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The altcoin market looks like some coins are trying to bounce back. Investors need to stay alert during this consolidation phase, as it could be a chance to ride a rising trend.
Institutional investors are now paying more attention to interoperability and tokenizing real-world assets. Prices of these assets are climbing, even before the market takes off entirely. The objective is to identify the next cryptocurrencies to explode and inform investors and traders about each token.
Next Cryptocurrency To Explode
Attention in the crypto market in the coming month will go toward the altcoin and meme coin sectors and making the most of the altcoin market. Hence, investors can capitalize on the moment and take a position in upcoming tokens like PlayDoge. PlayDoge is a new Doge meme coin that uses play-to-earn technology to create a gaming economy with real monetizable value. This post covers the details of its presale.
1. Chromia (CHR)
Chromia is a modular blockchain platform for developing decentralized applications (DApps). Created by ChromaWay, it aims to scale DApps to address real-world problems across various sectors, including finance, gaming, real estate, and public services.
Chromia’s unique relational blockchain architecture allows each node to store and query data efficiently. This design leads to faster transactions, lower fees, and improved scalability when building DApps. Additionally, developers can create these applications using familiar programming languages like SQL and JavaScript.
The platform also offers flexibility by supporting public, private, and hybrid blockchain models. It can handle up to 100,000 cell updates per second, greatly enhancing scalability. Moreover, Chromia ensures security through cryptographic methods and Byzantine Fault Tolerance (BFT) algorithms.
The price of CHR has recently surged by 22.87% in the last 24 hours, with trading volume increasing by 588.07%. Over the past week, CHR has seen a 55.86% rise, contributing to a Year-to-Date (YTD) return of 172.46%. This growth points to a strong long-term bullish trend for the altcoin.
If the market can keep CHR above the key support level of $0.2580, the bulls might push the price toward the upper resistance level of $0.3430. Growth like this would make CHR a potential breakout cryptocurrency. However, if bearish forces take control, the price could drop to $0.1925 this month.
2. Daddy Tate (DADDY)
Today’s analysis of Daddy Tate (DADDY) shows that the coin has successfully surpassed the $0.0857 level, breaking through the upper boundary of its falling channel pattern. This move also pushed DADDY above its 50-day Simple Moving Average (SMA), indicating that investors might anticipate a bullish rally. If this rally continues, DADDY could overcome the next resistance level at $0.091, which aligns with the 200-day SMA.
The Relative Strength Index (RSI) is currently at 61, trading above the 50-midline level and approaching the overbought region at 70. This suggests that the asset is gaining momentum. Moreover, the Moving Average Convergence Divergence (MACD) is climbing above the zero line, further signaling a possible uptrend.
Overall, the analysis suggests that DADDY is on a bullish trajectory. The bulls negated previous bearish signals and broke out of the falling channel pattern. If this trend continues, DADDY could aim for a target of $0.15. However, if bearish pressure emerges, the price might drop to the support zone around $0.045.
DADDY is showing signs of entering a strong uptrend by establishing higher highs. However, it faces a significant challenge at the $0.095 level, which corresponds to the 0.382 Fibonacci level. If it fails to break through this barrier, the price could fluctuate between $0.095 and $0.073. A drop below $0.073 could jeopardize the ongoing recovery.
Meanwhile, as investors drive DADDY’s price higher, there is also growing interest in a new play-to-earn token called PlayDoge (PLAY), available on Ethereum and Binance Smart Chain.
3. PlayDoge (PLAY)
PlayDoge (PLAY) is a new play-to-earn project that aims to bring back the excitement of the classic Tamagotchi game with a modern twist. In PlayDoge’s game, players can earn crypto rewards by caring for their virtual pets through PLAY tokens.
Players can grow their PLAY balance by ensuring their pets receive enough attention, food, and rest. Moreover, the game is designed to be mobile-friendly, allowing players to monitor and care for their digital pets anytime, maximizing their earnings.
