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Every day, the crypto market emerges with a unique narrative. The crypto bull market recently encountered a pushback after the BTC price surpassed its ATH value. However, the current trends across the board make it apparent that altcoins are the next cryptocurrencies to explode as investors’ interest has turned in that direction.
There’s been a significant surge in the price of many altcoins, with AI and DePINs leading the way. Owing to the rising value of these cryptos, several traders believe there is a high chance that they’ll also follow the BTC trend, surpassing their ATH values before the end of the quarter.
Next Cryptocurrency To Explode
As the altcoin season kicks off, it’s essential to note that assets in the AI sectors appear to earn more inflow. Many tokens like RNDR, FET, and AGIX have recorded double-digit price increases in the last 24 hours. Similarly, upcoming projects like Scotty the AI are increasingly gaining visibility. Today’s update provides a quick overview of the project and how to participate in the presale.
1. Fantom (FTM)
Fantom posted a 52-week high today after a 20% increase in price. Even though the trading volume of FTM today is considerably lower than the value recorded at the same time yesterday, the overall price action in the crypto market reflects on its price. Moreover, the progressively increasing price can be traced to the recent activity across its network.
FTM had increased social media exposure through its Fanthom Sonic mainnet launch. The upgrade comes with an improved Fantom Virtual Machine, which is said to be faster and executes better. Other activities, like the platform’s role at ETHDenver 2024, also gave it exposure that reflected its current trend.
With a price of $0.81 at the time of writing, FTM is only 10% away from breaking above its $0.91 resistance. If the token climbs above the price, it will likely witness a dramatic rally toward the $1.1 range. Ultimately, FTM’s chance of breaking its ATH at its current pace is relatively high.
Since the July 2023 Multichain exploit, Fantom Foundation’s management and legal team have been working tirelessly across multiple jurisdictions to chart a path forward that enables victims to partially recover assets lost. We have an important update in this regard.
After all… pic.twitter.com/pUxyalPdMD
— Fantom Foundation (@FantomFDN) March 4, 2024
Furthermore, one of the catalogs that might fuel the next phase of FTM’s price pump is the platform’s decision to work towards reducing the loss incurred from the 2023 exploit. In July of 2023, the Fantom network suffered significantly from the exploit on the Multichain bridge.
Fantom Foundation sought redress, which the Multichain Foundation refused to do, and they decided to take legal action against Multichain. The court gave the default victor to Fantom Foundation in the case as Multichain declined to respond, possibly leading to Fantom Foundation liquidating Multichain’s assets. According to the post on its blog, the proceeds will likely be used to compensate users who incurred losses from the exploit.
2. Scotty the AI (SCOTTY)
In a decentralized economy, the probability of crime is relatively high. This situation is more evident in the crypto market, where many projects that go live are littered with fraudulent practices.
Thus, the community behind the Scotty the AI project envisions a safer cyberspace where anyone can trade cryptocurrency without the fear of scams. This narrative is embodied in the project’s mascot, Scotty. The idea is to build an AI watchdog that tracks and identifies flaws in projects or transactions.
The project is still in the works, and investors who are looking to invest in the artificial intelligence sector still have the opportunity to join the movement. The token has a presale price of $0.0078, and over $3.3 million have been invested in the project.
💥Presale Update!💥
ScottyTheAi #1 #memecoin (w/Ai utility) of 2024$SCOTTY has raised $3.3M
Well on our way to closing out presale and heading for that $100M marketcap.
Congratulation to all the early #Scottydogs in presale 👏
Buy Now: https://t.co/zRmy4g8hfW#BITCOIN… pic.twitter.com/cKHsufpMjC
— Scotty The Ai (@ScottyThe_Ai) March 7, 2024
The SCOTTY team and community have more milestones before the token is listed on exchanges. Upon listing, there is a high chance that SCOTTY would record a significant pump in price due to the growing interest in the AI sector. Ultimately, investors can find additional images about the project on its presale page.
3. Render (RNDR)
Today, despite the recent pullback recorded in the market, RNDR pushed above the $10 mark, establishing a new ATH value. The sudden rise in value comes from its growing influence in the AI sector.
A recent example is its partnership with the emerging GPU project IONET, which aims to assemble over 10000 GPUs through decentralized tech. Generally, The advancement of Render in the artificial intelligence space has positioned it as a project to watch in the DePIN sector.
While its native token, RNDR, may appear to have achieved a significant increase in value, there’s more room for an increase. As the demand for GPU services increases, the services of platforms like Render will increase dramatically.
🤝 @rendernetwork @OTOY @JulesUrbach
Partners in building the future of decentralized AI and DePIN since the very beginning. https://t.co/96HeSG7GFe— io.net (@ionet) March 7, 2024
From the technical analysis, most of the bullish indicators applied to its market data return bullish signals. Its MACD reasons show that the market is still very bullish on the RNDR token. Consequently, it might continue its ride above the $10 range.
In addition, the token in the last 24 hours recorded an increase of over 20% and a trading volume pump of over 180%. This trend reveals that the market is responding positively to its recent performance, which might be the fuel it needs to continue its upward ride. Ultimately, RNDR is one of the tokens to watch this season as the bullish trend funds flow into the Altcoins market.
4. Sei (SEI)
Despite being a highly volatile asset, SEI is on track to becoming one of the next cryptocurrencies to explode. In the last 24 hours, it has recorded over 12% price increase. The token’s price might cross the $1 mark before the end of the quarter. The increasing activities in the network and the growing use cases would likely be the catalyst to trigger the price action.
Furthermore, the SEI community should look forward to increasing activities as the platform moves into NFTs. The initiative comes after its partnership with the Akita Inu Preservation Society. The partnership opens more doors to the project in Japan. With that, SEI would like more use cases in the metaverse, art, culture, and other blockchains. Thus, the growing demand for the token will likely influence its future performance.
The Sei community is thrilled to work alongside @MetaAkita, a leading initiative from the renowned Akita Inu Preservation Society 🐕
Sei is continuing to build culturally significant relationships in Japan and with this Seiyans can anticipate adorable NFTs and a dedicated Akita… pic.twitter.com/vN1UMj6AgG
— Sei 🔴💨 (@SeiNetwork) March 5, 2024
Even though SEI declined consistently from mid-last month until recently, it found support at $0.7. Hence, the likelihood of rallying to a new ATH value is relatively high. Moreover, the SEI RSI reading is closer to the oversold side. The value signals that the bulls might soon have the upper hand.
Similarly, other indicators applied to the SEI chart reveal further bullish signals. Readings from its Bull Bear Power indicator also returned a -0.0158, which is also bullish. On the other hand, short-term moving averages applied to the chart show that SEI may be bearish in the short term but bullish in the long run. Hence, it is essential to take precautions and research the asset further to identify the best strategies to apply.
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