Blockchain

5 Best Altcoins to Invest in Right Now – Chainlink, Injective, ApeCoin, Meme Kombat

Join Our Telegram channel to stay up to date on breaking news coverage

Discover the top 5 altcoins to add to your portfolio right now. Stay updated on the promising cryptocurrency opportunities for potential gains.

In the recent cryptocurrency market update, global capitalization is $1.24 trillion, representing a marginal decrease of 0.70% over the past 24 hours. This data reflects some level of market volatility, although the extent of the decrease remains relatively modest.

Furthermore, the total trading volume in the cryptocurrency market over the last day amounted to $63.94 billion, marking a significant decline of 23.60%. This sharp decrease in trading volume could indicate a temporary reduction in market activity.

5 Best Altcoins to Invest In Right Now

Bitcoin’s market dominance currently stands at 53.15%, showing a modest intraday increase of 0.16%. This increase in Bitcoin’s dominance may suggest a degree of investor confidence in the leading cryptocurrency, though the market remains dynamic.

1. Mina Protocol (MINA)

Mina Protocol’s native cryptocurrency, MINA, has recently experienced a notable surge in its price. This surge has been particularly significant, with the coin’s value rising by 25% within 24 hours. Upbit, South Korea’s largest cryptocurrency exchange, aided this price increase, announcing its plan to list a Korean won (KRW) trading pair for MINA.

This development is significant because it simplifies the process for Korean traders to buy and sell MINA. As such, it has triggered a surge in buying activity and generated a sense of FOMO among traders. Therefore, it has ultimately driven up the token’s price.

Furthermore, the Mina Protocol (MINA) was recently listed on the Bitrue exchange. This listing followed a remarkable gain of over 80% for the crypto asset five hours following the announcement. MINA had experienced a significant decrease, down by 93% from its 2022 high. However, this recent surge may indicate a potential trend reversal.

Over the past two weeks, MINA has witnessed a 148% increase from its range low to its current high. From its 2023 high to the recent range-low, encompassing a downtrend lasting 238 days. Nonetheless, MINA has managed to reclaim the 50% Fibonacci retracement level in just 12 days.

2. Chainlink (LINK)

Chainlink has recently demonstrated a significant price increase, surging by 12%, with weekly gains of over 50%. LINK’s value currently stands at $11.42, with a market capitalization of $6.4 billion. As such, Chainlink is placed 12th on the market capitalization standing, marking a valuation increase of over $2 billion.

Furthermore, LINK’s price performance suggests further upward movement, especially if it breaches the critical 500+ day resistance level at $9.6. The token’s price surge can be attributed to large investors’ accumulation of LINK tokens. 

LINK PRICE CHART

Approximately $9.92 million worth of LINK tokens were being moved from exchanges to wallets when the price was around $7.26. This shift in tokens has subsequently led to a 50% surge in LINK’s value.

Moreover, the on-chain performance within the Chainlink ecosystem appears robust. Metrics reveal a persistent ‘up-only’ trend in LINK’s price, with noticeable growth in the ecosystem. 

Likewise, the Chainlink network has seen increased active and new addresses. Over the past week, active addresses have surged by 112%, and new addresses have increased by 190%. This growth is also evident in transaction activity, with Chainlink reaching a 7-day peak of over 12,000 transactions on October 23.

In addition to these developments, Chainlink enthusiasts and supporters can anticipate the launch of Chainlink Staking v0.2 before the year’s end. This upcoming event is expected to encourage the further accumulation of LINK tokens. These factors, the observed metrics, and increased network activity may influence Chainlink’s future performance.

3. Injective (INJ)

Injective, a decentralized finance (DeFi) protocol, has taken a significant step towards mainstream adoption by integrating with Google Cloud BigQuery. This integration introduces Injective Nexus, a platform designed to share core chain data from Injective with the wider public. As such, the data can be accessed in Google Cloud’s proprietary data-sharing platform, Analytics Hub.

INJ PRICE CHART

Furthermore, Injective Nexus aims to provide developers and institutions access to private data sets through the Injective network. This development enables Google Cloud customers and businesses to utilize proprietary Injective datasets for various purposes. The datasets include DeFi applications, machine learning, and the development of enterprise trading strategies.

