Next Cryptocurrency to Explode Monday, February 5 – Immutable, MultiversX, Frax Share

On Feb 5, 2024

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InsideBitcoins regularly provides valuable insights into cryptocurrencies positioned for significant growth, assessing their recent price performances. These carefully chosen cryptocurrencies offer growth opportunities, giving investors a unique chance to explore options with the potential for substantial returns on investment.

Next Cryptocurrency to Explode

Immutable has broadened the mainnet access of zkEVM to designated gaming studios and partners, while MultiversX crypto has demonstrated buyer strength, with profit booking observed on the short-term charts.

Also, Meme Kombat (MK) has raised nearly $8 million for its battling gaming ecosystem, which will see meme characters go toe-to-toe in its battling arena, whereas Frax Finance brings a unique positioning to FXS in the stablecoin realm.

1. Immutable (IMX)

Immutable (IMX) stands out as the pioneering layer-2 scaling solution for NFTs on Ethereum, successfully addressing the platform’s drawbacks, such as low scalability and poor user experience. Moreover, With a competitive edge in massive scalability and zero gas fees for NFT minting and trading, Immutable ensures enhanced liquidity and security, placing it as the next cryptocurrency to explode.

Furthermore, in the world of NFTs, Immutable X, Ethereum’s primary layer-two scaling solution, is currently priced at $2.10, having traded $64,846,551 in the last 24 hours with a minor 2.38% decrease. Immutable X exhibits a market cap of approximately $2.67 billion.

According to a post on X’s Twitter account, Immutable (IMX) token prices have consistently risen since October 19, 2023, reaching a peak of $2.60 on December 27. Immutable has broadened the mainnet access of zkEVM to designated gaming studios and partners. zkEVM stands out as a significant achievement for Immutable, enhancing its ecosystem with additional features, reducing gas fees, and potentially attracting a broader audience for blockchain games developed with IMX. After a correction to monthly lows on January 23 at $1.70, IMX has rebounded to its current level of $1.95 as of January 31.

In addition, IMX, the primary token of Immutable’s layer-two scaling solution, recently bounced back from the $1.73 support as the cryptocurrency market experienced relief from the post-ETF sell-off. This positive reversal resulted in a 30% surge in the coin’s price within two weeks, reaching the current $2.21 level.

If the coin price breaks through the upper neckline with a daily candle closing, buyers could propel a 25.5% increase, pushing the Immutable price to the $2.9 level. The recent ascent also reclaimed the 20-and-50-day EMA, providing buyers additional support to maintain the upward trend.

2. MultiversX (EGLD)

The MultiversX price has gained momentum, surpassing the 20, 50, 100, and 200-day EMAs on the daily time frame, signaling bullishness in recent trading sessions. The technical chart reveals a breakout of the falling pattern, with the neckline breached as the crypto experiences a sharp upside momentum.

Nevertheless, repeatedly testing the demand zone near $50, the crypto has found support and bounced back, indicating a resurgence of strength in bulls aiming for the $70 level in upcoming trading sessions. Despite a volatile movement in previous months and multiple rejections from the $80 supply range, the lower levels near $50 have acted as a support region, allowing the crypto to bounce back and rise above the key EMAs.

Moreover, examining the trajectory of the EGLD crypto, a bullish zone is observed beyond $80, suggesting a potential rally. However, further rejections on the chart may lead to continued negative trading, and below $50, bearishness could persist. Currently, MultiversX crypto is trading at $57.523 with a minor intraday loss of 3.05%, breaking above the key EMAs and indicating bullishness on the charts. Additionally, the intraday trading volume stands at 27.88 million, and the market cap of MultiversX crypto is 1.52 billion.

MultiversX crypto has demonstrated buyer strength, with profit booking observed on the short-term charts. Additionally, the price has traded above the key EMAs, indicating further strength in the crypto price, placing it as the next cryptocurrency to explode.

In addition, the RSI curve, nearing the overbought region at 70.97, reflects a negative outlook, signaling bearishness in the crypto. The MACD indicator has consistently formed green bars, and a bullish crossover has been noted, indicating potential bullish moves in upcoming sessions.

3. Frax Share (FXS)

On June 16, Frax Finance, known for creating decentralized stablecoins, unveiled its own layer 2 blockchain, Fraxchain, which is set to launch by the close of 2024. Despite expectations, the price of Frax has decreased since the announcement, sliding from $1.0002 on June 16 to $0.9996 on January 30, reflecting a 0.06% dip. Analysts express optimism for growth, projecting Frax’s price to ascend to $1.805 by the end of March, fueled by insights into partnerships within the Frax ecosystem. Conversely, some analysts anticipate a modest decline to $0.680 by March, citing Frax’s gradual adoption and prevailing market trends.

Established in 2020, Frax Finance brings a unique positioning to FXS in the stablecoin realm. Moreover, the token started at $3.90 on December 28, 2020, and peaked at $39.04 on April 4, 2022, highlighting its resilience and susceptibility to market dynamics. However, placing the token as the next cryptocurrency to explode.

Nevertheless, after the announcement, the price of Frax Share (FXS) significantly increased, surging from $6.44 to $9.85 between August 13, 2023, and January 28, 2023, marking a substantial 52.95% rise in FXS price. As Frax Share (FXS) navigates market challenges and embraces innovation, its role as a collateral token and the success of Fraxchain will crucially shape its future trajectory within the cryptocurrency space.

Furthermore, functioning as collateral for the Frax stablecoin with a target price of $1, Frax Share (FXS) empowers users to participate in governance through voting power. Despite experiencing market turbulence and dipping below the $10 region in May 2022, the recent announcement of Fraxchain by Frax Share (FXS) has infused optimism, increasing the value of Frax Share (FXS).

4. Meme Kombat (MK)

Meme Kombat (MK) has raised nearly $8 million for its battling iGaming ecosystem, which will see meme characters go toe-to-toe in its battling arena. However, Meme coins are gaining traction, drawing investors captivated by their vision, especially the potential for a decentralized application with broad appeal in the multi-billion dollar meme coin space and beyond.

Nevertheless, crypto investors increasingly focus on projects with real-world applications that can attract an extensive and engaged customer base, and Meme Kombat perfectly aligns with this trend. The project targets three significant segments in crypto: gaming, betting, and meme coins. According to CoinGecko, the GameFi sector’s market cap is valued at $20.7 billion, while gambling tokens are approximately $700 million and growing. The meme coins sector is estimated at around $20 billion. Meme Kombat aligns well with this market, representing a total addressable market in the tens of billions of dollars.

So now that we have passed $8m in the presale, we look to the future.
We continue to put hours and hours into development of the game and, despite a few delays, want to assure you that we are here and still pushing to create something fun and engaging⚔️
We now push to our final… pic.twitter.com/wImg83v8lv
— Meme Kombat (@Meme_Kombat) February 4, 2024

Meme Kombat’s unique integration of staking and betting, along with its engaging meme battles, positions it as a standout project in the crypto space, offering a dynamic experience to users and potential for passive income Prospective presale contributors can find reassurance in the entire security-audited smart contract with no significant issues detected, positioning it as the next cryptocurrency to explode.

Additionally, Meme Kombat stands out with the quality of its art, showcased on its social media platforms. In meme coins, vibrant communities fueled by irreverent humor and engaging artwork are crucial, making Meme Kombat well-positioned to attract new community members.

In other news, Bitcoin remained steady, staying above $42,000 on Monday, with the CoinDesk 20 Index showing a 0.75% decline at 1,643, based on CoinDesk Indices data.

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