With the crypto market currently experiencing a bear trend, it has presented a good opportunity for investors to get into digital assets at a low price. However, not all coins offer the same level of opportunity, especially given their recent performance. So here are three mid-cap tokens that have the potential to provide the most upside in the short term.
Toncoin (TON)
Toncoin (TON) is the brainchild of the founders of Telegram Nikolai and Pavel Durov, before they gifted the project to the community. Due to its close ties with Telegram, which is currently one of the largest messaging apps in the world, it has enjoyed a lot of success as it is very popular among the millions of users of Telegram.
TON has done especially well in the year 2023 with its numerous open-source projects. However, it has not really kept up with the broader crypto market and this could be the biggest strength for this mid-cap cryptocurrency.
TON is currently down over 10% in the last week, which means it did not recover from the rest of the market. This could point to an independent rally coming up for the digital asset. Such a rally could easily see the altcoin beat $1.5, which would be an easy 20% increase for investors.
Mantle (MNT)
Another mid-cap that has not really kept up with the crypto market’s recovery is Mantle (MNT). The coin is still new to the market but its performance since launch suggests that the ‘one big rally’ that usually follows the launch of new coins is yet to happen.
MNT which is currently down more than 11% in the last week is still trading in a very tight range. A break from the $0.5 to $0.6 price range would easily see the cryptocurrency make a break for $1. If so, then Mantle (MNT) could be looking at an almost 100% rally from here.
MNT price trending at $0.5 | Source: MNTUSD on TradingView.com
Injective (INJ)
Injective (INJ) is the third mid-cap crypto on this list due to its performance over the first quarter of 2023. The token’s price went from below $2 at the start of the year to almost $10 at its peak. However, there has been a slowdown since then.
This slowdown over the last couple of months could point to capitulation among investors which often precedes large spikes. Also, it could point to sellers finally being done with their activities, giving the token the space it needs to gather enough momentum.
If INJ mounts a similar rally to the Q1 2023, then investors could be looking at at least a 50% rally from here. Such short-term gains would easily outpace the likes of Bitcoin and Ethereum, both of which have become too large for such bursts in short time periods.
Conclusion For These Cryptos
The cryptocurrencies in this list have solid communities with a reasonable level of interest in them. These two factors, when perfectly aligned, can often lead to rapid price recoveries. However, it is important to keep in mind that cryptocurrencies are inherently volatile and are prone to declines just as much as they are likely to increase in price.
Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Credit: Source link
