Ali Raza
The cryptocurrency market has been performing quite well over the past few days. Early last week, there were concerns across the market after Bitcoin dropped to June 2022 lows. However, BTC has since recovered to $21K, and other coins are following suit, having made sporadic gains during the past few days. Below are the best cryptos that have the potential to gain.
Loom Network (LOOM)
LOOM has been one of the top performers during the past 24 hours. During this time, LOOM has gained nearly 100%, according to CoinGecko, to trade at $0.0974. Despite the gains, LOOM is 10% down yearly and has lost 63% of its value from its all-time high.
LOOM has the potential to sustain the gains because of the buyer and market support. The short-term price target currently lies at $0.10. As a top gainer during the past 24 hours, LOOM is expected to continue attracting attention, which could pump to a new high.
The Loom Network claims to be a multichain platform geared towards decentralized application (DApp) developers. Loom offers developers the tools and knowledge needed to create projects such as games and non-fungible tokens (NFTs).
Ryoshi (RYOSHI)
Another token that is also attracting interest after making notable gains during the past 24 hours is RYOSHI. During this time, RYOSHI has pumped by 2.5 to trade at $0.000000005306 at the time of writing, according to CoinGecko.
RYOSHI is one of the worst-affected cryptos during the bear market. RTYOSHI reached an all-time high in November last year but has since crashed by 95%. The crash coincides with the dropping hype of memecoins.
Ryoshi is named after the mysterious creator of the Shiba Inu memecoin. The token tends to gain whenever there are some notable developments in the Shiba Inu community, and one of these is the ongoing burn lowering SHIB’s supply. The news could propel RYOSHI towards a short-term price target of $0.000000006.
ApeCoin (APE)
As the broader market continues to pump, ApeCoin (APE) has become the leader in NFT metaverse gaming. During the past week, APE had made a 15% gain, trading at $5.51 at the time of writing.
Over the past week, APE has traded within the $4 to $5 range, as seen on CoinGecko. Therefore, to break any major barriers, APE needs to gain to $5.675, after which it could set a short-term price target of $6. APE is the native token of the Bored Ape Yacht Club and Otherside metaverse ecosystem.
While investors could pitch into APE because of the potential for growth in NFT and metaverse projects, there has also been much hype around an upcoming decentralized autonomous organization (DAO). Elections around ApeCoin developments could attract more people to buy APE and be part of the buzzing Yuga Labs ecosystem.
Quant (QNT)
The other token that could also make notable returns in the short term is QNT. Crypto traders have been eyeing QNT following a bullish flag it has exhibited during the past few days and its resistance against breaking below critical support levels.
During the past 24 hours, QNT has gained by 4%, according to CoinGecko. The gains continue the weekly bullish flag where QNT has gained by double digits. QNT has managed to break the $100 resistance level and is now headed towards the next major price target of $110.
Quant created a name for itself in the crypto sector because of its Overledger technology that promises scalability. Developers of decentralized applications (DApps) look for scalable networks to build their projects, and Quant is prime for notable adoption in the future.
Amp (AMP)
The other crypto that is also worth considering during the ongoing bear market is AMP. During the past 24 hours, AMP has dropped by 12%, according to data from CoinGecko, making it one of the worst-performing cryptos in the market.
At the time of writing, AMP was trading at $0.00638. The recent price dip comes after a slight rally where buyers had attempted to steer the token towards new highs. Buyers seem to be losing control of the market as bears take over. Therefore, QNT could drop to $0.0059 soon.
Despite the recent decline, AMP is one of the tokens that could make notable gains. The Amp network has a major use because of the rising cases of fraud in the crypto sector. The network promises users that they will be protected against fraud without needing a third party to secure the contract.
Tamadoge (TAMA)
Tamadoge is the newest memecoin in the market. However, unlike other memecoins, Tamadoge promises utility to users by offering a play-to-earn ecosystem where players can battle using Tamadoge pets and receive rewards in TAMA.
Tamadoge is currently in one of the most successful presales. The presale that launched around a month ago is near completion. As a crypto games ecosystem with a solid roadmap and good tokenomics, TAMA could make explosive gains once it is listed in the market.
The Tamadoge presale has already raised around $14.7 million, and it is expected to end soon if the ongoing demand continues. The presale is in the eighth phase, with only one phase left before officially closing.
Celsius (CEL)
The other token that is also worth considering is CEL, which is the native token for the Celsius ecosystem. Before the Celsius ecosystem collapsed in May, it served as the largest crypto staking service provider in the decentralized finance space.
During the past 24 hours, CEL has gained by 11%, which could be because of some excitement among former Celsius users that believe the bankrupt crypto lender could recover its solvency and restart withdrawals. A report by Reuters confirmed that the troubled lender has agreed to an examiner review of its finances and bankruptcy operations.
At the time of writing, CEL was trading at $1.53, according to CoinGecko. The token is currently receiving positive developments that could propel the bullish gains towards breaking the next resistance at $1.75. However, only a notable development like reopening withdrawals could take CEL to $2.
Also see our Celsius price prediction article.
RavenCoin (RVN)
RavenCoin could also propel towards new levels if it keeps up the ongoing bullish rally. Over the past week, RVN has gained by 55% amid a series of positive developments happening within the project.
RavenCoin has plunged by 54% on a year-to-date basis as an effect of the ongoing bear market that has affected most cryptos in the market. At the time of writing, RVN was trading at $0.0539, according to CoinGecko.
If RVN can sustain the bull run, it could break major barriers and head towards $0.1. The reason by RavenCoin is gaining is because Ethereum miners are looking for alternatives as the date for the Merge nears. RavenCoin is considered an alternative to Bitcoin because it has lower costs and faster speeds.
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This article was written for Business 2 Community by Ali Raza.
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