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Price analysis

Can TON Leverage $700 Million TVL To Hit New High?

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1 week ago

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Toncoin Price Analysis: On the weekend, the cryptocurrency market remains neutral, projecting no clear dominance from buyers to sellers. Following the Bitcoin consolidation over $60000 support, most major altcoins showcase sluggish price behaviors the whole week waiting for a better reversal signal. Amid the uncertainty, the TON price trades on a slightly positive note attempting a breakout from the $7.6 resistance to regain bullish momentum.

Also Read: Bitcoin In Spotlight With Michael Dell’s Latest Poll, Is Dell Going Big On BTC?

Toncoin Price Analysis: TON Sees 113% TVL Growth and Key Regulatory Approval

OKX:TONUSDT Chart Image OKX:TONUSDT Chart Image
Toncoin Price Analysis| Tradingview

Despite the June market downturn, Toncoin maintained its bullish momentum, rising from a monthly low of $6.275 to a trading price of $7.68, registering a 22.5% increase. This rally was driven by a surge in network activity, broader adoption, and the introduction of Play-to-Earn games on Telegram, all of which played crucial roles in its recovery.

Recently, the Astana Financial Services Authority (AFSA) has officially approved Toncoin (TON) for trading in Kazakhstan, following a comprehensive review that confirmed its compliance with regulatory standards. 

This inclusion is expected to attract a new wave of institutional and retail investors, providing them with secure and transparent trading options within the regulated environment of the AIFC.

In a recent tweet, renowned trader Alicharts highlighted a surge in Toncoin investments, revealing that whales have purchased over 45 million TON valued at around $346.5 million over the past week. This accumulation accentuates strong investor confidence in the future potential of this asset.

By press time, the Toncoin trades at $7.66 and maintains its position as the eighth largest cryptocurrency with a market cap of $18.84 Billion.

Additionally, the Total Value Locked (TVL) on the Toncoin Network has continued to expand, reaching $700 million on Sunday, according to DefiLlama data. With a substantial 113.41% increase in TVL in June, the network demonstrates robust growth and increasing adoption among market participants.

Total Value Locked Total Value Locked

With a modest intraday gain of 1.4%, the TON price is heading high to soon challenge immediate resistance of $7.86. 

If buyers flip the overhead resistance into suitable support, the Toncoin could surpass $8.28 and target the $9 mark, followed by $10.5.

However, if the market supply pressure persists, the TON price could plunge 4-.5% and seek support at the ascending trendline since mid-March. The dynamic support bolsters buyers with suitable accumulation points and stable higher-low formation.

Technical Indicator 

  • EMA: The coin price trading above the fast-moving 20D and 50D Exponential Moving Averages indicates the buyers are still active toward the asset. 
  • ADX: The Average Directional Index slope falls to 11.5% indicating the ongoing consolidation has stabilized the price after the last rally, which is favorable for a fresh recovery trend.

Frequently Asked Questions (FAQs)

Regulatory approval from the Astana Financial Services Authority (AFSA) significantly impacts Toncoin by providing a formal and secure framework for trading within Kazakhstan

Total Value Locked (TVL) refers to the total amount of assets that are currently being held within a blockchain network’s smart contracts. This metric is crucial as it reflects the overall health and growth potential of the network.

Trading above the 20-day and 50-day Exponential Moving Averages (EMAs) indicates that Toncoin is currently in a strong upward momentum in the short to medium-term.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pepe Coin price analysis

Pepe Price Analysis Reveals Bullish Strength As Bitcoin Plummets

Published

12 hours ago

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July 8, 2024

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Pepe price analysis: The price of PEPE dropped by 10.4% in the last 24 hours to trade at $0.000008358 during European business hours on Monday. This follows Bitcoin’s down turn in price, that may have led to the entire crypto market cap decreasing by 4.7% at press time. 

Nevertheless, Pepe price chart shows some hints of bullishness that may yet propel this meme coin to new heights, or at the very least, cushion it against excessive bleeding during these volatile market conditions. 

