $0.80 range. However, there is a high chance that it would reignite the bull trend as it finds support at the price range. Alternatively, the bullish signals from its current demand may return the asset to the $0.95 ATH and above.
4. Cardano (ADA)
Cardno token, ADA has been under the radar for quite some time now, mainly due to the rampant legal challenges. However, since the opening of the new quarter, the token has made several attempts at a price rally. Recent trends show that ADA might be on its way to becoming the next crypto to explode.
In the past seven days, the Layer 1 crypto printed gains of over 20%, bringing its price closer to the peak value of the previous quarter. However, it quickly encountered resistance that caused a price reversal to its current price of $0.5799.
Today, ADA is putting up more signals that show the token might be ripe for a rally. It printed volume gains of nearly 20% in the early hours of the day and a complimentary price pump of about 10%. Sadly, the force of the bulls may be insufficient to force the asset’s price to new highs. However, it primes the token for a breakout.
The recent price structure, particularly from the past 20 days, shows that ADA has found support at the $0.57 price as it bounces off the range. With more push, it might return to test the $0.6 resistance and attempt a breakout. A break above the resistance will likely send the price of ADA as high as $1.
Other details that might fuel the ADA rally are the recent surge in the daily number of wallets created on the Cardano network. Current data shows that there have been approximately 3219 wallets since February 22. Increasing activities also signify that the token will become the next cryptocurrency to explode.
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