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Next Cryptocurrency to Explode Wednesday, February 8 – Hedera, Lido DAO, Cronos 

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Hedera
Hedera

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In the current bearish market, where many cryptocurrencies are experiencing a decline in value, it becomes imperative for investors to analyze and pinpoint tokens that demonstrate resilience and positive momentum. This analysis sheds light on potential coins that are bucking the downward trend and exhibiting noteworthy performance. Therefore, this article helps investors identify digital assets with growth potential.

Next Cryptocurrency to Explode

Hedera recently revealed its involvement in the upcoming ETHDenver event later this month. Additionally, LDO posted on its social media that 25% of the ETH supply is currently staked.

CRO recently announced its partnership with Orby Network on social media, which is now a part of the Cronos Accelerator Program’s Cohort 3. Meanwhile, the ongoing TUK token presale, priced at $0.026, has been highly successful, raising over $846,167 in funding.

1. Hedera (HBAR)

Since the cryptocurrency market correction coincides with the Bitcoin ETF’s approval in mid-January, the HBAR price has experienced a downward trend. However, between January 11 and February 5, the native coin of the Hedera blockchain witnessed a significant 22% decline. However, the market momentum shifted to a bullish stance following the announcement of Hedera’s partnership with the Saudi Arabian government on February 6.

Nevertheless, the partnership entails an investment strategy allowing companies to develop advanced technological solutions at the newly established DeepTech Venture Studio in Riyadh. However, in a remarkable turn of events, the HBAR price surged by 15%, soaring from $0.69 to $0.77 within 24 hours of the partnership announcement, as illustrated in the chart above.

HBAR Price chart

Furthermore, Hedera has just announced its participation in the upcoming ETHDenver event, scheduled for later this month. The event will see Hedera collaborating with other prominent web3 projects and protocols at the Ethereum Denver BUIDL Mountain Café. This gathering promises a co-working environment where blockchain enthusiasts, developers, and industry leaders can exchange ideas and insights.

Analyzing the market data trend, it’s evident that the bullish impact of the $250 million Saudi Arabia partnership on Hedera’s price might only last for a while. Moreover, despite recently rebounding from a low of $0.67 on February 5, the bears could aim for a more significant downturn below $0.65 in the next move, placing it as the next cryptocurrency to explode.

However, the Bollinger band’s technical indicator suggests that the bulls could establish a strong support level around the $0.67 mark. Yet, a bearish reversal toward $0.60 may be imminent if this support falters. On the positive side, if the bulls can capitalize on the momentum generated by the Saudi partnership, they could defy this negative price outlook by attempting a retest at $0.80. Nevertheless, it’s worth noting the presence of a significant sell-wall at $0.78, as indicated by the upper Bollinger band in the chart, which could hinder the rally.

2. Lido DAO (LDO)

Lido DAO is a decentralized organization that offers a staking infrastructure for various blockchain networks. Mainly, it provides a liquid staking solution for Ethereum. In return, users can stake their ETH and get stETH (Lido staked ETH) tokens. These tokens represent the user’s staked ETH and the rewards they earn from staking.

In the past day, the price of Lido DAO (LDO) rose by 3.25%, reaching $2.84. However, This is good news because it decreased by 1.0% last week from $2.89. But during the same week, fewer people were trading the coin, and more of it became available. Yet, there are 890.93 million LDO coins in use, which is around 89.09% of the total supply of 1.00 billion.

LDO Price chart

Additionally, LDO shares on its social handle that 25% of the ETH supply is currently staked. Moreover, the token announced that LidoFinance V2, a core part of liquid staking, introduces a new hub-and-spoke architecture. However, This is designed to guarantee permissionless and decentralized staking.

Nevertheless, the LIDO DAO token symbolizes neutrality and strives to surpass the resistance level of $3.20 to maintain its bullish momentum. It holds onto its gains firmly and awaits a rebound despite the prevailing adverse market sentiments. Additionally, the trend remains neutral, suggesting a potential surge in the token’s value, with expectations of retesting the $4 highs shortly, placing it as the next cryptocurrency to explode.

3. Cronos (CRO)

Cronos is the primary token for the Crypto.com blockchain. Known initially as Crypto.com Coin, it got its new name, Cronos, in February 2022, but it still goes by the CRO abbreviation. Nevertheless, over 350,000 individuals have used Cronos for transactions in the three months since its launch, which is more than what was expected.

However, analyzing Cronos’s daily price movement chart reveals a decline in bullish momentum following a recent bearish rally. A few days ago, the bulls managed to drive the price above $0.8100, but it has since decreased rapidly. The resistance level at $0.08211 poses a significant challenge for the bulls, yet they could overcome it with persistence. However, prevailing market conditions favor the bears, who have capitalized on this opportunity to secure quick gains.

CRO Price chart

In other news, CRO recently announced its collaboration with Orby Network on its social media platform, which is now part of the Cronos Accelerator Program’s Cohort 3. This collaboration introduces a new concept to the Cronos DeFi space: interest-free borrowing of its stablecoin, $USC.

In general, Cronos has faced challenges today following a bearish trend in recent days. However, even though there have been times when prices have gone up, the market has mainly been controlled by bears. Although some indicators hint at a possible change in direction, it needs to be clarified if this will happen, leaving the question of whether buyers can take charge of the market unanswered.

Furthermore, In our 2024 Cronos (CRO) price projection, we anticipate the token potentially exceeding its previous peak, reaching an estimated maximum value of $0.1369. The average forecast suggests a price of around $0.1138, with a projected minimum of $0.1097, placing it as the next cryptocurrency to explode.

4. eTukTuk (TUK)

eTukTuk is one of the most creatively revolutionary projects to enter the EV sector. Although there are many EV projects, few align with the reality of people living in developing economies. In other words, central to this endeavor lies the eTukTuk EV, crafted to optimize drivers’ income opportunities while mitigating environmental harm. The project’s partnership with the Sri Lankan government underscores its dedication, intending to set up more than 200 charging stations and revolutionize electric vehicle operations.

Furthermore, eTukTuk announced on its social handle the need for change in a world increasingly dominated by personal vehicles, which pose significant environmental challenges, touching cities that stand as beacons of dedication to eco-friendly public transport, like Paris, Sweden, etc, collaborating to create sustainable, green cities worldwide.

However, The ongoing TUK token presale, valued at $0.026, has been a resounding success, securing over $846,167 in funding. Investors are drawn to the financial benefits, such as the appealing Annual Percentage Yield (APY) of 261% for Stakers and the project’s goal of permanently eliminating carbon emissions. Public investors can acquire TUK tokens through the presale before the exchange launch, enabling them to benefit from its considerable growth potential.

Also, eTukTuk’s impact extends beyond environmental considerations, positively affecting marginalized communities and addressing financial disparities. The project is not just a visionary concept; it actively contributes to a greener and more sustainable future for urban transportation.

Visit eTukTuk presale.

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