Pepe Price Analysis: Decision Time for Meme Coin, 26% Gains or 20% Losses

pepe pricepepe price

PEPE price sported a fake out on the daily time frame chart shortly after Bitcoin price broke below a critical support level. The meme coin was one of the best-performing meme coins on the Ethereum blockchain, leading to BTC’s drastic change, of course. The price of Pepe had just broken out of a falling wedge and was retesting the top trendline of the falling wedge before heading toward $0.00001720, the previous all-time high price.

Since Bitcoin’s downturn on July 1, 2024, PEPE has dropped by 30% to its current price. Interestingly, the PEPE price is still trending above the 200-day simple moving average (SMA), a feat which inspires bullish sentiment among market participants.

The price of PEPE is now at a relatively weak support level around $0.00000773. If the bulls prevail, PEPE may rise by 26% to hit $0.0001108, which also coincides with the 50-day SMA. On the flip side, the meme coin may drop further below in a 20% drop to find support at $0.00000650.

The PEPE 14-day relative strength index (RSI) is sitting at 34, just four points above the oversold (OS) area. If it does slide into this zone, PEPE price may experience increased selling pressure that may catapult it down to the $0.00000650 support level. Conversely, the RSI at 34 indicates a large upside potential for the meme coin should general market conditions change.

Pepe Fundamentals Remain Bullish

Data from Santiment and Etherscan shows that PEPE holders increased by 5.76% in the last month and 0.01% in the last 24 hours, an indicator that despite the falling prices, investors are accumulating the meme coin. 

Crypto traders on X (formerly Twitter) remain bullish on PEPE, citing the impressive growth in Pepe’s holder count as a green flag for the crypto asset.

 

Bitcoin price continues to slump, and given its 51% market dominance, meme coins like Pepe may have little chance of breaking free from this dominance. 

Bottom Line

Despite Bitcoin’s sharp decline, Pepe coin demonstrates unexpected resilience, maintaining bullish sentiment in a volatile market. This strength shows the meme coin’s unique market dynamics and suggests growing interest from traders seeking alternative investments amid broader cryptocurrency volatility.

Frequently Asked Questions (FAQs)

As of now, PEPE coin has approximately 231,977 holders. This represents a 0.26% increase over the past 24 hours.

Pepe coin still sits above the 200 SMA which shows some bullish hopes.

Yes, you can buy Pepe coin on Binance. It is listed and can be traded on the platform along with other exchanges like KuCoin, Huobi, and Uniswap.

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Will SHIB Price Reclaim $0.00003 Mark By July End?

Published

15 hours ago

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July 8, 2024

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Shiba Inu Price Analysis: The supply pressure on the cryptocurrency market eased over the weekend as the Bitcoin price projected a sharp reversal from $53500. Thus upswing has temporarily triggered a relief rally for the majority of altcoins and especially for meme coins due to their volatile nature. The second-largest meme coin Shiba Inu shows such behaviors after a sharp reversal from the $0.0000126 floor. Will this recovery be sustained?

Also Read: Shiba Inu Coin Price Forecast: What Next For Meme Coin, Can SHIB Break $0.00003 Soon?

Shiba Inu Price Analysis: Channel Pattern Sets SHIB For Major Reversal 

BINANCE:SHIBUSDT Chart
Shiba Inu Price Analysis| Tradingview

July’s First-week sell-off has contributed significantly to the ongoing correction trend of Shiba Inu indicated in June. From the last swing high of $0.0000294, the meme coin tumbled 57% to a 4-month low of $0.0000125.

Amid the weekend relief rally, the SHIB price reverted 27% to trade at $0.000016, while the market cap jumped to $9.48 Billion. An analysis of the daily chart shows this reversal as the formation of a falling channel pattern.

Under the influence of this setup, two parallel trendlines act as dynamic resistance and support to lead to a steady downtrend. A potential bullish reversal within the channel should uplift the asset by 40% to challenge the overhead trendline.

Also Read: Shiba Inu Coin Surges As 360M SHIB Burnt Over The Week, More Steam Left?

Furthermore, in a recent tweet Andrew Kang, the founder of Mechanism Capital, expresses his opinion on the current market scenario. Kang believes that over 98% of altcoins have already peaked for the current cycle, with only a select few potentially reaching new highs in the latter part of 2024 or early 2025. 

