The stock market finished the out-gone week positively after the inflation report was released in the middle of the week. Although Friday particularly finished with mixed results amidst the generally positive week, banks reported upbeat results. Data also showed that Americans have renewed confidence in the state of the economy.
It is not clear what the money market will turn out to be before the beginning of the coming week. Bulls of the EUR/USD pair are getting ready to push the pair further irrespective of the overbought conditions.
The crypto market, on the other hand, is down by 3.18% Saturday morning away from the reports of our last next cryptocurrency to explode post. Not that the market surged on Thursday after the court delivered a partial judgment in favor of Ripple Labs and XRP. The hype around the judgment has died down and so has the rally. Investors will be waiting to see the next big event that will sharpen their appetite and drive them into massive activities next week.
The Next Cryptocurrency To Explode
Many assets in the top 100 are still reeling in their weekly gains. Hopefully, they will retain their positions over the weekend. Macroeconomic and political dynamics will also determine how all markets pan out over this weekend.
1. Chimpzee (CHMPZ)
Chimpzee is one of the most promising crypto projects in the market today and consequently, the next cryptocurrency to explode. With the goal of presale projects to raise money for a powerful take-off, Chimpzee is also giving investors and traders an opportunity to be part of it early. For that reason, it has raised close to a million in its current phase.
Chimpzee is a crypto project focused on preserving wildlife and the environment generally. In partnership with platforms like The Giving Block, Wild, and ONETREEPLANTED, Chimpzee aims to encourage users to join the fight against global warming.
🌎🐒Make an income while protecting nature and wildlife with #Chimpzee!🚀💸
Our revolutionary #Web3 initiative is set to revolutionise the world and enable people to create a positive impact on the global environment🌟🔥
— Official Chimpzee Project (@RealChimpzee) July 15, 2023
Environmentally-focused projects like this always get to the heart of the public because of the novel ideas they want to execute. It is going to take after a project like Ecoterra which seeks to encourage users to be committed to recycling, reduce greenhouse effects, and earn rewards while at it. Chimpzee’s goal will have it gaining a lot of traction as the days go by.
Now in the 7th stage of the presale which in turn has 6 days to go, investors who haven’t jumped on this opportunity should do so now. Currently selling at $0.0007, the exchange listing price will be $0.00185.
2. Synthetix (SNX)
Synthetix has a prominent role in the crypto market as a leading figure in the decentralized finance sector. The consistent traction it has gained over the past couple of weeks places it firmly as the next cryptocurrency to explode. The token rose to the top of CoinMarketCap’s gainers’ list on Saturday morning with more than 12% gain. The asset, SNX, is selling at $2,63 as of the time of this report. All market players are watching its price movement very closely as they expect it to keep rising.
This asset’s movement in the market is said to be influenced by a number of factors. These include regulatory activities, market sentiment, new innovations, and institutional adoption. A deep understanding of these factors may help traders and investors predict the trajectory of the asset over the course of time. This technical analysis will help engineer an understanding of the trends.
Although SNX may be a volatile asset, technical indicators like the RSI and MACD are needed to keep watching the market’s sentiment. With those in place, traders will be able to make informed investment decisions. Yet, it is a good time to buy SNX. You can’t go wrong with buying an asset like that.
3. Shiba Inu (SHIB)
Shiba Inu faced a number of challenges but its fortune also changed as the dynamics in the crypto market changed. IntoTheBlock reported that SHIB’s asking volume rose by 6.50% to become bullish. It simply means that when considering the buying and selling volumes around the SHIB token, there is a significant buying momentum from traders.
In this instance, the asset’s price rises. The demand for SHIB has been high as it gains more traction but traders may have a lot more to do in order to keep the momentum going. Recent transactions revealed that some of them ended in the bearish zone but the volatility has now declined. SHIB may also be overbought at this point.
The MACD shows that there is a stiff contest going on between bears and bulls. This is because their dynamic lines ended close to one another. Buyers, however, have an edge over sellers so the chances of SHIB falling sharply in the near term is almost non-existent.
Santiment said the inflow into SHIB rose to 122.26 billion units. This event usually means that there is a plan to sell an asset. It is, therefore, possible that SHIB experiences selling pressure much later in the future. The exact time cannot be predicted now.
It is in the interest of investors to keep the asset’s activities up so it retains its position among the top gains. Investors may want to increase their holdings at this point while others may want to add it to their portfolio for the first time.
4. Optimism (OP)
The Optimism network’s native token, OP, is the next cryptocurrency to explode. The practical reason for this is because the network, as well as some other ones such as those mentioned above, saw rapid increases. The asset benefited from the rally that was seen last week.
The wave of the rally that accompanied the partial judgment in favor of Ripple Labs had a far-reaching effect. OP gained a good level of confidence from investors in the last couple of days. For that reason, the token has gained about 15% in the last 7 days. Observers are only raising questions if the token can rise higher in the face of regulatory oversight.
OP traded under $1.3 in June through the first week of July. Now that it trades at $1.53, the former price which posed a resistance has become a support level. Since bulls have overcome the $1.3 level, it would seem as though the asset has entered a bullish trend.
Moving above the current price level would require bulls to come up with a different kind of strategy than that which brought them above $1.3. They would also have to leverage all the available market dynamics and use them to their advantage. An approach they can use is to increase the buying pressure through increased demand for the asset.
Increased demand, in turn, can be achieved when there is a plethora of positive information around the Optimism network. This attracts investors and improves the market’s sentiment. Once buying pressure is accumulated, bulls can easily overpower the existing selling pressure and then push the price over the current level.
Investors should carefully analyze current market trends and make informed decisions while buying OP tokens. Now that an uptrend is in view is the best time to invest.
5. Compound (COMP)
Compound’s COMP has been constantly on the gainers’ list for over a week. Various factors are responsible for this push at every turn of the journey. Currently up by 7.17% and selling at $73.52, COMP is the next cryptocurrency to explode.
The token allows holders to participate in the governance of the Compound Finance network. With that, they can vote and execute changes to the protocol. Traders and investors have a crucial role to play in making sure that the token stays consistent on the gainers’ chart for a long time to come for it to keep attracting investments.
New investors would have made an excellent choice if they decide to invest in COMP. It is also better to buy and hold an asset like this rather than dumping it when its price rises.
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