The next cryptocurrency will explode on Monday, February 12: Synthetix, Axie Infinity, MultiversX| Trending Viral hub

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Today, we focus on tokens that are making waves in the cryptocurrency market, such as Synthetix, Axie Infinity, and MultiversX. This review will explore what makes them potential candidates for significant growth in the market. Additionally, Meme Kombat is gaining traction during its pre-sale, raising over $7 million as investors closely monitor its progress.

The next cryptocurrency to explode

Synthetix has recently experienced a bullish breakout, surpassing its resistance level and rising nearly 5%. On the other hand, the AXS cryptocurrency is showing clear signs of a bearish trend, trending lower below crucial support levels.

Additionally, MultiversX has announced the distribution of 1,000,000 ITHEUM tokens to ecosystem builders. At the same time, Meme Kombat has allocated 50% of its total token supply for the MK pre-sale, aiming for inclusion among all participants.

1. Synthetix (SNX)

Synthetix has recently broken out bullishly, breaking above its resistance level and rising almost 5%. With the current price of $3.48, the market has a positive sentiment, indicating a possible bullish move soon.

In a recent tweet, the token announced that Synthetix Perpetuals, which uses Pyth Network oracles, has surpassed $40 billion in trading volume. Lower fees and improvements to the on-chain Perpetuals protocol supported this achievement.

SNX price chart

Today’s Synthetix price chart is rising and reaches $3.48, higher than expected. This increase is because many people are optimistic about it, as shown by the RSI value of 57.77, which means that the market sentiment is balanced.

Furthermore, the Bollinger Bands support level at $3.48 suggests a price support level where buying interest may strengthen, preventing further price decline. On the contrary, the resistance level of $2.97 indicates a point where selling pressure could increase, which could hinder price growth.

Taking these indicators into account, the coin price is likely to trade within a range, with potential support near $3.48 and resistance near $2.97. Traders can look for confirmation signals, such as price action patterns or volume analysis, to make informed decisions about entry or exit points.

However, Synthetix has been doing well lately. In just one week, it rose from $3.13 to $3.29 and its market value increased from $945 million to $1 billion. In addition, it is trading above its average prices for the last 21 and 50 days. However, this has excited experts, who predict that it could reach $3.87 by March 2024.

2. Axie Infinity (AXS)

Axie Infinity, a popular gaming platform, has announced new updates to its Axie Builders program games, including Axie Quest and Sky Smash Axie: Reloaded. These updates bring new features such as the Part Evo utility, AXP updates, and integration with Atia’s Blessing and Mavis Store.

The AXS cryptocurrency is showing signs of a strong downtrend, trending lower below the critical support levels of the 20-day and 50-day EMA bands. This downward move is driven by increased selling pressure, suggesting a potentially significant price drop.

AXS price chart

Furthermore, indicators such as the MACD signal a bearish trend, with a recent bullish crossover below the zero line. The MACD values, including -0.25 for the main line and -0.23 for the signal line, indicate bearish momentum that could widen the gap and push prices down further.

The RSI, which measures momentum, is steadily declining, indicating weakening momentum and the possibility of further decline. The recent rejection of the 14-day SMA suggests downward pressure. The RSI curve is 40, while the 14-day SMA curve is 42.

Taking into account past price movements and current indicators, AXS shows a bearish outlook, with several signals indicating potential for further decline. Recent performance metrics show a steady downward trajectory, with drops of 6.23% and 7.36% over the past week and month. However, this positions the coin as the next cryptocurrency to explode.

3. MultiversX (EGLD)

MultiversX recently announced that it will offer 1,000,000 ITHEUM tokens to ecosystem builders. This initiative is part of the first xPand Grant Program, where ITHEUM will help seven xDay Hackathon startups by providing support through its technology.

MultiversX has been hovering around the 50-day EMA for four or five weeks, trying to find stability. In January, the cryptocurrency saw a significant drop after buyers attempted to push it above $75.

EGLD price chart

However, sellers struggled to push EGLD price down and found resistance near the 50-day EMA. Buyers stepped in, preventing further downside momentum and establishing support near the 50-day EMA. Upon closer examination of the daily chart, an inverted head and shoulders pattern is evident, with price currently forming the right shoulder of the pattern.

Currently, EGLD is trading at $56.40, experiencing an intraday loss of 1.05%. It has a market capitalization of $1.499 billion and ranks 51st among all cryptocurrencies. The volume-to-market cap ratio is 2.30%, indicating low volatility.

Analysts maintain a positive outlook, anticipating a potential upside of more than 22.4% by the end of February following the breakout of the head and shoulders pattern. However, this could push the price back to recent highs of $70 and $75. On the contrary, bearish analysts speculate that the price could fall below $50, potentially reaching $45 and $40.

4. Meme Kombat (MK)

The current trend in the cryptocurrency market indicates a growing interest in GameFi projects, and many high-ranking tokens fall into this category. At the moment, Komba MemeIt is one of the outstanding projects that deserves the attention of investors.

Currently, 35,843,313 MK tokens have been staked, representing 80% of the total MK tokens available. Stake offers a competitive 110% Annual Percentage Yield (APY). So far, 7,970,675 MK tokens have been awarded to bettors, of which 11,701 participate in the staking program. These figures indicate strong investor interest and active participation in the MK token, suggesting its future growth potential.

Besides, Komba MemeIt has allocated 50% of its total token supply for the MK pre-sale, ensuring the inclusion of all participants. Additionally, 30% of the supply is dedicated to staking and battle rewards, encouraging balance and ecosystem support. Another 10% of the tokens will be combined with a liquidity pool on a decentralized exchange (DEX). Lastly, 10% of tokens are earmarked for community rewards, highlighting the importance of community participation and engagement through exciting battles.

However, investors are attracted to Meme Kombat due to its unique gaming attributes and the opportunity to make passive profits through betting. The innovative staking system combines on-chain and off-chain transactions to reduce user fees, offering them the option to stake and deploy tokens for battles within the integrated gaming platform.

Visit the Meme Kombat pre-sale.

Besides, Digital currencies are making a comeback, especially according to cryptocurrency analysts. The US Securities and Exchange Commission finally approved Bitcoin exchange-traded funds (ETFs), albeit reluctantly, after pressure from the courts.

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