PlayDoge’s innovative approach and appeal to meme coin enthusiasts position the project well for gaining traction in the crypto world. Analysts are optimistic about PLAY, with some predicting the token could offer 10X returns for investors. So far, more than $6.2 million has been raised in PLAY’s ongoing ICO. Additionally, a 74% APY is available, which might be contributing to the project’s early success.
2 DAYS LEFT! ⏰ ⌛
This is your penultimate warning.🚨
Stack $PLAY or forever live in regret 👉 https://t.co/JT0VEofqf2 pic.twitter.com/907DGpPtIx
— PlayDoge (@PlayDogeGame) August 24, 2024
PLAY is currently priced at $0.00531 and can be purchased using ETH, USDT, BNB, or a bank card. With less than three days remaining in the presale, investors have limited time to buy the token at this early rate and take advantage of the high passive rewards.
4. Sui (SUI)
SUI has shown strong performance in the market. At the time of writing, SUI was trading at approximately $1.02, reflecting a 15.49% increase over the last 24 hours. The daily trading volume also surged by 235% to reach $446.381 million, pushing its market cap to around $2.6 billion. If buying pressure continues, the SUI price could see a 7% rise, leading to a potential breakout from the $1.1 resistance level. Crossing this barrier could boost the price to $1.2 and $1.43.
Sui has minted nearly 35 million NFTs in the NFT space, highlighting its significant activity in this area. Although only some of these NFTs remain active, Sui has become a serious contender in the NFT market, with more than 365,000 Sui NFT holders. This growing base positions Sui alongside platforms like Solana as a key player in the NFT sector.
In addition, gumi Inc., a prominent Japanese mobile content publisher and developer, has also partnered with the Sui Foundation to co-develop “Brave Frontier Versus” for the Sui Network. This game will be part of gumi’s Web3 project, OSHI3, marking a significant collaboration between the gaming and blockchain industries.
gm!
If you haven't yet, today's a great day to start enjoying Sui’s lightning-fast DeFi experience ⚡
Explore the core aspects of Sui's DeFi landscape to see what fits your DeFi goals, whatever they may be:
⚖️ Borrowing and lending protocols
🛒 Decentralized exchanges
🧮…— Sui (@SuiNetwork) August 22, 2024
Moreover, Sui Network’s partnership with Arden to develop an on-chain loyalty gamification platform and reward marketplace showcases the network’s potential. Sui Network’s speed and scalability have significantly enhanced Arden’s platform, enabling a global reward marketplace and improving consumer engagement.
5. Ethena (ENA)
Ethena’s native token, ENA, has seen a significant rise in value. Currently, it is trading at $0.3665, marking a 14.49% increase in the last 24 hours and a 24.36% gain over the past week. The trading volume for ENA has also surged by 134.13%, reaching $90.56 million. With a circulating supply of 1.8 billion ENA out of 15 billion tokens, Ethena’s market capitalization stands at $662.246 million.
Earlier in August, Ethena hit its all-time low of $0.22 during a market-wide cryptocurrency crash. Although this downturn discouraged some investors, others saw this as a potential buying opportunity. Some analysts believe Ethena could experience future rallies due to its strong fundamentals and plans for expansion, such as launching its digital token on the Solana blockchain.
The Simple Moving Average (SMA) is nearing a bullish crossover on the 1D time frame, indicating that buying pressure is starting to outweigh selling pressure. Moreover, the Relative Strength Index (RSI) has gained momentum, moving sharply toward its midpoint. If this momentum continues, ENA’s price could reach its resistance level of $0.60 and test the upper resistance at $0.825.
Additionally, Ethena has partnered with Coinbase Prime to handle key aspects of its operations. This agreement will see Coinbase Prime providing custody services, access to USDC, and self-custodial wallet solutions for Ethena’s protocol. This collaboration is expected to enhance Ethena’s operational efficiency, particularly in minting and redeeming tokens.
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