Next Cryptocurrencies to Explode on Monday February 5th – Immutable, MultiversX, Frax Share

adminFebruary 6, 2024

join us telegram A channel to stay up to date on breaking news coverage

InsideBitcoins regularly provides valuable insights into cryptocurrencies expected to see significant growth and evaluates recent price performance. Carefully selected cryptocurrencies offer growth opportunities, giving investors a unique opportunity to explore options with the potential for significant returns on their investments..

Next Cryptocurrency to Explode

Immutable expanded zkEVM’s mainnet access to selected game studios and partners, and the MultiversX cryptocurrency demonstrated the strength of buyers with profit booking on short-term charts.

Additionally, Meme Kombat (MK) has raised approximately $8 million for its fighting game ecosystem. While this allows meme characters to go head-to-head in the battle arena, Frax Finance gives FXS a unique position in the stablecoin space.

1. Immutable (IMX)

Immutable (IMX) stands out as a pioneering layer 2 scaling solution for NFTs on Ethereum, successfully addressing the platform’s shortcomings such as low scalability and poor user experience. Additionally, with massive scalability for NFT mining and trading and a competitive advantage of no gas fees, Immutable guarantees improved liquidity and security, positioning it as the next-generation cryptocurrency.

Additionally, in the NFT world, Immutable Immutable X has a market capitalization of approximately $2.67 billion.

According to a post on the Immutable has expanded zkEVM’s mainnet access to selected game studios and partners. zkEVM stands out as a significant achievement for Immutable, including strengthening the ecosystem with additional features, lowering gas fees, and potentially attracting a wider audience for blockchain games developed with IMX. IMX adjusted to a monthly low of $1.70 on January 23 before rebounding to its current level of $1.95 as of January 31.

IMX price chart

Additionally, IMX, the native token of Immutable’s layer 2 scaling solution, recently rebounded from $1.73 support as the cryptocurrency market experienced relief from the post-ETF selloff. This positive turnaround led to a 30% surge in the price of the coin in two weeks, reaching the current $2.21 level.

If the price of the coin breaks through the upper neckline with the close of the daily candle, buyers could push for a 25.5% rally, pushing the constant price to the $2.9 level. The recent gains also saw the 20-day and 50-day EMAs recover, providing additional support to buyers to sustain the upward trend.

2. MultiverseX (EGLD)

MultiversX price has gained momentum, surpassing the 20-day, 50-day, 100-day and 200-day EMAs on the daily time frames, indicating a strong performance in recent trading sessions. The technical chart shows a breakout of the bearish pattern with a breakout of the neckline as the cryptocurrency experiences rapid upward momentum.

Nonetheless, after repeatedly testing the demand zone near $50, the cryptocurrency found support and rallied. This indicates a resurgence of bull strength with the pair targeting the $70 level in the upcoming trading session. Despite last month’s volatile moves and multiple rejections of the $80 supply range, low levels near $50 served as a support zone, allowing the cryptocurrency to bounce back and rise above the key EMA.

EGLD price chart

Additionally, looking at the trajectory of the EGLD cryptocurrency, a bullish zone is observed above $80, suggesting a potential rebound. However, further rejection on the charts could lead to continued negative trading and continued weakness below $50. Currently, the MultiversX cryptocurrency is trading at $57.523 and has suffered a minor loss of 3.05% intraday, putting it above the main EMA and showing signs of strength on the charts. Additionally, the intraday trading volume is 27.88 million, and the market capitalization of MultiversX cryptocurrency is 1.52 billion.

MultiversX cryptocurrency has demonstrated the strength of buyers, with profit booking observed on short-term charts. Additionally, the price is trading above the major EMA, indicating further strength in the cryptocurrency price and positioning the cryptocurrency as the next cryptocurrency to explode.

Additionally, the RSI curve at 70.97, close to overbought territory, reflects a negative outlook and indicates weakness in the cryptocurrency. The MACD indicator has consistently formed a green bar and a bullish crossover has been identified, indicating a potential bullish move in the coming sessions.

3. Frax Share (FXS)

On June 16, Frax Finance, known for creating decentralized stablecoins, unveiled its own layer 2 blockchain, Fraxchain, scheduled to launch in late 2024. Despite expectations, Frax’s price has fallen from $1.0002 since the announcement. From June 16th to January 30th $0.9996, reflecting a decline of 0.06%. Analysts express optimism about growth, predicting Frax’s price to rise to $1.805 by the end of March, driven by insights into partnerships within the Frax ecosystem. Conversely, some analysts expect a slight decline to $0.680 by March, citing Frax’s gradual adoption and general market trends.

Founded in 2020, Frax Finance brings FXS a unique positioning in the stablecoin space. Additionally, the token started at $3.90 on December 28, 2020 and peaked at $39.04 on April 4, 2022, highlighting its resilience and sensitivity to market dynamics. However, it positions the token as the next cryptocurrency to explode.

FXS price chart

Nonetheless, following the announcement, the Frax Share (FXS) price skyrocketed from $6.44 to $9.85 between August 13, 2023 and January 28, 2023, representing a significant 52.95% increase in the FXS price. As Frax Share (FXS) addresses market challenges and embraces innovation, its role as a collateral token and the success of Fraxchain will decisively shape its future trajectory within the cryptocurrency space.

Additionally, Frax Share (FXS), which acts as collateral for the Frax stablecoin with a target price of $1, allows users to participate in governance through voting rights. Despite experiencing market turmoil in May 2022 and falling below $10, Frax Share (FXS)’s recent announcement of Fraxchain has injected optimism, boosting the value of Frax Share (FXS).

4. Meme Combat (MK)

Meme Kombat (MK) has raised nearly $8 million for its iGaming ecosystem. This ecosystem sees meme characters go head-to-head in the battle arena. But Meme Coin is gaining traction, and investors are attracted to their vision, particularly the potential for decentralized applications with broad appeal in the multi-billion dollar Meme Coin space and beyond.

Nonetheless, cryptocurrency investors are increasingly focusing on projects with real-world applications that can attract a broad and highly engaged customer base, and Meme Kombat fits this trend perfectly. The project targets three main sectors of cryptocurrency: gaming, betting, and meme coins. According to CoinGecko, the GameFi sector’s market capitalization is valued at $20.7 billion, with gambling tokens growing at around $700 million. The meme coin sector is estimated at around $20 billion. Meme Kombat fits well into this overall market, which is worth tens of billions of dollars.

Now that we’ve surpassed $8 million in presales, we’re looking to the future.
We’re continuing to invest a lot of time into developing the game, and despite some delays, we’d like to let you know that we’re still working hard to make it a fun and engaging game⚔️
Now we rush to the end… pic.twitter.com/wImg83v8lv
— Meme Kombat (@Meme_Kombat) February 4, 2024

Meme Kombat’s unique integration of staking and betting, along with engaging meme battles, makes it an outstanding project in the cryptocurrency space, offering users a dynamic experience and the potential for passive income. Prospective sales contributors will find peace of mind in a full security audit. It has established itself as a next-generation cryptocurrency due to its smart contracts, which have not found any serious problems.

Meme Kombat also stands out for the quality of the art displayed on its social media platforms. A vibrant community fueled by irreverent humor and engaging artwork is important to Meme Coin, so Meme Kombat is well-positioned to attract new community members.

In other news, Bitcoin held steady above $42,000 on Monday, while the CoinDesk 20 index fell 0.75% to 1,643, based on CoinDesk index data.