Today’s article will explore the performance of potentially explosive cryptocurrencies that investors should add to their watchlists, sharing details of their pre-sales and the specifics of today’s best performing cryptocurrencies.
1.（OWN）
EigenLayer (EIGEN) has seen a strong rally, with investors buying into last week’s airdrop, pushing the token to highs of $3.86, the highest level since October 2 and currently 26% above its all-time low. The surge came after a major announcement from the founder, who revealed that the network is shifting its focus to Web3 applications.
EigenLayer does not have a consumer-facing application. Instead, it provides protection for services such as AltLayer, Ethos, and Lagrange. The price recovery continues despite a recent hack that resulted in the theft of more than 1.6 million tokens (worth $6.8 million). The stolen tokens were transferred through a decentralized platform and then transferred to centralized exchanges.
Judging from the price chart, the developers have shared plans to unlock and distribute 67 million tokens, or 4% of the initial supply, over the next year. Every Tuesday, a portion of these tokens will be released, with 3% going to Ethereum and Liquid Staking token stakers and 1% going to EIGEN stakers and operators.
While token unlocking usually leads to a drop in price due to an increase in supply, EIGEN has broken above its 25-period moving average. Moreover, it has formed a bullish inverted head and shoulders pattern, which is a strong indicator of potential growth. This suggests that the coin could retest its all-time high of $4.58, which would be a 23% gain from current levels.
The future of EigenLayer is bright as it focuses on bringing in consumer Web3 applications. According to founder Sreeram Kannan, the initial target is crypto-native areas such as decentralized finance (DeFi) and gaming before expanding further to Web3.
2.（FTT）
FTX Token (FTT) bucked the market trend, rising more than 15.16% last week while most assets fell. On October 1, FTT rose 13.89%, followed by a 21.53% surge on October 4 and another 9.86% the next day. Despite this upward trend, the Williams Percent Range is still -32.59, indicating that FTT is close to overbought territory, but there is still potential for further gains.
As FTT continues to rise by 10.59% this week, bulls must protect the pivot support at $2.01 to avoid falling into bearish territory. If the price breaks below this level, the next support is $1.33, which was a level two weeks ago. However, if FTT recovers from the recent pullback, a break above the resistance at $2.68 could extend the bullish trend.
From the price chart, the price of FTT has been rising since the end of September, testing the lower limit after slightly breaking the $2.58 support level. This trend is common in bullish trends, with prices fluctuating between support and resistance levels within the channel.
Despite the recent pullback, the overall trend remains positive as the price remains above the 50-day and 200-day simple moving averages (SMAs), both of which are trending up. The 200-day SMA is $1.59, which is a key long-term support level well below the current price. Meanwhile, the relative strength index (RSI) is 48, indicating that neither buyers nor sellers are in full control of the neutral stance. With an RSI of 48, FTT is neither overbought nor oversold, suggesting that there is room for further gains as long as the lower trendline of the channel holds.
3.（BNX）
BinaryX (BNX) has seen weak performance in the market recently, with its price falling by more than 13.42%. However, the token has recovered slightly, rising by 2.02% and currently trading at $0.7662. Nevertheless, its trading volume has fallen by more than 35% in the past 24 hours as more buyers entered the market. The recent price action has led some analysts to predict that BNX could see further gains.
Judging from the wedge pattern observed in the price chart, the bullish trend can only continue if BNX breaks above the resistance level and turns it into support. If this happens, the price could rise to $1.5 and reach $1.9.
As a key player in the GameFi ecosystem, BinaryX is committed to changing gaming through sustainable economic models and engaging experiences. Built on Binance Smart Chain (BSC) and running as a BEP-20 token, BNX has high security, including a Certik audit score of 83.
While the current price may be lower, BinaryX's long-term performance is impressive. Over the past year, BNX has surged 233.67%, outperforming 80% of the top 100 cryptocurrencies. It is an attractive option for investors interested in the growing GameFi space.
Conclusion:
It is crucial for investors to keep a close eye on the development of these cryptocurrencies. In this uncertain market, accurately grasping the timing and deeply studying the potential and risks of each project will be the key to achieving investment success. In the future, we will wait and see how these cryptocurrencies will develop, and we look forward to them bringing more surprises and breakthroughs to the cryptocurrency field.
