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DeFi tokens have entered a bullish trend after Uniswap token UNI recorded a significant price increase. Several assets in the sector, which have been trending sideways for most quarters, are now recording significant growth.
Interestingly, there are signs that highlight that some of the overlooked tokens are set to explode as the next cryptocurrency. Synthetix, Aave, and Lido DAO rank high on the list of top performers in their sectors. Everything investors need to know about these assets and their prospects is shared below.
Next Cryptocurrency to Explode
Conversely, the Crypto AI sector has seen a surge in new projects as investors put money into the future of artificial intelligence. But as interest grows, so do concerns about platform security. So innovators and developers are working to create sustainable solutions to the problem. AI Scotty proposes a unique solution to Crypto AI security challenges, and this article provides a brief overview of its ongoing pre-sale services.
1. Uniswap (UNI)
Uniswap’s native cryptocurrency, UNI, has seen massive price gains over the past 48 hours, with the asset recording a price increase of over 75% during this period. The price action increased the price of UNI from $7.1 to $12.45.
Will UNI be the next explosive cryptocurrency? Uniswap just tested a two-year high at $12.6. A break above the resistance at this level would push the price up to $15. In general, the macroeconomic outlook for cryptocurrency markets fluctuates between high and low values, as evidenced by long-term sideways trends.
Therefore, UNi may see a gradual upward trend over the next few days, which may lead to a slight break from the sudden price surge. However, investors should expect asset prices to rise to $15 to $18 before the end of the quarter.
Interestingly, a key driver of the sharp price rise is the recently announced governance framework overhaul. This move has resulted in a 2000% increase in trading volume for Uniswap tokens in the last 48 hours.
At the time of writing, UNI’s RSI reading on daily time frames is 88, indicating that there could be a brief downtrend as the token struggles with resistance at its current price. Conversely, the signal from the moving average is bullish.
🔈 Post new governance proposals 🔈
Governance Lead at the University of Florida @eek637 We have just published a proposal to upgrade Uniswap Protocol’s governance system. Specifically, this upgrade rewards UNI holders who stake and delegate their tokens.
— Uniswap Foundation (@UniswapFND) February 23, 2024
The price is currently hovering above both the long-term and short-term moving averages, which indicates that more money will continue to flow into the asset despite the RSI heading towards overbought territory.
2. Artificial intelligence Scotty
According to stories shared by the team and the SCOTTY community, the project is on its way to becoming the guardian of the emerging cryptocurrency AI sector. With great power comes great responsibility. Artificial intelligence is believed to revolutionize the world as we know it. These claims emphasize that technology will change the way we work, work, have fun, and communicate with family and friends.
If technology is so powerful, we need to protect it from falling into the wrong hands. This is exactly what the Scotty team is trying to achieve. The project appears to pursue a bold vision, but it does so in a comical way. Our community is made up of driven investors who have a sense of purpose and want to build wealth.
SCOTTY tokens are currently on pre-sale and are available at a discounted price of $0.0058. The presale recently entered stage 6, and there are only 8 days left until the round.
🚨 $Scotty # One #memecoin Includes utilities in 2024
🎉 Smart investors smashed Stage 5 in 3 days 😳
8 days ago.🚀Stage 6 is currently live. In stage 7, prices increase.
Stages 1-5 ended very early.
👉Purchase $Scotty Pre-sale at https://t.co/zRmy4g8hfW… pic.twitter.com/kASVshEQW1
— Scotty The Ai (@ScottyThe_Ai) February 23, 2024
Therefore, the price may increase after the round ends. It’s best to board early to take advantage of the discount. Likewise, investors who get in on the AI trend early can generate impressive ROI this season.
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3. Synthetix (SNX)
Synthetix has been trading sideways for several days over the past few quarters. However, following the cryptocurrency bull market, SNX surged in price and maintained an upward trend. In the last 24 hours, it has recorded a price increase of more than 11% and trading volume has increased by more than 300%.
SNX could experience more of an upward trend despite today’s performance. The community is currently working on an Infinex initiative that is set to perform several functions to improve user experience in the ecosystem. Infinix’s deployment could push the price of SNX further towards $5.
At the time of writing, the token has found support at $3 and has been pushed further towards the $4 resistance level. At a price of $3.99, SNX should be able to break resistance before the weekend and head towards the $5 resistance area.
Q: What is a chain? @infinex_app Should I apply?
– Government proposal to support multiple EVM chains.
– Users can deposit from any chain and transaction without any connection. @Base.
– Engineers are working on Solana support.
– Goal: Replicating the CEX onboarding experience (e.g. Binance) pic.twitter.com/V416TDMvsd— Synthetix ⚔️ (@synthetix_io) February 23, 2024
Another essential fact about Synthetix’s recent trend is that the asset is overbought and may experience a brief downtrend. A pullback may provide an opportunity to buy the dip, but this is likely to last only for a short while. Therefore, investors can expect an uptrend after a downtrend.
4.Abe
In addition to the overall cryptocurrency market rally last quarter, today marks one of the few times AAVE has seen significant increases in volume and price since the Curve DAO hack last year. The token and several DEFI assets are stuck in a sideways trend.
Today its value has increased to $102, an increase of 11% in the last 23 hours. Likewise, trading volume increased by more than 220%, restoring investor confidence.
More importantly, AAVE holders can welcome a surge in asset value as the collaboration between AAVE and Binance provides the necessary momentum for asset appreciation. The value of your assets may be closer to the $200 – $250 range before the end of the year. Currently heading towards the $108 – $120 area. After that, it’s likely to rocket up the charts. With Binance’s significant user base, AAVE is likely to set higher highs and lows throughout the year.
In the meantime, investors may need to tread carefully as AAVE’s RSI readings are pointing toward overbought territory. To understand effective entry and exit points in the short and long term, it is best to conduct more technical analysis.
5. LDO
Uniswap trends are impacting most assets in the DeFi sector as demand for their services has surged over the past 24 hours. Currently, LDO price is up more than 11% and trading volume is up 102%. As investors scramble to bet on the DeFi sector, assets like LDO stand to benefit from the windfall.
The Lido DAO community is working on plans that could change the direction of the LDO token in the future. A vote to launch Simple DVT took place a few days ago and was approved for launch. DVT is now active and contributed to the gains recorded today. Unlike the UNI surge, LDO recorded mild price action.
Lido DAO has decided to approve the deployment of the Simple DVT module, the first staking router module to increase DVT adoption in the Lido protocol and expand the node operator base through the addition of community stakers. https://t. co/o17uoO9Dq2 pic.twitter.com/twbS6Oymwl
— Lido (@LidoFinance) February 23, 2024
Nonetheless, this could lead to an avalanche of profits in the coming days as individual investors and smaller groups flock to the platform to participate in LDO staking. Through this, the possibility of LDO becoming the next-generation cryptocurrency is relatively high.
Additionally, LDO maintains a neutral RSI value even as the price approaches the $3.4 – $3.7 resistance area. The token may find enough momentum to break through resistance. Therefore, LDO holders could see a price range of $4-$5 before the end of the quarter.
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