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BTC is currently trading above the $70k level. Despite the bearish CPI announcement yesterday, the bears had intense difficulty holding the price of the giant crypto below the $70k mark. Thus, the price movement of the crypto market in the last 24 hours suggests that the overall outlook of the crypto market remains bullish.
While investors are skeptical about the post-halving trends, many are optimistic that the next cryptocurrencies will explode from mostly utility tokens and meme coins. The assumptions are derived from the dominant narratives in the crypto market.
Next Cryptocurrency To Explode
Regarding utility tokens, several upcoming crypto projects have immense potential to revolutionize how people do things. An example is the eTukTuk project, which is taking a shot at disrupting the transportation sector. The project’s cryptocurrency, the TUK token, is currently on presale, and today’s covers what the project entails.
1. Neo (NEO)
Neo excels as one of the top crypto gainers this week, with over 57% gains in the past seven days. The NEO trend is unique because it goes against the overall crypto market outlook. Investors are generally bearish due to the increasing inflation rate in most countries. The price of Bitcoin has ranged for several days now, and the effect can be seen across the market.
NEO’s technical analysis shows several upsides. Its RSI value remains relatively neutral, suggesting a continued bullish momentum. A 200-EMA value of 12, which remains below its current price, shows investors might sustain the bullish trend. Similarly, NEO’s MACD readings and several other Oscillators applied to the chart show that it has more room to run.
Despite promising trends, it’s unclear if investors will see NEO surpassing its ATH value in this bull market. In the meantime, the platform is gaining massive popularity. Its ongoing participation in the Web3 Festival 2024 has offered the project a platform to gain visibility.
🎙️ Neo Founder @dahongfei took the stage at #Web3Festival2024 in Hong Kong, delivering a speech themed "Rethink Layer 1," sharing his predictions for the future of the #Web3 market.
Details in the thread below. 🧵 pic.twitter.com/WW0VN7nbj2
— Neo Smart Economy (@Neo_Blockchain) April 8, 2024
At the event, the founder also highlighted some ongoing upgrades and innovations that would propel the next phase of the project’s development. As the project achieves its proposed milestones, it will likely see an increase in use cases.
Thus, NEO has a high chance of recording an increase in demand, particularly as the crypto market heads towards the halving date. NEO is one of the cryptocurrencies to watch this quarter as it has a high potential for explosive price increases.
2. Pendle (PENDLE)
Pendle is one of the best-performing cryptocurrencies of the past two quarters, with over 1000% price increase. Interestingly, the token is not slowing down, as it has amassed over a 45% increase in the last seven days and an 18% intraday price increase. Pendle has enjoyed growing investors’ interest recently. The optimistic sentiment towards the token is evident in the trading volume surge of over 30% in the last 24 hours.
A few other critical contributors to the increasing price of Pendle include its adventure into the emerging liquid stacking sector. Pendle is primarily designed for tokenization and trading of future yield. With the arrival of TradFi in the crypto space, Pendle has a chance of seeing growing demand for its services.
According to the post on its official Twitter handle, the crypto community is already leveraging its capability toward creating decentralized LST for other networks. Further increase in the demand for the service means an increase in the token’s value.
"Can you set up a yield market for a Decentralised AI Network LST for me?"
"Sure, Pendle. Here's the LST for @Bittensor_ by @TensorplexLabs, stTAO. stTAO currently offers 14.8% APY natively and users can now secure better returns on your platform pic.twitter.com/W7HUOGi76Q
— Pendle (@pendle_fi) April 10, 2024
Analysis of the Pendle chart reveals that the token may continue its uptrend for most of the quarter due to a strong ADI rating. Its MACD values also suggest further bullish momentum, with a value of 0.9652. On the other hand, the RSI reading of PENDLE indicates that there might be a momentary reversal in the coming days.
However, its short-term moving averages still trend below its current price, showing its established support at the 6.3 – 7.0 range. Hence, these areas would likely serve as the support region for a retrace. Overall, investors should keep an eye on the PENDLE trend as it has the potential to become the next cryptocurrency to explode.
3. ORDI (ORDI)
ORDI has ranged between $75 and $50 for nearly 90 days, giving it an average price change of 30%. However, the trend might change as the token attempts a range breakout towards the upside.
In the last 24 hours, the price of ORDI has seen over a 6% increase in price and a 75% surge in trading volume. The token came into the limelight with the growing attention to Bitcoin Originals. As BTC makes its way out of the consolidation range, ORDI also receives a complimentary price surge.
Its market data shows that investors may expect further upside in the asset price. ORDI is on track to post higher value as indicated by the relative strength index of the asset. Currently, ORDI’s RSI reading returns a value of 56, which shows the token has room for more bullish momentum. Likewise, the MACD value of ten on the daily time frame shows that the bulls still control the trend.
Moreover, zooming into the daily and hourly chart shows that ORDI will push its upper range into the $80 – $90 levels before the end of the quarter. At the time of writing, the token is valued at $75, about $21 from its ATH.ORDI’s current momentum offers the push to break above that price level in the coming weeks. Consequently, it might have the force it needs to break into the upper range before the end of the quarter.
4. eTukTuk (TUK)
The eTukTuk is getting closer to the proposed vision with every day of its presale offering. At the time of writing, the project had over $2.9 in investment. Hence, the prospect of a successful launch is becoming inevitable. The funding milestone for this stage is earmarked at $3.2 million. It’ll achieve that benchmark before the end of the week.
Moreover, investors who wish to participate in the eTukTuk presale only have nine more days to get the TUK token at the current discounted price. Investors are currently charged as little as $0.03 for the TUK token. However, the presale is inflationary. In the coming week, it’ll increase by a few percent, making investors who join late pay a much higher price than early investors.
Get ready for an electrifying adventure! 🚗⚡️
Our new mobile game 'Crazy TukTuk Taxi' is zooming onto the Play Store and App Store soon.
Stay tuned for the ultimate tuk-tuk experience! pic.twitter.com/k7tWgpHCXu
— eTukTuk (@eTukTukio) April 10, 2024
On the other hand, the eTukTuk team is putting a new twist on the project’s roadmap with the announcement of the TukTuk Taxi game. The announcement was recently released on the project’s official Twitter, hinting at the upcoming debuting of the games on the App Store and Play Store. The release dates are yet to be announced. Nevertheless, the game would likely have a positive impact on the future of the TUK token.
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