Bitcoin plunged 10% yesterday, triggering a wave of price declines across the cryptocurrency market. The Fear/Greed Index dropped more than 14 points, reaching 65 at the time of writing. While the pullback was expected, some traders did not realize its severe impact. Market Trends shows that the price reversal wiped out nearly $1 billion in open interest.
Despite all this, what is the next breakout cryptocurrency? Despite the greater impact of the price crash, finding the next explosive cryptocurrency remains a top priority for investors. The list below highlights some cryptocurrencies that have great potential.
SEK 1 million
Will investors see $4,000 MKR again? MKR surged from $1,500 at the start of the bull run all the way to $4,000 this quarter. However, the price crash in the cryptocurrency market led to a correction of more than 30%, bringing its price below $3,000. Many investors are wondering if this drop is an opportunity to buy MKR before another rally.
Maker DAO token MKR has several factors that suggest it still has the potential to return to the upside. However, the pessimistic sentiment in the market has forced the token into a sideways trend. Technical analysis of the MKR chart suggests that bulls may regain the upper hand before the end of the quarter.
Currently, the RSI value of the coin is approaching oversold values. The RSI reading value is 42. As the market recovers, the control of bears over the trend of the asset is likely to weaken. Likewise, the long-term moving averages remain below its price, providing more room for the uptrend. On the other hand, EMA10 and EMA20 are trading above the current MKR price, suggesting that the pullback is likely to continue.
Interestingly, after a sharp price drop, MKR has managed to recover by over 10%, which means there is potential for further upside. Additionally, MKR trading volume has grown by over 104%, which could lead to additional pressure on the asset’s price.
The bottom line is that MKR is one of the highest-returning cryptocurrencies in this bull run and has more than enough window to print more margin. Nonetheless, the coin’s future performance borders on the overall outlook for the cryptocurrency market.
2.MATIC
The current price is between $0.65 and $0.75. In the last week, MATIC has fallen by 2.43%. In the past month, the price has fallen by 25.23%. But looking back at the six-month period, the picture is better, with the price increasing by 70.46%. These movements are not strong impulses or corrections, but indicators such as the RSI and Stochastics are in a moderate range, suggesting a balance between buyers and sellers.
MATIC is in a tricky situation. If the price drops, the nearest support at $0.70 may hold, but if the situation deteriorates, it could fall to $0.63. On the bright side, if the buyers step up, we may see the price touch $1.07 and possibly even $1.22. It is a mixture of good and bad signs, with the average price ($0.88 to $0.90) showing stability.
3.OP
The price has recently been shown to be between $2.20 and $2.30. This is about 3.83% lower than last week and 31.62% lower than last month. However, its price has risen significantly in six months, up 148.63%. The price pattern seems to be complicated. It is not in a strong upward or downward trend, but rather trading in a range, indicating a period of indecision or pause after a previous strong move.
Looking at OP is like looking at both sides of the coin. It is close to the support level of $2.35 and if it breaks it could drop to $1.57. However, if buyers step in, it could challenge the resistance level of $4.08 or even $4.92. The RSI and MACD indicators are not heavily biased in one direction and give no clear impetus. Therefore, the future of OP could go up or down; both opportunities are on the table.
4. SHIB
Despite the positive impact of the spike in burn rate, Shiba Inu’s price performance has been lackluster, reflecting the broader market sentiment amid the cryptocurrency market crash this Friday. As of the latest data, SHIB is trading at $0.00002221, down 8.70% in the past 24 hours. The current market downturn can be attributed to escalating geopolitical tensions, which have heightened risk aversion among investors.
Cryptocurrencies, as inherently risk-sensitive assets, have borne the brunt of this risk-off sentiment, leading to a general decline across the cryptocurrency market. Evolving geopolitical tensions have introduced new complexities and uncertainties to the cryptocurrency space. As risky assets, cryptocurrencies are highly sensitive to changes in market sentiment and global events, which can affect investor behavior and asset allocation decisions.
Given the current geopolitical backdrop, it appears that SHIB and other cryptocurrencies will continue to face significant headwinds in the near term. The increase in the burn rate, while a positive development from a token economics perspective, may not be enough to offset current market dynamics and drive sustained SHIB price appreciation in the near term.
The dramatic increase in Shiba Inu’s burn rate represents a significant milestone in the token’s evolution and underscores the unwavering commitment of its community. However, the disconnect between the impressive burn rate and the token’s price performance highlights the challenges facing the broader market amid heightened market volatility and geopolitical uncertainty.
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