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Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?

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5 hours ago

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Toncoin (TON), a cryptocurrency developed within the Telegram ecosystem, has entered a bearish trend after weeks of bullish momentum. This drop comes as selling pressure mounts across the cryptocurrency market, affecting various digital assets. 

Toncoin Price Plunges Amid Market Volatility

Toncoin price has recently climbed significantly. This increase aligns with rises across various cryptocurrencies in recent weeks. The main catalyst for this growth was the Hamster Kombat token giveaway on September 26. 

In the first hour post-airdrop, the network witnessed over a million transactions. Despite the prevailing downtrend in the market, these developments injected vitality into Toncoin’s valuation. However, with the ongoing bearish trend, a retraction to foundational support levels could be imminent.

Today’s cryptocurrency market has ignited extensive debates among analysts worldwide. Bitcoin’s value dipped to the $61,000 mark. Similarly, Ethereum, Solana, and XRP experienced significant volatility. This erratic behavior in crypto prices has led to a mix of optimism and caution among investors.

Can TON Price Drop to $4 soon?

The Toncoin price has seen a significant decline today. At the time of writing, the TON price is trading at $5.39, which marks a 7.55% drop over the past 24 hours. The cryptocurrency reached a high of $5.84 earlier in the day. However, it also experienced a low of $5.25. This volatility reflects the ongoing fluctuations in the crypto market

The Layer 1 coin is experiencing significant bearish momentum, indicating a possible downward trend. Market sentiment appears to be weakening, which could further exacerbate this decline. Analysts suggest that if this trend continues, Toncoin may find crucial support around the $4 mark.

The daily technical indicator for Toncoin price suggests a nuanced scenario in the cryptocurrency market. The moving Average Convergence Divergence (MACD) shows a trend. The signal line is just below the MACD line, hinting at potential bullish momentum, albeit cautiously, as the bars remain in negative territory. The Relative Strength Index (RSI) at 43 points towards a neutral stance, neither overbought nor oversold.

Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?
Toncoin Price Chart| Source: TradingView

The recent Coinglass data analysis for Toncoin indicates a significant increase in trading volume. However, open interest has decreased, suggesting a shift in trader commitment. Despite higher volumes, this reduction in open interest could lead to downward pressure on prices. 

Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?
Source- Coinglass

Such trends contribute to a bearish outlook, potentially driving the price as low. This dynamic often signals a market where fewer traders are willing to maintain their positions, leading to increased volatility and possibly lower prices in the short term.

Frequently Asked Questions (FAQs)

Selling pressure across the crypto market, reduced open interest, and bearish technical indicators have contributed to a potential price drop.

Yes, market volatility impacting major cryptocurrencies like Bitcoin, Ethereum, and Solana is influencing Toncoin’s bearish trend.

if the bearish momentum continues, Toncoin could drop to a critical support level around $4.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: 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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eigen

Is It Time to Buy in EIGEN?

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48 mins ago

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October 2, 2024

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EigenLayer (EIGEN) price, an Ethereum-based restaking protocol, marked its entrance into the cryptocurrency market on October 1. The token, which can now be traded and staked, was listed on several major exchanges, including Binance, Kraken, Coinbase, ByBit, and OKX. This listing follows the final distribution of tokens through airdrops by Puffer Finance.

Coinbase, a leading US crypto exchange by trade volume, added EIGEN to its platform yesterday. This move significantly boosts the token’s liquidity, which many holders initially received through airdrops earlier this year.

EigenLayer Price Fluctuatuats Amid Market Debut

The EigenLayer price was marked by unlocking at 5:00 AM UTC, and trading prices ranged from $3.50 to $4.50. As of now, the EIGEN price is trading at $3.74, reflecting a slight decrease of 4% amid broader crypto market downtrends.

EIGEN’s market introduction is part of EigenLayer’s strategy to enhance the utility of staked assets. The platform allows users to leverage their staked ETH or other Liquid Staking Tokens (LSTs) to support decentralized applications within the EigenLayer ecosystem. This approach aims to increase the assets’ utility and strengthen the overall security of the Ethereum ecosystem.

Since trading began, the EigenLayer price has entered the top 100 tokens by market capitalization. This rise indicates the growing interest and potential for expansion and engagement within the project. It is also poised to enhance governance and bolster EigenLayer’s role in the decentralized landscape.

Transaction data from SpotOnChain highlighted some significant activities involving large-scale holders. Justin Sun, the founder of TRON, moved a notable 5.24 million EIGEN tokens to the HTX exchange. Additionally, other substantial transfers included 496,013 EIGEN tokens sent to Binance by HashKey Capital and 253,947 EIGEN from another prominent wallet.

Despite some large holders choosing to sell, there are notable accumulations, too. For instance, two whales purchased 702,324 EIGEN tokens, valued at approximately $2.86 million, according to lookonchain data.

This dynamic trading environment underscores the high stakes and intense interest surrounding the EigenLayer price as it makes its mark in the crypto world. The project’s innovative use of staked assets within its ecosystem promises to redefine engagement and utility in the decentralized finance landscape.

According to data from DeFiLlama, EigenLayer’s Total Value Locked (TVL) has sustained a significant market presence with current holdings of over $11 billion. After surpassing the $1 billion mark in December 2023, EigenLayer’s TVL saw a rapid ascent, peaking at just over $20 billion in June. 

