The following cryptocurrencies will explode on Monday February 12th – Synthetix, Axie Infinity, MultiversX

adminFebruary 12, 2024

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Today we are focusing on tokens that are making waves in the cryptocurrency market, such as Synthetix, Axie Infinity, and MultiversX. This review will explore what sets them up as potential candidates for significant growth in the market. Meme Kombat is also gaining popularity, having raised over $7 million during the pre-sale period with investors closely monitoring its progress.

Next Cryptocurrency to Explode

Synthetix recently experienced a bullish breakout above resistance levels, increasing it by almost 5%. On the other hand, the AXS cryptocurrency is showing clear signs of weakness, with a downward trend below critical support levels.

MultiversX also 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 to the MK presale, aiming for inclusivity for all participants.

1. Synthetix (SNX)

Synthetix recently performed strongly, rising almost 5% above resistance levels. With the current price at $3.48, the market is in a positive mood, suggesting that an uptick is possible soon.

In a recent tweet, the token announced that Synthetix Perpetuals, which leverages oracles on the Pyth Network, has surpassed $40 billion in trading volume. This performance was supported by lower fees and improvements to the on-chain Perpetuals protocol.

SNX price chart

The price chart for Synthetix today is rising, hitting $3.48, higher than expected. This rise is because many people are optimistic about it, as shown by the RSI value of 57.77. This means market sentiment is balanced.

Moreover, the Bollinger Band support level of $3.48 suggests a price support level that could strengthen buying interest and prevent further price declines. Conversely, the $2.97 resistance level represents a point where selling pressure could increase, potentially hindering the price advance.

Utilizing Synthetix Perps @PythNetworkof oracles has surpassed $40 billion in trading volume thanks to lower fees and improved on-chain Perps protocol.
We are proud to be an early adopter of the Pyth Oracle and recipient of the Pyth Retrospective Airdrop.
👇https://t.co/SMFsrvCUXv
1/4 pic.twitter.com/htYOZliwJh
— Synthetix ⚔️ (@synthetix_io) February 7, 2024

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

But lately Synthetix has been doing well. It rose from $3.13 to $3.29 in just one week, and its market value also increased from $945 million to $1 billion. It is also trading above its average price over the past 21 and 50 days. However, this has experts excited, predicting that it could reach $3.87 by March 2024.

2. Axi Infiniti (AXS)

Popular gaming platform Axie Infinity 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, Atia’s Blessing, and integration with the Mavis Store.

The AXS cryptocurrency is showing solid bearish signs, including a downtrend below the key support levels of the 20-day and 50-day EMA bands. This downward movement is due to increased selling pressure and suggests a potentially significant price decline is possible.

AXS price chart

Moreover, indicators such as MACD have recently shown a bullish crossover below the zero line, indicating a bearish trend. The MACD value, including the main line -0.25 and the signal line -0.23, indicates downward momentum that could widen the gap and push the price further down.

1/ New update of Axie Builders program game@AxieQuest and @SkySmashAxie: Reloaded 🛠️
• New Part Evo utility
• New AXP updates
• Atia’s Blessing and Mavis Store integration
… And tomorrow!
Check out the updates below 🧵👇 pic.twitter.com/nujqTGN1OG
— Axie Infinity (@AxieInfinity) February 12, 2024

RSI, which measures momentum, has been steadily declining, suggesting momentum is weakening and further declines are possible. The recent rejection of the 14-day SMA suggests downward pressure. The RSI curve is 40 and the 14-day SMA curve is 42.

Considering past price trends and current indicators, AXS has a bearish outlook, with various signals indicating the possibility of further declines. Recent performance indicators show a consistent downward trajectory, with declines of 6.23% and 7.36% over the past week and month. However, this positions the coin as the next cryptocurrency to explode.

3. MultiverseX (EGLD)

MultiversX recently announced that it will be giving away 1,000,000 ITHEUM tokens to ecosystem builders. This initiative is part of the inaugural xPand Grants program, where ITHEUM will support seven startups at the xDay Hackathon by providing support through technology.

MultiversX has been hovering around the 50-day EMA for 4-5 weeks, trying to find stability. In January, the cryptocurrency suffered a significant decline after buyers attempted to push it above $75.

EGLD price chart

However, sellers had difficulty driving EGLD prices lower and encountered resistance near the 50-day EMA. Buyers intervened to prevent further downside momentum and build support near the 50-day EMA. A closer look at the daily chart clearly shows an inverted head and shoulders pattern, with current prices forming the right shoulder of the pattern.

1,000,000 $item For ecosystem builders 🛠️
For the first xPand grant program, @ eat Supports 7 #x days Hackathon startup using that technology.
2nd application reception has already started💡https://t.co/8E8K15jrqq https://t.co/QCNi2ko8GH
— MultiversX (@MultiversX) February 12, 2024

EGLD is currently trading at $56.40 and is suffering an intraday loss of 1.05%. Its market capitalization is $1.499 billion, ranking 51st among all cryptocurrencies. The ratio of trading volume to market capitalization is 2.30%, which is low volatility.

Analysts are optimistic, predicting a potential upside of more than 22.4% by the end of February following the neckline breakout of the head and shoulders pattern. However, this could push the price back to recent highs of $70 and $75. Conversely, bearish analysts speculate that the price could fall below $50 and potentially reach $45 and $40.

4. Meme Combat (MK)

Current trends in the cryptocurrency market indicate growing interest in the GameFi project, and many top tokens fall into this category. Currently, Meme Kombat is one notable project that is likely to attract the attention of investors.

There are currently 35,843,313 MK tokens staked, equivalent to 80% of the total MK tokens. Staking offers a competitive Annual Percentage Yield (APY) of 110%. To date, 7,970,675 MK tokens have been awarded to stakers, with 11,701 people participating in the staking program. These figures demonstrate strong investor interest and active participation in MK Tokens and suggest MK Tokens’ future growth potential.

We are 85% of the fighters!
LFG🫡 $8.5 million raised. pic.twitter.com/dNEYZ9YQ6u
— Meme Kombat (@Meme_Kombat) February 10, 2024

Additionally, Meme Kombat will allocate 50% of the total token supply to the MK presale to ensure inclusivity for all participants. Additionally, 30% of the supply will be used for staking and battle rewards, ecosystem support, and fostering balance. Another 10% of tokens will be paired with the liquidity pool of a decentralized exchange (DEX). Finally, 10% of tokens will be allocated for community rewards, emphasizing the importance of community engagement and participation through exciting battles.

Nonetheless, investors are attracted to Meme Kombat due to its unique game features and passive income opportunities through staking. The innovative staking system combines on-chain and off-chain transactions, reducing user fees and giving users the choice to stake or distribute tokens for battle within an integrated gaming platform.

Visit Meme Kombat Presale.

Moreover, digital currencies are experiencing a resurgence, especially according to cryptocurrency analysts. The U.S. Securities and Exchange Commission (SEC) finally approved the Bitcoin exchange-traded fund (ETF) under court pressure.