He particularly highlights meme coins as having a significant chance among those few to achieve new highs but advises to choose wisely from the massive available options.

Thus, the Shiba Inu price breakout from the channel pattern will be a better signal of trend reversal. A potential breakout could bolster buyers to chase a potential target of $0.0000456, followed by a $0.0000885 high.

However, until the channel pattern is intact, the SHIB price could prolong its ongoing correction.

Technical Indicator

  • BB Indicator: An upswing in the lower boundary of the Bollinger Band indicator highlights weakened bearish momentum
  • RSI: The daily Relative Strength Index slope reverted from the oversold region to hit 39% hinting at the increasing demand pressure for this asset at the market dip.

Frequently Asked Questions (FAQs)

The RSI is a momentum oscillator that measures the speed and change of price movements on a scale of 0 to 100.

A relief rally is a temporary price increase that occurs after a prolonged period of decline or a bearish market.

Dynamic resistance and support levels are moving levels of resistance and support that change over time, often identified using trendlines or moving averages.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Chainlink price analysis

Chainlink Price Analysis Hints $20 Rally Amid Whale-Driven Momentum

Published

1 day ago

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July 7, 2024

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Chainlink Price Analysis: During the June market correction, the Chainlink price experienced a sharp decline, suffering a 26% loss over the month. However, as supply pressures subsided over this weekend, buyers succeeded in maintaining support above the $12.2 level, which has been a critical floor since November 2023. This level is now viewed as a key turning point for a potential reversal from the recent significant drop.

Also Read: Bitcoin Price Analysis: How Bull Flag Defends $1 Trillion Market Cap for BTC

BINANCE:LINKUSDT
Chainlink Price Analysis| Tradingview

As the market witnesses a massive crash over the weekdays, a fresh recovery hits over the weekend. With a similar trend, the LINK price sustains above the $12.59 support level with a lower price rejection on Friday.  

This completes a morning star pattern with the 7.28% bullish engulfing candle. In the larger trend, the ongoing correction phase marks a negative cycle within a triangle pattern. 

As the buyers abruptly halt the negative cycle before reaching the support trendline, a bullish reversal is likely to start.

Also Read: Spot Bitcoin ETFs Saw $143 Million Inflows on Friday, Institutions Buying The Dips?

Recent on-chain data reveals a significant accumulation of Chainlink (LINK) by whales and institutional investors. A total of 90 fresh wallets have withdrawn approximately 6.72 million LINK, valued at $86.7 million, from Binance recently.

Additionally, another set of data from Lookonchain reveals that 54 fresh wallets withdrew 2.08 million LINK, valued at $30.28 million, from Binance around late May to Early June. The continuous accumulation of LINK by large wallets underscores the growing confidence and interest in Chainlink’s long-term potential.

The anticipated bull cycle can test the overhead declining trendline that has caused two bearish reversals within the triangle. Further, it could reclaim the $15 psychological mark. 

Currently, altcoin trades at $12.919 with an intraday drop of 1.98%. This undermines the bullish recovery but the action sustains above the critical level of $12.58. 

With the breakout rally, the LINK price could hit the $20 mark in the coming weeks. However, the broader market movements will be crucial in deciding the fate. 

Despite the lower price rejection bolstering bull cycle likelihood, a bearish pattern looms over the daily chart.  With a neckline at $12.58, the altcoin reveals a head and shoulder pattern. 

A drop-down under this neckline will put additional stress over the ascending support trend line. This increases the breakdown chances and could result in an end-of-recovery phase. A breakdown rally could hit the bottom support level at $9.46. 

Technical Indicator:

  • BB: The LINK price challenging the lower boundary of Bollinger Band indicator suggests the sellers remain active towards LINK coin.
  • MACD: The sideways trend in the MACD and signal lines are indecisive as the price halts a crossroads. 

Frequently Asked Questions (FAQs)

A bullish engulfing candle is a candlestick pattern where a large green candle completely engulfs the body of a smaller red candle from the previous trading session.

A bearish reversal is a change in the direction of the price trend from upward to downward.

Whale activity, which involves large volume transactions by single entities or groups, can significantly influence cryptocurrency prices due to the substantial amount of coins moved.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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