Following the announcement of this partnership, the price of Injective Protocol’s native token, INJ, experienced a notable increase. Over the past 7 days, INJ’s price rose by more than 49%, reaching $11.80 at the time of this report. This price surge aligns with the growing interest in decentralized finance (DeFi) and altcoins, occurring amid a broader rally in the cryptocurrency markets.

Likewise, INJ has seen a 69% surge in value in the past month. The token has generated trading volumes exceeding $230 million in the last day. As such, INJ’s market capitalization has now surpassed $1 billion, underlining the ongoing expansion of the Injective ecosystem.

Analyzing the prospects for Injective Token entails several scenarios that need consideration. The token’s value is expected to recover in favorable market conditions in 2023. Hence, given current growth trends, INJ’s price could reach a maximum price of $15.91, with an average price estimated at approximately $12.06. 

However, a bearish market could drive the minimum price of an Injective Token down to $10.82. Also, Injective Token’s value may surpass our long-term projections during a bullish market.

4. ApeCoin (APE)

ApeCoin (APE) has been undergoing a consolidation phase after a decline from a falling wedge pattern. This consolidation phase is moving towards its upper threshold, potentially indicating a breakout. 

ApeCoin’s journey has been marked by some fluctuations. It initially broke out of the declining wedge pattern in April and entered the consolidation phase in September. However, the latest development involves buyers attempting to increase APE’s price to achieve a breakout from this consolidation phase.

APE PRICE CHART

ApeCoin’s live price is valued at $1.136, reflecting a 1.34% intraday increase in market capitalization. In addition, the trading volume also saw a 32.63% increase intraday, suggesting the active participation of buyers in driving up the price. Similarly, the volume-to-market cap ratio stood at 10.11%, indicating some level of market activity.

Moreover, APE’s price predictions suggest a potential surge towards the upper trendline of the consolidation phase, intending to break out. However, it’s important to note that the current volume change is below the average and needs to witness growth during intraday trading sessions. 

Meanwhile, ApeCoin strives to maintain its position at the 20-day exponential moving average (20-EMA) as it seeks to reach the 50, 100, and 200-day daily moving averages. Also, the token’s price range within the consolidation phase has remained relatively stable, fluctuating between $1.010 and $1.305.

ApeCoin has recorded an 8.44% gain in the past week and a 3.06% increase over the past month. From a technical perspective, the Relative Strength Index (RSI) suggests an upward momentum for ApeCoin’s price. Likewise, an RSI reading of 53 means it is moving towards the overbought territory. 

5. Meme Kombat (MK)

Meme Kombat (MK) has recently emerged as a notable contender in the meme coin arena. As such, it is transforming into a distinctive gaming platform, offering potential long-term advantages to its user base. This aspect may be particularly appealing to those interested in cryptocurrency geared towards gaming.

In preparation for its listing on a decentralized exchange, Meme Kombat has earmarked 10% of the total token supply to provide liquidity. Half of the token supply will be reserved for the $MK presale. Thus ensuring that all presale participants become integral parts of the Meme Kombat ecosystem.

In addition, the project has allocated 30% of the token supply for staking and battle rewards, a move aimed at sustaining the ecosystem and ensuring balance. Additionally, 10% of the token supply has been set aside for community rewards. Hence underscoring Meme Kombat’s commitment to encouraging community engagement and participation. Early investors who find potential in $MK can take advantage of our guide to learn how to buy it. 

Meme Kombat encourages interested investors to take advantage of the current pricing before an anticipated increase. As of the latest update, the project has raised $702,482.69 out of its $1,000,000 goal. Also, the exchange rate is fixed at 1 $MK = $0.1667, and various currencies are accepted for participation per the project’s whitepaper strategy.

Visit Meme Kombat Presale.

Read More:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 100% APY

Bitcoin Minetrix


Join Our Telegram channel to stay up to date on breaking news coverage


Credit: Source link

You might also like More from author

Comments are closed.

Please enter CoinGecko Free Api Key to get this plugin works.