With a new week, while market conditions change rapidly, cryptocurrencies continue to change. However, the popularity of cryptos is based on a number of factors and, of course, mostly loyal fanbase. This week, we took a look at the most trending altcoin projects in the market.
This week’s trending altcoin projects
The crypto market was negative for most of the week. However, this week, altcoins such as MATIC, ADA, and DOGE were among the most trending altcoin projects due to their unique position in the market. The trending tokens are as follows: DINO, GAL, FLOKI, QUACK, MATIC, BSV, ADA, ICON, TSUKA, VELO, VELO, SHIB and DOGE.
Trending tokens this week:$DINO $3.3m Mcap $GAL$101m Mcap$FLOKI $474m Mcap $QUACK $60m Mcap$MATIC $12b Mcap$BSV $830m Mcap$ADA $13.4b Mcap$ICON $219m Mcap$TSUKA $120m Mcap$VELO $56m Mcap$VELO $36m Mcap$SHIB $7.7b Mcap$DOGE $11.7b Mcap
Are you into any of them?
— whalechart (@WhaleChart) February 23, 2023
Development and price performance of trend projects
Network developments at Polygon drive the price up
MATIC price technically showed an uptrend in early February, but it has now turned to a downtrend. The token has been in a downtrend since February 18 and fell 15% to $1.34 on February 23. Long upper wicks on consecutive daily candles indicate bearish pressure on the altcoin.
If MATIC price continues its decline, the Polygon token could drop below the 20-day EMA (red wave) support, at $1.31. On the other hand, a break and hold above the immediate resistance could push the MATIC token price above $1.63 before a downside move. Polygon saw an 80.5% year-over-year increase in investor interest in the ecosystem as of February 18. cryptocoin.comAs you follow, Polygon has garnered attention in the last few weeks after announcing that they will release the beta version of zkEVM on March 27.
Cardano has seen more adoption
Cardano (ADA) is trading sideways and the asset did not stay above the $0.40 resistance level. ADA has gained traction due to increased network development and adoption. Hence, it brought a price rally focused on the future value of the network.
The 20-day EMA at $0.39 has flattened and the RSI is near 50, showing an equilibrium point between the bulls and the bears. If prices rise, the bulls will try to break through another hurdle. When u happens, the price could rally to $0.52 and reach the $0.60 level. If the price breaks below the 50-day SMA, it could flip the price into the strong support zone near $0.34.
Musk’s DOGE tweets drew attention
Dogecoin (DOGE) has been sluggish for the past few days, so both bulls and bears are cautious and not making big bets. However, it had a temporary rally yesterday after Elon Musk made a witty joke about the famous Baha Men song “Who Let The Dogs Out.” At the time of writing, DOGE is trading at $0.0847. This represents a 1.05% drop in the last 24 hours and still ranks 10th among cryptos with the highest market capitalization.
If the price climbs above $0.10, it could break the $0.11 resistance. When this happens, the altcoin gains momentum and reaches $0.15. If the price drops below $0.08, it could push the price up to $0.07.
The Floki Inu ecosystem continues to evolve
Floki (FLOKI), which proclaims itself as the public’s cryptocurrency, started its journey as a meme coin named after Elon Musk’s favorite Shiba Inu puppy. But FLOKI has started to grow and now plays a vital role in Floki’s ecosystem as a utility token. The Floki ecosystem has expanded over time and split into various sectors such as decentralized finance, NFTs, and Metaverse.
Wanting to differentiate itself from other meme coins, FLOKI is working on several flagship projects to prove its worth. Valhalla, an NFT game metaverse, is one of the projects that is part of the 2023 roadmap. In addition, Floki plans to launch a suite of decentralized financial products called ‘FlokiFi’. Another project that the Floki ecosystem is in the process of promoting is FlokiPlaces. According to the statement, FlokiPlace is an NFT and product marketplace for users. As FLOKI continues to grow, Floki Vikings is coming together to support crypto projects.
Shiba Inu heading towards the Shibarium
Wow! There are already three meme coins on the list. Yes that is right! The Shiba Inu (SHIB) is also one of the most popular cryptocurrencies. SHIB started its journey as a meme coin, earning itself the call sign ‘Dogecoin Killer’. But currently Metaverse is divided into different sections like NFTs, DAO and much more. Shiba Inu has come a long way as it has continually built its ecosystem to evolve, and has also been ranked among the top 20 cryptos by market cap.
SHIB is constantly trying to improve and has recently introduced its Layer 2 Network, Shibarium. Also, Shiba Inu talked about past projects SHIBA Eternity, SHIB: The Metaverse, and more in a recent blog reflecting SHIB’s future to the public. The community is still excited about the upcoming project of this ecosystem, as the Shiba Inu took a long walk last year.
