Next Crypto Explosion Saturday, April 13 – Toncoin, Ethena, THORChain

adminApril 13, 2024

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The second quarter is significantly different from the first quarter due to the inevitable price decline of several cryptocurrencies, especially altcoins. Cryptocurrency markets saw bull dominance in the first quarter due to ETF approvals. But the quarter is playing out differently. Many altcoins have lost more than 20% of their profits at press time.

Therefore, traders and investors may have a hard time finding the next cryptocurrency to explode amid an economic downturn. Nonetheless, today’s post shares insights on promising cryptocurrency assets to watch on a bearish outlook.

Next Cryptocurrency to Explode

Investors should also expect cryptocurrency market attention to tilt towards meme coins and utility assets in the meantime. Recent market data shows that these types of assets thrive when uncertainty prevails in the market. Therefore, pre-sale products like Slotthana are a noteworthy asset, details of which are included below.

1. Toncoin (TON)

Toncoin briefly touched $7 before a bearish dominance hit the cryptocurrency market. The token has since lost more than 6% of its value and is worth $6.7 at the time of this writing. Even though the entire market has been on a cold foot due to the price drop, TON has maintained its reputation as one of the best cryptocurrencies to watch.

Most investors believe this could be the next cryptocurrency to explode. Toncoin and its community have recently launched a series of incentive-based activities to increase the visibility of the token. Before that, the team worked extensively to improve the usability of the token.

TON price chart

For example, TON is now the payment medium adopted on the Telegram platform. Influencers on the platform will be rewarded with TON for setting up successful channels on Telegram. Therefore, the increasing usefulness and visibility of the cryptocurrency has made it one of the best-performing cryptocurrencies in bull markets.

Additionally, TON does not only grow within the ecosystem. We are also expanding our reach across the entire crypto community. According to a post on its official Twitter handle, TON may see a surge in adoption in the Asia Pacific region. Hong Kong’s recent acceptance of cryptocurrencies has opened up a new cryptocurrency market.

🤝 TON Foundation has entered into strategic partnerships with: @HashKeyGroup to strengthen #ton An ecosystem that aims to put cryptocurrency and Web3 in every pocket!
What does it entail?
✅ Support for early-stage TON-based projects
✅ Improved fiat access @wallet_tg APAC users
✅… pic.twitter.com/khIiYMHXfC
— TON 💎 (@ton_blockchain) April 12, 2024

TON is moving first to secure first-mover advantage. Our partnership with Hashkey Group will increase liquidity in the region, allowing TON holders to convert their TON tokens into cash. This will increase investor confidence in the asset.

Ultimately, in a bear market, investors may own more of the TON asset ahead of a price recovery.

2. SLOTH

that much Slotana The rave reviews get louder as the project gets closer to its listing date. SLOTH’s pre-sale performance is one of its most successful in recent times. The project raised more than $500,000 within eight hours of pre-sale and millions more in just a few days.

❤️💰 Get ready for the arrival of Slotana! With our coffers overflowing, it is time to embark on a sloth crusade to build a global empire. Slotana’s reign is at hand. ⚔️ Anyone who stands in their way will face the wrath of the Holy Slotana Army! 🚀🦥 #SlodhanaEmpire… pic.twitter.com/TyFjlJTL8q
— Slothana (@SlothanaCoin) April 11, 2024

While several projects have raised and executed multi-million dollar presales, Slotthana stands out for its ability to achieve these milestones within days of presales. What’s even more amazing is the community behind the project. The engagement across social media handles has been quite amazing.

Slotthana now boasts over 18,000 followers on Twitter alone and receives hundreds of engagements every day. Even though the project is about to be listed on the exchange, the opportunity to participate in the pre-sale is open. Pre-sale is available for 10000 SLOTH to 1 SOL. Detailed information about pre-sale participation can be found on the project website. Investors can also look for updates across social media platforms, especially its Twitter handle.

Visit Slotthana Pre-sale

3. Athena (ENA)

Ethena, a recently listed synthetic dollar protocol token, has shown tremendous resilience despite the recent market downturn. Despite the ENA price falling more than 12%, it still maintained most of its gains over the past seven days. Data from Ethena price action suggests that investors should monitor the token closely.

Before the price drop, Ethena was focused on its ATH target and gradually pushed towards $2. Nonetheless, as of press time, the price is at $1.25, trading closer to important support in the $1.2 area. Investors can expect Ethena to trade sideways before rising beyond the $1.4 price wall.

ENA price chart

Currently, Ethana’s moving averages remain bullish in the short term. Unfortunately, the token has minimal data on long-term moving averages, making it difficult to gauge the strength of the trend. However, the MACD reading, which is weak at the time of this writing, reflects the token’s temporary decline.

Another important factor that could contribute to ENA’s overall performance in the coming weeks is increased exchange integration. This will ensure increased liquidity for the token and influence continued ENA price increases.

We are pleased to announce our integration with exchange wallets.
Integrated wallets include:@Web3WithBinance @Bybit_Official @okxweb3 @BitGetWallet
Users who have locked their USDe for at least 7 days through the exchange Web3 wallet can receive a 20% rewards boost starting today. pic.twitter.com/kUJOLiKeKM
— Athena Labs (@ethena_labs) April 10, 2024

However, investors should also pay attention to token circulation volume. Currently, Ethena only holds 9.5% of the total circulating supply. As more tokens enter the market, inflation will have a negative impact on asset price trends. Therefore, investors should consider token launch and vesting plans in their investment strategies.

4. TorChain (RUNE)

RUNE has recently suffered a price decline in the cryptocurrency market, with the token price falling by more than 21%. Despite the recent burn of tokens worth over $140 million, the widespread cryptocurrency price sell-off has caused RUNE price to decline. Many investors thought that this burn would lead to a much-anticipated price increase for ATH.

The market data on the RUNE chart suggests that the token could find gains again before the end of the quarter. RUNE’s technical analysis predicts an RSI value that indicates the token is oversold.

RUNE price chart

More importantly, in the week following the token burn announcement, RUNE recorded an increase in trading volume of over $10 billion, with the effects of recent staking initiatives not yet being reflected in the asset value. Additionally, according to an update from Thorchain’s Twitter handle, platform metrics are hitting all-time highs. Therefore, RUNE is likely to receive a windfall.

The TC indicator hit an all-time high.
swap pic.twitter.com/BbK3OvLwcE
— THORChain (@THORChain) April 12, 2024

Likewise, looking at the trend of the moving average, we can see that RUNE is more likely to return to the upper range. The short-term moving average reflects a continued bearish trend, while the long-term ema suggests that RUNE still has room for upside.

Moreover, the asset’s ADI figures suggest that the current trend is weakening and may soon take a new turn. Investors looking at RUNE should analyze the asset further before deciding whether the cryptocurrency market is relatively uncertain.