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Cryptocurrency prices have been on the rise lately, and the overall feeling in the market is favorable. Recently, Bitcoin (BTC) has risen above $70,000, and Ethereum (ETH) is striving to get to $4,000, providing some relief to investors.
However, identifying the next cryptocurrencies to explode might be a bit challenging as most funds are attracted to pumping assets. Today’s article explores the performance of cryptocurrencies that have dominated the gainers list in the last 24 hours. The objective is to identify coins with some potential and inform investors and traders about each token.
Next Cryptocurrency To Explode
Today’s article discusses the performance of potentially explosive cryptos that investors should add to their watchlist. It also includes a special mention of Base Dawgz, one of the newest memecoin launches on the Base Network. It features a distinctive multi-chain experience with smooth interoperability across various blockchains. The details of its presale and the performance of the top-performing cryptos today are shared below.
1. Mantle (MNT)
Unlike many other popular cryptocurrencies, Mantle’s price has shown a strong upward trend in the last few weeks of 2023. Despite efforts by the bears to reduce profits, the bulls have successfully defended their support levels. This recent increase has renewed hopes of reaching the yearly highs again.
In the past 24 hours, Mantle’s MNT/USD price has risen by 5.86% to $1.03. Over the past week, it has climbed more than 4.0%, moving from $1.00 to its current price. Currently, the coin’s all-time high is $1.54.
The MNT price has been steady at the support level just below $1, specifically at $0.944, for over a month. This made the current rebound expected. The RSI is rising, which indicates that the price may increase and test the upper resistance at $1.08. The Bollinger bands are parallel, suggesting that bulls and bears are either equally strong or inactive. As a result, the price may continue to consolidate upwards and reach the resistance level soon.
⚙️ Mantle EcoFund: $5M Deployed to Boost SocialFi & Gaming Innovation on Mantle Network Since March 2024
Fresh funding has been committed to new dApps:
👾 @MetaCeneGame
🗡 @BladeGamesHQ
🏛️ @co_museum
🌟 @fingerlabs_io
🪽 @L3E7_Official
💫 @theDreamOS pic.twitter.com/wS4wcuMerT— Mantle (@0xMantle) June 5, 2024
The current market sentiment for Mantle (MNT) is cautiously optimistic. Prices have been close to recent averages with modest increases over the past week and month, encouraging traders. The resistance and support levels show a cautious yet measurable range of movement. These dynamics could attract new investors and stabilize the coin’s market position. Overall, simple metrics suggest a foundation for gradual and steady growth.
2. GMX (GMX)
GMX Markets rank among the most successful on-chain derivative markets, surpassing DyDx in fees. GMX is highly secure because it uses OpenPGP encryption, which has never been cracked. The leading status of GMX Markets is evident in the on-chain fees, as activity levels are directly reflected in these fees. On the Arbitrum chain, GMX can generate more than $277K in fees during peak 24-hour trading periods.
The GMX cryptocurrency has recently performed well. Over the past month, it surged by 69.90%; in the last week, it increased by 26.53%. The price of GMX has risen by 20.91% in the past 24 hours, reaching $44.59. With a market cap of $423.65 million, a trading volume of $82.38 million, and 9.523 million tokens in circulation, GMX is a cryptocurrency worth watching.
At the end of last month, GMX announced plans to enhance its platform through advanced integration with NotifiNetwork. This partnership will provide real-time trading and governance alerts, giving users immediate data access. The new functionality will allow traders to receive instant trade notifications, price alerts, and protocol updates directly to their wallet addresses, improving their trading experience.
Wave 2 of the GMX Grants Program is now underway! Interested developers are encouraged to submit a grant proposal as soon as possible.
More info about the GMX STIP-B incentives:
🔸 https://t.co/Lq693SwvYy https://t.co/S68xPEvCQb
— GMX 🫐 (@GMX_IO) June 5, 2024
Additionally, GMX plans to launch a second wave of grant programs that offer incentives to grantees. Technical analysis indicates a bullish sentiment for GMX, with potential price targets of $50.0 and $60.0 if the breakout continues.
The daily chart for GMX shows a rise from support levels, remaining above the 20-day and 50-day EMAs. The asset displays bullish strength, following an upward trendline.
