As we approach the end of the first half of the year, the economic world remains shrouded in uncertainties. However, there are a few projects that could potentially benefit from a market upturn due to their strong foundations, growing community interest, and other positive factors. In this article, we will take a closer look at two cryptocurrencies that are inching closer to the $1 billion mark as the first half of 2024 draws to a close.
Synthetix (SNX)
Synthetix is a decentralized protocol built on the Ethereum (ETH) blockchain. Its main purpose is to address liquidity issues in decentralized exchanges (DEX) by supporting synthetic fiat currencies, cryptocurrencies, and commodities. If you want to stay updated on the latest technology news, be sure to check out NEWSLINKER.
As of today, Synthetix is trading at $2.92 and its market value has surpassed $956 million. With the $1 billion mark within reach, a minor increase is all that’s required for Synthetix to achieve this milestone.
Lately, there has been a significant surge in transactions on the Synthetix platform. In the past few days alone, the volume of derivative trading has increased by a staggering 208%. This surge in trading volume has led to a 17.1% increase in open interest, which currently stands at $27 million.
Notcoin (NOT)
Notcoin (NOT) has gained considerable attention in airdrop circles recently. Its main aim is to integrate into The Open Network (TON), an innovation that has attracted significant interest and greatly contributed to its growth phase.
At the time of writing, Notcoin is being traded at $0.00929 and its market value has exceeded $954 million. Between May 24 and May 28, it experienced a notable 115% surge, encountering some resistance around the $0.0099 region.
Throughout this period, the RSI (Relative Strength Index) remained above the neutral 50 level, indicating an upward trend. In addition, Fibonacci retracement levels have highlighted $0.0072 and $0.0066 as crucial support levels, with a potential rally towards $0.0112 and $0.0132.
The recent impressive performance and increasing market value of Notcoin could indicate that it is on track to reach the $1 billion mark in the coming days. Key levels to keep an eye on include the critical resistance level at $0.010 and the support levels at $0.0048 and $0.0051.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a certain level of risk. It is important for individuals to conduct their own research before making any investment decisions.
