Original title: Next Cryptocurrency to Explode, Dymension, Axelar, UXLINK, Nervos Network
Original source: Inside Bitcoins
Compiled by: Koala, Mars Finance
The altcoin market is looking promising with many altcoins on the rise. Bitcoin (BTC) is still struggling to reclaim its all-time high of $70,000, although it seems to be heading towards $60,000. Investors need to stay alert during this consolidation phase as this could be an opportunity to catch the uptrend.
Even before the market fully takes off, the prices of various altcoins are already showing positive trends. That’s why today’s article is dedicated to identifying the next breakout cryptocurrency and introducing each coin to investors and traders.
1. Dymension (DYM)
Dymension (DYM) has attracted attention for its innovative approach to standardizing rollups using the Inter-Blockchain Communication protocol (IBC). This is similar to how ERC standardized tokens. Dymension's RollApps provide a unified experience by combining the rollup business model with speed and scalability. This makes DYM a key player in creating an interconnected rollup network.
Currently, DYM is challenging its downtrend line resistance and showing positive signs. One analyst predicts that DYM could break out of its long-term downtrend and could see a mid-term gain of 350%. This is an attractive option for investors seeking attractive returns.
The recent rise in DYM’s value can be attributed to its breakout of a symmetrical triangle pattern near $1.42. Such a breakout usually signals the start of an uptrend. Since then, DYM has been climbing steadily and is approaching the $1.76 resistance level, which means that its current price could see a 22% increase.
Despite a Fear & Greed Index reading of 45 (indicating fear), sentiment around DYM remains bullish. Daily trading volume has also surged by 311.70%, indicating an increase in investor interest and optimism. With strong fundamentals and a supportive community, DYM has the potential to achieve higher prices. If the project forms partnerships with other networks, its price could exceed $3.5 this year.
2. Axles (AXL)
Axelar has been gaining momentum in the cryptocurrency space as a key player in secure cross-chain communication for Web3. The platform provides a decentralized network and a range of tools that make cross-chain interactions easier for decentralized application (dApp) developers. Axelar’s approach stands out because it uses Proof of Stake (PoS) consensus, unlike other projects that rely on optimistic models or federated multi-signatures.
Earlier this month, Axelar partnered with OpenZeppelin, a well-known company in the Ethereum Virtual Machine (EVM) ecosystem. The collaboration aims to solve the liquidity fragmentation problem and improve cross-chain interoperability for Web3 developers. This marks a big step in reshaping the way dApps are developed and how they interact across chains.
The impact of the partnership was quickly reflected in the price of AXL. The token surged 8.79% in just 24 hours to $0.549462. The token has also gained 4.80% over the past day, helped by strong liquidity, with a market cap to volume ratio of 0.0868. While the token’s 14-day RSI is neutral at 54.13, indicating a possible sideways move, the overall trend remains positive.
Axelar’s long-term outlook is also encouraging. Currently, the token is trading 7.99% above its 200-day simple moving average (SMA), indicating strong upward momentum. Over the past year, AXL’s price has increased by 52%, outperforming more than half of the top 100 cryptocurrencies. With volatility in the past 30 days at a manageable 9%, Axelar’s steady growth is likely to continue, especially as recent developments have boosted investor confidence.
3. Crypto All-Stars (STARS)
Crypto All-Stars is a new project in the crypto world. It introduces multiple meme coins staking on one platform, regardless of the blockchain. Investors can stake popular tokens such as Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, etc. The platform plans to add more meme coins in the coming months.
The project has revitalized the meme coin space through its innovative feature, MemeVault, the industry’s first unified staking platform. MemeVault allows holders to stake a variety of tokens, including $TURBO, Dogecoin ($DOGE), Shiba Inu ($SHIB), and potentially $NEIRO.
When investors stake tokens in MemeVault, they are rewarded in $STARS, the project’s native token. $STARS increases in value as it acts as a reward multiplier, increasing returns based on the number of tokens held.
Additionally, $STARS has a staking pool that offers an astounding 1,140% annual yield (APY). To date, over 645 million $STARS have been staked, showing strong investor interest. The project aligns with Binance’s recent meme coin listings and could play a role in a potential bull run in Q4 2024.
If Crypto All-Stars is listed on Binance after the presale, its price could surge, making the current price look like a bargain. The next target is to reach $1.5 million, and if momentum is good, it could reach $2 million.
If you haven't purchased $STARS yet, you can connect your wallet to the project's website. You can exchange ETH, USDT or BNB for $STARS, or use meme coins such as $FLOKI, $SHIB, $DOGE and $PEPE. The platform also supports secure bank card payments through a user-friendly widget.
4. UXLINK (UXLINK)
On Monday, despite the general decline in the cryptocurrency market, UXLINK, the native token of the Web3 social media platform, bucked the trend and surged more than 100% in the past week. This strong performance is particularly prominent during the market downturn. The main driver of UXLINK's rise was Binance's announcement that it would be listed on the futures platform. This introduced a USD-margined perpetual contract for UXLINK/USDT with a leverage of up to 75x.
Traders continued to show enthusiasm today. UXLINK's 24-hour trading volume jumped 134.79% to $1.3 billion. Open interest in UXLINK futures contracts also increased to over $50 million. Additionally, derivatives volumes exceeded $895 million, indicating growing interest in both spot and futures markets. Since its launch in July, UXLINK's market cap has grown to $111 million, up 329% from the previous month.
UXLINK’s price continues to climb, trading at $0.6537, up 26.40% in the past 24 hours. The token’s price has risen 190% in the past week. In May, UXLINK partnered with Binance’s Web3 wallet to launch a campaign to increase user engagement. The campaign offered rewards such as UXLINK airdrops and UXUY points, increasing platform awareness and attracting new users.
5. Nervos Network (CKB)
Nervos Network (CKB) has been the best performing token over the past 24 hours, gaining as much as 15.5% and trading at $0.0182. Nervos’ gains have outpaced the market’s recovery, even peaking at $0.020. CKB has also traded at a premium to Upbit over the past week, with prices rising as high as $0.04 (in Korean Won).
Over the past week, CKB has gained more than 113% and its daily trading volume has doubled to nearly $600 million. Despite its relatively low price, CKB may still grow further as its all-time high is only $0.036.
Nervos Network is a smaller project that fuses native layer 1 and layer 2 modules. It started trading in 2020, entering the market at the same time as the rise of layer 2 rollup solutions. Despite gaining niche status and low visibility, CKB became a top 100 token.
The network is also one of the few niche chains that can be mined, with support from major operators such as F2Pool and Antpool. Mining is still relatively slow and there is little influencer marketing, but the chain has grown with organic interest. CKB tokens benefit from liquid listings on top exchanges, relying on centralized exchanges.
Early analysis pointed out a key resistance level for CKB, which the coin has been following closely. Today’s surge pushed CKB above the $0.017 resistance level, briefly touching $0.02029 before retreating slightly. CKB could see a pullback in the short term, perhaps revisiting $0.01725 on profit-taking. However, a rebound could be in the cards if market momentum continues.
