3 ERC20 Tokens to Invest Amid Soaring Address Activity

by

As a seasoned crypto investor with several years of experience under my belt, I’ve witnessed numerous market cycles and have learned to identify patterns that often precede bullish trends. Lately, I’ve noticed an intriguing development in the cryptocurrency market – a high momentum recovery following Bitcoin’s upswing above $64,000.

Over the past few days, I’ve observed a significant rebound in the prices of most prominent cryptocurrencies, with Bitcoin leading the charge above $64,000. This surge has triggered renewed optimism within the market, as indicated by increased activity from institutional investors and futures markets, as well as an uptick in bullish commentary across social media channels. Given this developing trend, I believe certain Ethereum ERC20 tokens could prove to be worthwhile investments for those planning to HODL until late 2024.

According to a recent study by cryptocurrency analytics firm Santiment, Render (RNDR), AAVE, and Maker (MKR) are the three altcoins that have shown notable surges in address activity over the past few days. This rise in activity aligns with the overall market cap growth, implying a possible bullish trend for these tokens.

As a crypto investor, I’ve noticed some intriguing trends in the altcoin market recently. Amongst the many coins experiencing market cap increases, three in particular stand out for their heightened address activity: Render (RNDR), Aave (AAVE), and Maker (MKR). Historically, an uptick in wallet interactions on these networks has often signaled bullish price action to come.
— Santiment (@santimentfeed) July 15, 2024

Previously, a significant increase in wallet engagements on these platforms has typically signaled upcoming bullish trends.

    ERC20 Tokens to Invest- Render (RNDR)

Render (RNDR) is a distributed GPU rendering network that utilizes the Ethereum blockchain to facilitate the exchange of GPU compute power between artists and GPU providers.

3 ERC20 Tokens to Invest Amid Soaring Address Activity

Starting from March 2024, the price of RNDR has been following a corrective trend, as indicated by its consistent decline between two descending trendlines on the daily chart. This correction took the shape of a bullish continuation pattern known as a “flag.”

The asset experienced a noteworthy increase of 11.08%, or roughly $0.90, after touching the lower trendline at $5.68. Consequently, its value climbed up to $6.58, and its market capitalization surged to an impressive $2.58 billion. If this pattern persists, the RNDR price could potentially surge by 34% prior to encountering a significant resistance barrier.

A break above the flag formation at its upper edge would indicate the continuation of the existing bullish trend, providing incentive for investors to pursue purchasing and reach for the $13.8 peak once more.

Aave is a decentralized financing system enabling peer-to-peer lending and borrowing of cryptocurrencies, cutting out the need for a central authority.

3 ERC20 Tokens to Invest Amid Soaring Address Activity

As a researcher observing the current market trends, I’ve noticed an intriguing development with AAVE coin. Following the market’s recent recovery, the price of AAVE exhibits a striking V-shaped bounce back from its prolonged support at $76. This bullish shift propelled the asset 38% higher, allowing it to trade at $103. Concurrently, the market capitalization surged, reaching an impressive $1.54 Billion.

The increasing price of AAVE not only surpassed the previous resistance level but also broke through the trendline above, dismantling the bearish prediction known as the descending triangle. If this new support holds strong, there is a potential for buyers to instigate a 30% price surge towards the resistance at $134.

As a researcher studying the price movement of AAVE coin, I’ve noticed an intriguing pattern emerging in its daily chart. The coin seems to be following a long-term sideways trend, which is typical of a symmetrical triangle formation. This pattern is characterized by two converging trendlines that enclose the price action, with equal upward and downward slopes on each side. If this analysis holds true, it suggests that AAVE may soon break out in the direction of the next major trend, be it bullish or bearish. However, a confirmation of this pattern’s validity through additional technical indicators and further price action is necessary before making any definitive conclusions.

In simple terms, Maker (MKR) is a notable initiative within the decentralized finance (DeFi) arena whereby users can securely deposit cryptocurrencies into Maker Vaults as collateral to produce DAI – a stablecoin that maintains its value relative to the US dollar.

3 ERC20 Tokens to Invest Amid Soaring Address Activity

Just like the Render token’s recent correction, the Maker price has formed a bull flag pattern. This reversal indicates an opportunity for buyers to regain bullish sentiment and potentially initiate the next surge in price.

Over the past nine days, the MKR coin has seen a notable surge in value, rising from $2.03 to $2.94. This represents a substantial growth of 44.9%. As a result, the market capitalization of the Maker coin has swelled to an impressive $2.73 billion.

After this recovery, there was a significant surge past the flag pattern, indicating the conclusion of the corrective trendline. Subsequently, the ensuing rally might reach close to a 40% increase and potentially exceed the previous peak of $4.

 Key Takeaway

July has begun showcasing a bullish trend for the cryptocurrency market. The surge of Bitcoin’s price above $64,000 has revived optimism, creating fresh buying opportunities for those on the sidelines. With a favorable market perspective, Render (RNDR), AAVE, and Maker (MKR) are identified as promising Ethereum ERC20 tokens to consider investing in due to their increasing transactional activity.

Read More

2024-07-16 19:52