In recent days, the crypto market has suffered a significant setback with bitcoin (BTC) falling below $40,000. While several cryptos do not escape this dynamic, some others maintain their potential. This is the case with TAO, STX, NYM, WECAN and TLOS, five cryptos that you absolutely must follow this year.
TAO, Bittensor’s native crypto
TAO is the native crypto of Bittensor, a blockchain network dedicated to decentralized intelligence. This crypto acts as a medium within this network. As such, TAO serves as a means of incentivizing participants who contribute to the security and validation of transactions on the Bittensor network.
The last few weeks have not been positive for crypto. After falling to $29 since listing at $80 in March 2023, TAO has seen an impressive rise. It increased by more than 760% between October and December 2023 only to decline in January 2024. While this correction seems to be coming to an end, a new increase in TAO could be on the horizon. This makes crypto a potentially relevant investment. TAO is currently valued at around $253.18, up more than 5% over the last 24 hours.
Stacks (STX) Resists Market Correction!
Recently, crypto Stacks (STX) hit a 670-day high, defying the general market correction. Recovering from its fall on January 3, STX rose to $1.80. Its price is now stabilizing around $1.28, a sign of a certain resilience all the same.
That said, STX’s bullish trajectory could exceed $2. In any case, this is what the RSI index suggests. It is an indicator that measures the strength and speed of a crypto’s price movements, providing guidance on the likelihood of a trend reversal.
However, despite these bullish projections, a breakout of the channel in the near term could trigger a decline. It should be noted that the STX crypto has exceeded $1.80 in the context of a significant correction in the altcoin market. STX’s RSI, although in overbought territory, does not have a bearish divergence. Which supports a continued uptrend. The weekly chart suggests some strength, but daily indicators hint at potential challenges. Despite a 20-day ascending channel, a breakout could propel STX 35%, targeting resistance at $2.40.
NYM in the green in 2024 despite headwinds?
NYM is the native asset of the Nym crypto platform. It aims to provide a privacy-enhancing network and decentralized applications (dapps) while preserving user security and anonymity. Currently, NYM price is $0.19, showing a decline of 10.68% over the last 24 hours. Ranked 312th, it has a market capitalization of $118.4 million with a trading volume of $2.1 million during this period. Despite its current situation, many analysts believe in its potential. For 2024, they estimate that the crypto should trade between $0.16 and $0.42, potentially marking a 131.78% increase if it hits the upper target.
WECAN should be talked about!
Functioning purely as a utility token, WECAN token facilitates secure transactions on the Wecan blockchain. Users of Wecan solutions can rely on this crypto to anchor transactions and record data hashes, ensuring security, auditability and decentralization. This, thanks in particular to recording on a public blockchain.
Currently, the WECAN token is trading around $0.005.16. The asset shows a notable increase of 8.06% in the last 24 hours, with a trading volume of $32,305. The crypto promoted by Wecan Group seems to be avoiding the vagaries of the crypto market currently under great pressure.
TLOS, the most profitable crypto on the market?
The TLOS crypto is based on the Telos blockchain considered by some analysts to be the fastest and most profitable native blockchain in existence. This fully decentralized network favors very low-cost and scalable interactions and transactions. This is evidenced by the hundred or so dApps it hosts and its mainnet that has been running for more than two years. Telos uses open source and boasts a robust governance system while having an Ethereum virtual machine currently being deployed. With a valuation of $0.18 for a market capitalization of $50,705,060, TLOS is the 498th crypto on the market. A position which does not exclude the crypto from an exceptional resurgence despite its drop of 3.37% over the last 24 hours. Like all previous cryptos, Telos should be followed very closely in 2024.
Conclusion
Despite the recent correction in the cryptocurrency market, some cryptos are showing promising resilience. TAO is overcoming a recent decline, indicating investment potential with a current valuation of $253.18. STX, resistant to the general correction, could surpass $2 despite contradictory signals. Privacy-focused NYM is attracting interest despite its recent decline, with optimistic projections for 2024. WECAN, as a Utility Token, is showing notable growth, defying market pressure. Finally, the Telos TLOS remains a candidate for resurgence despite its recent decline. These five cryptos deserve special attention in 2024, each presenting distinct opportunities despite current market challenges.
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