Take a look at the series of low market cap atlcoins that saw an unusual increase in trading volume in early 2024

Against the background of market volatility caused by a series of rumors surrounding Bitcoin ETFs in early 2024, many altcoins suffered sharp declines, while some altcoins suddenly rose, with trading volumes suddenly increasing to billions of dollars.

Mask network (MASK)

According to CoinmarketCap data, trading volume increased abnormally on January 7, reaching $1.4 billion, the highest level in 2023. In addition, MASK’s 24-hour Vol/Cap ratio also exceeds 350%, and the price of MASK has increased by 70% since the beginning of the year.

It is understood that the strong pumping rhythm of MASK trading volume reaching billions of dollars is due to the news that Founder MASK will deploy funds to buy back, which has aroused more expectations from investors.

Technical analysis of MASK 3-day frame (3D) with EMA34, EMA89, volume profile. Source: Beincrypto

However, trading data also shows that there is considerable potential for MASK prices to rise further. Specifically, looking at the MASK price chart, the coin’s 2023 bottom is in the $2 area. MASK’s maximum liquid price range is $3.5 (POC for volume profile). Nearby resistance for MASK is the $5 area. And MASK price is likely to continue rising to the next resistance level at $6.5.

Technically, EMA34 has confirmed a crossover with EMA89 on the 3-day frame. From here, good support for MASK in 2024 is $3.50.

As for Mask Network, this is not a very new project, it was born in 2018. Mask Network is a protocol that allows users to send encrypted messages over the X Network or Facebook. Mask Network serves as a bridge between decentralized networks and the traditional Internet. Users can use Mask Network as an extension in their browser.

In 2020, Mask Network received US$2 million in investment from HashKey and Hash Global. In 2021, Mask Network received another US$3 million in investment from Digital Money Group and Fundamental Labs.

Powerledger (POWR)

POWR price has increased by 260% since the beginning of 2024. If calculated from the bottom in 2023, POWR has grown nearly 10 times. POWR has currently exceeded $1 and shows no signs of adjustment. Near POWR’s old peak and support is the $0.8 area.

Additionally, similar to MASK, POWR’s trading volume on January 7 exceeded $670 million, with a Vol/Cap ratio of 130%. It is worth noting that more than 55% of the trading volume comes from the POWR/KRW trading pair on the Upbit exchange, while POWR/USDT trading volume on Binance only accounts for 23%.

Technical analysis of POWR 4-day frame. Source: Beincrypto

It can be seen that Upbit is the factor driving the price increase of POWR. In addition to POWR, Upbit also caused many altcoins to surge in the last quarter of 2023.

FOMO on the Upbit Floor as Altcoin Low Cap Wave

It is understood that Powerledger (POWR) is a project born in 2017 to build and develop a blockchain platform to track and trade energy. POWR itself is an ERC-20 token and the company uses the Ethereum public blockchain and a private blockchain called EcoChain.

Constitution DAO (People)

PEOPLE sales continued to be strong throughout 2023. However, in early 2024, PEOPLE’s trading volume suddenly increased significantly, exceeding US$670 million, the highest in a year, pushing the price of PEOPLE to exceed US$0.07.

Technically, PEOPLE has escaped the large accumulation zone after rising 500% in early 2024 and confirmed that EMA34 crossed EMA89 on the 3-day frame. The RMB price may continue to rise towards the two resistance levels of $0.07 and $0.1. In 2023, PEOPLE fell to $0.008, which means that the price of PEOPLE has recorded a gain of up to 700% so far.

PEOPLE technical analysis 3D framework, including EMA34, EMA89 and volume profiles. Source: Beincrypto

It is understood that ConstitutionDAO was established in 2021 as a decentralized autonomous organization with the purpose of purchasing one of the 13 physical copies of the U.S. Constitution at Sotheby’s auction. However, despite raising $42 million in just 72 hours, the plan failed, showing the appeal at the time.

Notably, PEOPLE recently dissolved and returned the funds it raised. Therefore, the existence of PEOPLE now no longer has much meaning and motivation for long-term holding. Investors need to consider this when deciding to invest in PEOPLE. Many communities speculate that as the US presidential election approaches, the price of PEOPLE may continue to rise.

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