After a recent plunge in Bitcoin prices, the cryptocurrency market is heating up again. If this recovery momentum continues, it could trigger another altcoin season.
1. DOGE
Dogecoin (DOGE) is one of the earliest 'meme coins', and its value has surged by 350% in the past two months, and it may continue to rise. Currently, the 30-day MVRV indicator has dropped to -22%, which is a good sign, indicating that short-term investors may be capitulating. Historically, when this indicator has dropped to this level, the price of Dogecoin often rebounds. Additionally, long-term investors usually buy into Dogecoin when short-term investors exit, giving us more confidence that Dogecoin's price has found a bottom.
2. ENA
Overall, ENA is currently in a consolidation phase, but it has great potential, unbound by the Ethereum market, making it likely to become a star asset in this market cycle.
Therefore, everyone should closely monitor its price performance at mid-line positions and new highs, and be bold in investing at critical moments. However, this must be done under specific conditions, namely that the trend line remains intact without signs of a trend reversal. Only in this way can ENA potentially become the next dark horse. Additionally, if it can leverage positive news from being listed on a certain platform to further improve its fundamentals, it will be even more promising.
3. ENS
The developers of ENS, ENS Labs, are working hard to improve the system's scalability and usability. They plan to launch Namechain, a second-layer aggregation network, by the end of 2025, aimed at making ENS more affordable and widespread within the second-layer ecosystem. This reflects ENS Labs' determination to drive innovation in decentralized naming systems, which allow people to represent cryptocurrency addresses with easily readable names. ENS has been recognized for its forward-thinking approach.
Despite facing some difficulties in breaking through important levels this year, recent developments suggest that ENS may be on the verge of a turnaround. If the current trend continues, the price of ENS may soon soar again.