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The crypto market remains optimistic as the Fear/Greed index reaches 82 today. It signifies the increasing appetite of investors to take more risk and bet on further upside. Despite the growing investor interest in crypto assets, identifying the next cryptocurrencies to explode takes a lot of work, as most assets are trading close to their ATH.
Generally, the trend among crypto traders recently is the preference for emerging narratives. It accounts for the recent performance of assets like Ether.fi and Axelar. These assets are cryptocurrencies of key projects in emerging sectors.
Next Cryptocurrency To Explode
On the other hand, there is also profit potential in upcoming projects, particularly those offered on presale. A viable example is the Bitcoin Minetrix token, BTMTX, which has raised over $12.6 million via its presae program. Today’s post covers the details of its presale offering.
1. Ether.fi (ETHFI)
ETHFI has maintained an upward momentum since it completed the airdrop event a few days ago. The token, which powers the liquidity restaking protocol Ether.fi, has posted over a 92% price increase in the last seven days, making it one of the best-performing assets in the crypto market.
Further market data shows the likelihood of a continued value increase for ETHFI as it eyes more upsides. In line with that, the asset sees an intraday rise of over 28% in the token’s price and over 90% in its trading volume.
Moreover, the return of the bullish sentiment into the crypto market also contributes to the pumping price of ETHFI. As the optimism in the crypto market increased in the past few days, the greed and desire to earn more returns through restaking have equally increased. The effect of these sentiments results in the gains reflected by ETHFI and other assets in the category. Since ETHFI plays a key role in the restaking sector, investors would likely see a continued rise in the asset price.
Points Season 2: StakeRank 🎉
TLDR:
– Season 2 is on from March 15 to June 30
– Users who stake longer get 💪 rewards
– Season 2 allocation is 5% of total ETHFI supplyWant to learn more:https://t.co/q0cUcgNg0F
Stake at:https://t.co/twzZHcLniQ
— ether.fi (@ether_fi) March 23, 2024
Also, the recently announced staking reward earmarking over 5% of the ETHFI tokens as staking incentives for stakers is a factor to watch out for. It will likely create a deflationary atmosphere for the ETHFI token, causing the price to increase. As more holders move to secure a portion of the 5% reward through staking, the decreasing supply in the market would increase ETHFI’s value.
If ETHFI maintains its investor appeal, it will likely close the quarter with more gains and open the next quarter with a higher price. Ultimately, keeping the token on a watchlist and monitoring the progress as it unfolds is best, particularly for investors who wish to capitalize on its upside.
2. Bitcoin Minetrix (BTCMTX)
As the crypto halving draws closer, the hype around the Bitcoin Minetrix gets louder. Usually, the crypto market pays attention to Bitcoin Mining whenever halving events become imminent. The surge in mining interest results from the need to hold a significant amount of Bitcoins ahead of the upcoming supply squeeze.
While the cost of mining infrastructure is outside the reach of most crypto investors, participating in democratized mining initiatives is something everybody can do. The Bitcoin Minetrix project puts the mining power in the hands of everyone through its BTCMTX token. The token allows investors to mine Bitcoin without the need for mining gadgets.
#Iceland faces a unique dilemma: balancing #Bitcoin mining with food sustainability. 🌍
Prime Minister @katrinjak highlights the nation's crossroads.
How can Iceland leverage renewable energy for mining while ensuring food self-sufficiency?#BitcoinMinetrix has achieved… pic.twitter.com/U3MuM1Esr2
— Bitcoinminetrix (@bitcoinminetrix) March 26, 2024
At press time, the BTCMTX token is available at a discounted price for a few more days. With the BTCMTX token, anyone can become a miner and chart a path to owning more of the dominant coin in crypto, Bitcoin. The step-by-step guide on participating in the presale is available on the projects page.
Visit Bitcoin Minetrix Presale
3. Axelar (AXL)
Axelar is one of the latest projects in the cross-chain communication sector. It offers on-chain data access to decentralized applications, allowing them to interoperate seamlessly. The project’s debut in the last quarter of the previous year caught the crypto community’s attention as it’s taking market share from established projects.
As of today, the AXL token has amassed a market cap of over $1.2 billion, and its price at the time of writing is $2.02. The growth rate of the asset has made many view it as one of the next cryptocurrencies to explode. In the last 24 hours, AXL price increased about 10%, bringing its 7-day gains to 30%.
Ideally, the return of the bull market is bound further to push the value of Axelar. Thus, holders should expect more rally in its price towards the end of the quarter and the beginning of the next quarter.
Moreover, technical analysis of the token shows there is still a likelihood of further price increases. Daily time frame data of its chart shows that the 200-day ema remains lower than its current price with a value of 0.9. It indicates that the market remains bullish on AXL. Besides, its RSI value remains relatively neutral at 55. With that, the token has yet to get priced and can still accommodate further upside.
On the other hand, some critical indicators applied to the AXL chart return bearish signals. For example, the MACD value on its daily time frame returns a reading of 0.0510, which is largely bearish. Hence, AXL might encounter momentary pullbacks on its way up.
4. Mantle (MNT)
Since the migration of BitDAO to Mantle in the third quarter of last year, the value of MNT has increased progressively. It closed the year’s final quarter with a value of $0.6, significantly higher than its opening price at launch.
Mantle continues its uptrend with a new ATH value of $1.31 as the crypto market outlook improves. In the last 24 hours, the token’s price has increased by over 23%, placing it among the top gainers today. It has also seen a spike of over 80% in trading volume as investors’ interest in the asset improves.
The surging value of the asset also coincides with a series of activities in the Mantle network and across the cryptocurrency ecosystem. First is the recently announced reward station, which allows MNT holders to earn a part of the 2.5B Ethena Shards allocated for the program. MNT’s price has progressively increased since the announcement appeared on its official Twitter handle.
The wait is over 😱
Introducing Mantle Rewards Station — a world of rewards and perks from your fave Mantle Eco dApps await 🚀
Lock $MNT now to unlock 2.5B Shards with the Mantle Sharding With @ethena_labs event 👇
🔒 https://t.co/GrzKLwqKsUDetails: https://t.co/UrmlMMiW60 pic.twitter.com/UPm53GZScW
— Mantle (@0xMantle) March 25, 2024
However, the debut of $mETH trading on Tsunami Finance has triggered the massive MNT rally as the asset posted a new ATH value today. With the MNT moving averages trending below its current price, there’s still more room for further upside.
Conversely, MNT traders and investors should watch out for a momentary pullback as its RSI value signals that the token is likely overvalued. Investors looking at MNT should watch out for the reversal signals before deciding.
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