3 ERC20 Tokens to Invest Amid Soaring Address Activity

Since last weekend, the majority of major cryptocurrencies witnessed a high momentum recovery, following the Bitcoin upswing above $64000. The recent uptick in market sentiment is highlighted by the initiation of new long positions in futures markets, heightened activity from large-scale investors, and a surge in bullish commentary across social media platforms. As the current recovery develops, some Ethereum ERC20 tokens provide a suitable opportunity to invest and HODL for the latter half of 2024.

In a recent analysis by the cryptocurrency analytics firm Santiment, Render (RNDR), AAVE, and Maker (MKR) have been highlighted as the three leading altcoins exhibiting significant increases in address activity over the past few days. This uptick in activity coincides with overall market cap rises, suggesting a potential bullish trend for these tokens.

Render (RNDR), Aave (AAVE), and Maker (MKR) are the three most notable altcoins seeing address activity rises the past couple of days amongst the many market cap rises. Historically, rising levels of wallets interacting on networks is a sign of future bullish behavior. pic.twitter.com/N60Uxn4XSU

— Santiment (@santimentfeed) July 15, 2024

Historically, such a surge in wallet interactions on these networks is often a precursor to future bullish behavior.

• 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.

Since March 2024, the RNDR price has witnessed a steady correction trend resonating within two downsloping trendlines. The daily chart revealed this pullback as a formation for a bullish continuation pattern called a flag.

A recent reversal from the pattern’s lower trendline at $5.68 uplifted the asset 11.08% to trade at $6.58, while the market cap jumped to $2.58 Billion. If the pattern holds true, the RNDR price may rise 34% before challenging the key resistance.

An upside breakout from the flag will signal the resumption of the prevailing uptrend and bolster buyers to chase the $13.8 high.

• AAVE

Aave is a decentralized finance (DeFi) protocol that offers a platform for lending and borrowing cryptocurrencies without a centralized intermediary.

Amid the recent market recovery, the AAVE coin price shows a sharp V-shaped reversal from the multi-month support of $76. The bullish turnaround has pushed the asset 38% up to trade at $103, while the market cap jumped to $1.54 Billion.

The rising AAVE price also pierced the overhead trendline, invalidating the bearish continuation pattern called the descending triangle. If the breached resistance offers suitable support, the coin buyers could drive a 30% rally to hit $134 resistance.

However, an analysis of the daily chart shows AAVE coin drives a long-term sideways trend with a symmetrical triangle pattern.

• Maker (MKR)

Maker (MKR) is a prominent project in the decentralized finance (DeFi) sector that allows users to lock up crypto assets in Maker Vaults as collateral to generate DAI, a cryptocurrency pegged to the US dollar.

Similar to the Render token, the Maker price showcased its recent correction through the formation of a bull-flag pattern. This counter-trend move theoretically allows buyers to replenish bullish momentum and trigger the next recovery leap.

The daily chart reveals that the MKR coin has experienced a significant rally over nine days, soaring from $2.03 to $2.94, which reflects a growth of 44.9%. Consequently, the Maker coin’s market cap surged to $2.73 Billion.

This recovery gave a massive breakout from the flag pattern, signaling the end-of-correction trendline. The post-breakout rally could be nearly 40% and surpass the $4 peak.

 Key Takeaway

July has started to unfold as a bullish month for the cryptocurrency market. The Bitcoin price rise above the $64000 mark has recuperated recovery sentiment opening new long opportunities for sidelined buyers. With a positive market outlook, Render (RNDR), AAVE, and Maker (MKR) are highlighted as leading Ethereum ERC20 tokens to invest in, driven by their rising address activity.

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