Blockchain

Next Cryptocurrency to Explode Friday, February 16 – XRP, VeChain, The Graph

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The recent performance of the market suggests that there is a lot of purchasing pressure. Most traders actively add tokens to their portfolios, indicating a general belief that a bull run is imminent. Due to this action, investors are now looking for the next big cryptocurrency to blow up, which has increased interest in altcoins.

The increase in interest in these altcoins points to a possible change in the direction of market movement. This article gathers a list of these tokens and provides investors with a summary of all the metrics required to make wiser investment choices.

Next Cryptocurrency to Explode

As XRP nears the peak of its macro consolidation, a bullish breakthrough is imminent. Meanwhile, VET has surged 11% and is currently trading at $0.04843.

Additionally, Meme Kombat is a noteworthy project that investors should notice, and GRT’s pricing indicates that the cryptocurrency is now heading upward.

1. XRP (XRP)

A bullish breakout seems imminent as XRP approaches the apex of its macro consolidation. A sustained close above the resistance at 94 cents could kickstart a parabolic surge in the altcoin’s price. However, the weekly Auto Fibonacci Extension anticipates significant resistance between 75 and 94 cents.

According to CoinMarketCap data, 2.869 billion XRP were exchanged for a total of $1.6 billion over the course of the last day. This represents a noteworthy 61% increase in transaction volume over the day before. The price of XRP increased by almost 5% during this spike in activity, hitting $0.559 early today. After Bitcoin broke above $50,000, the altcoin market as a whole saw a good breakthrough; nevertheless, technical research indicates that the price trend of XRP is still unclear.

On the weekly timeframe, XRP’s Relative Strength Index (RSI) is striving to surpass 50, indicating a potential shift in favor of buyers. Additionally, XRP’s price is attempting to breach the weekly 200 Moving Average (MA), aligning with a resistance/support level of around 55 cents.

Recently, XRP made an announcement, revealing their agreement to acquire Standard Custody. This move aims to enhance Ripple’s product range and expand its collection of regulatory licenses globally. You can find more information about this recent acquisition on Ripple’s platform.

While recent gains are promising, XRP’s future price movement depends on maintaining positions above crucial daily moving averages, particularly the MA 50 and MA 200. Consistently closing above these levels may lead to further price increases, potentially pushing XRP beyond the $0.62 mark.

2. VeChain (VET)

The excitement surrounding VeChain has surged following the announcement of a significant milestone set to be revealed at the MWC 2024 Event in Barcelona. While details remain undisclosed, the protocol is poised to lead in sustainability, solidifying its standing in the broader tech landscape. Speculation regarding potential partnerships, including one with global consulting giant BCG, is rife.

On Feb. 14, VeChain introduced account abstraction, a technology enabling tailored interactions with the Ethereum (ETH) blockchain. This innovation enhances interoperability and grants access to programmable smart contract wallets.

VET Price Chart

Furthermore, throughout the last day, VET has increased by 11%, and as of this writing, it is trading at $0.04843. Nonetheless, encouraging patterns continue throughout the month; the token has risen 61% in the last month and 65% over the previous week, putting it in a position to become the next cryptocurrency to explode.

Despite potential hurdles, VeChain’s robust fundamentals hint at the possibility of a significant breakout following its recent 65% gain. With solid backing from VeChain enthusiasts and the broader crypto community, all eyes are on this blockchain powerhouse as it continues to wave in the market.

3. Meme Kombat (MK)

The prevailing trend in the cryptocurrency market points towards an increasing fascination with GameFi initiatives, with numerous top-rated tokens falling under this category. Presently, Meme Kombat stands out as a notable project warranting attention from investors.

Currently, 37,251,521 MK tokens are locked in staking, constituting 80% of the total MK tokens in circulation. Staking offers an attractive annual percentage yield (APY) of 106%. Thus far, 8,421,057 MK tokens have been distributed to stakers, with 12,077 individuals participating in the staking program. These statistics highlight significant investor interest and active engagement in the MK token, indicating its potential for future growth.

Furthermore, Meme Kombat has set aside half its token inventory for the MK presale, guaranteeing inclusivity for all investors. Moreover, 30% of the supply is earmarked for staking and battle rewards, promoting support and balance within the ecosystem. An additional 10% of the tokens will be matched with a liquidity pool on a decentralized exchange (DEX). Finally, 10% of the tokens are reserved for community rewards, underscoring the significance of community involvement and interaction through engaging battles.

However, investors are attracted to Meme Kombat because of its distinctive gaming features and the chance for passive income through staking. The pioneering staking mechanism blends on-chain and off-chain transactions to minimize user fees, allowing users to stake or utilize tokens for battles within the integrated gaming platform.

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4. The Graph (GRT)

Graph Horizon, a proposal by Edge and Node, seeks to overhaul The Graph into a more accessible and efficient protocol. This transformation aims to pioneer the integration of decentralized data into the web3 technology stack. By enabling diverse data services and query languages, Graph Horizon holds the promise of unlocking new opportunities in decentralized data usage.

GRT Price chart

Furthermore, examining the price of The Graph shows that the cryptocurrency is now trending upward. The price has increased gradually over the last day to $0.1717, indicating an upward trend in the cryptocurrency market. Since its launch, the price has grown steadily, and more increases are anticipated soon. Interestingly, $0.2103 is the critical resistance level for GRT, and breaking through this barrier may result in even more significant gains. At $0.1717, the market is currently positioned to break out.

Nevertheless, if the positive outlook for the cryptocurrency market continues, The Graph’s price will rise to all-time highs. Although bulls have stabilized the support level, breaking resistance remains pivotal for further market gains. If bulls succeed, The Graph is poised for substantial growth soon. Currently, indications suggest that GRT is primed for further expansion.

Technical analysis forecasts for Graph prices in 2024 suggest a minimum price of $0.2070 and a maximum of $0.2519. The average trading price is anticipated to hover around $0.2148, positioning the token as a prospective candidate for significant growth in the cryptocurrency market.

In today’s news, Bitcoin’s recent market value surpassed $1 trillion for the first time since November 2021. This milestone was reached with the help of strong investments from U.S. spot bitcoin ETFs, which have been pouring money into the market, boosting prices.

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