3. Stacks (STX)
Stack (STX), a platform designed for scaling and building on Bitcoin, has seen a modest price increase compared to the broader cryptocurrency market. In the last 24 hours, STX rose by 7.16% and is now trading at $2.38. During this period, its lowest price was $2.20, and its highest was $2.45. A major factor behind STX’s recent price rise is the record high in total value locked (TVL) in STX-denominated DeFi applications on the leading Bitcoin L2 platform.
Our friends at @DefiLlama report an All Time High in STX denominated TVL in the Decentralized Finance apps on the leading Bitcoin L2 🧡 pic.twitter.com/TZSfDBSoV4
— stacks.btc (@Stacks) June 5, 2024
Analysts have noticed increased buying pressure for STX on major exchanges like Coinbase and Binance. One analyst mentioned that whales are continuously placing bids, causing a supply shortage because there isn’t enough STX on exchanges to meet the growing demand. This significant buying activity indicates that large investors have a positive outlook on Stacks and its native token.
Our friends at @DefiLlama report an All Time High in STX denominated TVL in the Decentralized Finance apps on the leading Bitcoin L2 🧡 pic.twitter.com/TZSfDBSoV4
— stacks.btc (@Stacks) June 5, 2024
The $STX coin price traded between $1.8000 and $2.200 for the past month, showing weak price action. However, this week, there was a strong bullish trend reversal, breaking a significant resistance level. The Cross EMA 50/200-day indicates a bullish reversal in the price chart, suggesting increased positive momentum for the $STX coin. If the market keeps the price above the $2.400 support level, the STX price could challenge resistance levels at $2.800 and $3.150.
4. Base Dawgz (DAWGZ)
Base Dawgz is one of the newest memecoin launches, featuring an eye-catching Top Gun-themed logo and charming mascots. The project’s presale began recently, generating significant buzz. Although its main platform is Base, Base Dawgz (DAWGZ) offers a distinctive multi-chain experience with smooth interoperability across various blockchains, including Ethereum, Solana, Binance Smart Chain, and AVAX.
To help users navigate the decentralized world effortlessly, Base Dawgz utilizes advanced Web3 technology like Wormhole and Portal Bridge. This ensures seamless transactions across multiple blockchain ecosystems and provides exceptional multi-chain functionality.
The project plans to introduce staking rewards in the future, with 20% of the total token supply already reserved for this purpose. The “Be Social for Airdrop” campaign will reward users with points to exchange for $DAWGZ tokens. To participate, engage with social media networks on X.
Base Dawgz has a strong meme theme and emphasizes interoperability as its unique selling point, though it lacks utility. Some see this as an advantage, allowing developers time to understand and shape the project’s direction based on community feedback. If you want to join the presale, you can purchase DAWGZ tokens for $0.00479 each. However, act quickly, as the price will increase in less than five days.
5. Livepeer (LPT)
One blockchain project significantly changing how we consume content is Livepeer. This project is the first protocol to manage fully decentralized live video streaming networks.
The price of LPT has shown bullish behavior over the past month, increasing by 51.71%. The altcoin’s price rose by 11.81%, reaching $23.83, with a trading volume of $88.85 million. Since the market has driven the price above the $23.56 resistance level, the bulls might aim to test the next resistance level at $27.50 this month.
Livepeer is the first to create a fully decentralized live video streaming network protocol. Through blockchain technology, it offers an efficient alternative to centralized broadcasting. Producers can submit their work on the platform, reformat it, and distribute it to users and streaming platforms. Users enjoy benefits such as pay-as-you-go content, auto-scaling social video, uncensorable journalism, and video-enabled DApps.
As deepfakes and AI-generated media become more prevalent, content authenticity becomes even more important.
Tune in to "Fighting Deepfakes on the Blockchain" where Livepeer founder @petkanics discusses these critical issues in the AI era and how blockchain tech can help.
👇
— Livepeer (@Livepeer) June 1, 2024
LPT crypto is a reward and collaboration tool that ensures the system remains secure, reliable, and economically viable. As demand for video content increases, broadcasters might opt for a more scalable solution like Livepeer.
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