EigenLayer Price Prediction: Is It Time to Buy in EIGEN?EigenLayer Price Prediction: Is It Time to Buy in EIGEN?
Source- DeFiLlama

Will EIGEN Rebound Amidst Market Fluctuations? 

Since that high, the staking protocol has experienced notable outflows but maintains a robust figure of $12 billion. This figure indicates sustained investor trust and engagement despite market fluctuations. The platform’s market cap presently stands at approximately $674.61 million, with an upcoming unlock of 14.9% of holdings set for release in the next six days.

The EigenLayer price may test the crucial $3 support level if bearish trends persist. However, with sustained investor interest and upcoming token unlocks, there’s potential for a rebound that could see prices rise to as high as $5.

Frequently Asked Questions (FAQs)

EigenLayer is an Ethereum-based restaking protocol that allows users to leverage their staked ETH or other Liquid Staking

EigenLayer tokens can be traded on major cryptocurrency exchanges such as Binance, Kraken, Coinbase, ByBit, and OKX.

EigenLayer enhances the utility of staked assets by allowing them to be used to support various decentralized applications, increasing their overall usefulness and security within the Ethereum ecosystem.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: 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

Here’s Ripple Price If XRP ETF Matches Bitcoin’s 47B Inflow

Published

8 hours ago

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October 2, 2024

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Ripple price could skyrocket XRP ETF optimism was revived by Bitwise Asset Management’s filing in Delaware. If approved, this will be the first XRP ETF for the United States market. Investors now speculate how this development could impact XRP price in the future. The approval of such an ETF would impact the price of XRP massively, especially if it attracts inflows similar to Bitcoin’s $47 billion.

If XRP ETF Approved, Ripple Price Could Skyrocket

If an XRP ETF is approved, the price of XRP could explode. However, to understand how high it would go, we have to study how BTC and ETH reacted to the approval of their ETFs.

  • Bitcoin Reaction: When the spot Bitcoin ETF was approved on January 10, 2024, the market saw a massive influx of capital, exceeding $1.6 billion just minutes into the launch.

btc pricebtc price

The surge in demand boosted the BTC price by 39% over the following months, and they are currently hovering around $61,500.

  • Ethereum Reaction: The approval of the Ethereum ETF in June 2024 led to investor interest and substantial inflows. While the ETH ETF initially saw some inflows, the outflows have generally become significant, and the Ethereum price dropped. Since the launch, the price of Ethereum has not surpassed the high of $3,521. Instead, the asset has lost 30% of its value and is trading at $2,478 today.

Ethereum Ethereum

Ethereum’s lacklustre performance post-ETF could be attributed to a lack of volatility following uncertainty in the global markets, which led to investors preferring Bitcoin as a hedge against inflation.

  • Potential Ripple Price Reaction: If an XRP ETF were to receive approval, we could expect an either/or situation, drawing from Bitcoin and Ethereum’s performance.
Ripple PriceRipple Price
Ripple Price chart

Given the current XRP market cap of $34 billion, a $47 billion inflow would push the Ripple price up moderately by 150%, with a potential extension to 300%. These scenarios could push the XRP price to $1.5 and $2.49, respectively.

Why XRP ETF is Different Than BTC or ETH ETF

An XRP ETF, if ever approved, will not be the same as BTC and ETH. Unlike the latter, the former doesn’t have to face the same downside pressure from Grayscale outflows, noted Sistine Research on X.

This unique aspect would make XRP ETFs more attractive to investors. Despite their performance today, Bitcoin and Ethereum ETFs recorded huge inflows during their first trading day. ETH ETF registered $107.8 million, while Bitcoin recorded $4.5 billion. Nevertheless, both the ETFs experienced outflows Grayscale despite the positive volume. 

Since XRP does not have the same Grayscale outflow pressure, its price could experience a more sustained increase.

Conclusion

The approval of an XRP ETF may have become possible after Bitwise Asset Management filed for an ETF with Delaware authorities. The ETF would be different from BTC and ETH, performing better due to the lack of outflow pressure from Grayscale. The Ripple price could surge to $1.5 or higher.

Frequently Asked Questions (FAQs)

An XRP ETF approval would mark the first XRP-based exchange-traded fund in the U.S. market, allowing institutional investors to easily gain exposure to XRP. It could lead to massive inflows of capital, similar to the impact seen with Bitcoin and Ethereum ETFs.

XRP differs from Bitcoin and Ethereum in that it does not face the same downside pressure from Grayscale outflows, making it potentially more attractive to investors. While Bitcoin and Ethereum ETFs saw large inflows initially, they later faced outflows due to Grayscale pressure, which XRP could avoid.

Projections suggest XRP could rise to between $1.50 and $2.49, depending on the size of the inflows following the approval of an ETF.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: 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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Bittensor

Bittensor (TAO) and These Two Coins Are Safe Bets Amid the Geo-Political Tension

Published

11 hours ago

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October 2, 2024

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Bittensor (TAO) price and the rest of the crypto market are down following rising geopolitical tensions in the Middle East. For many investors, the crypto market’s ‘Uptober’ rally is at risk of being cut short if Bitcoin price slides lower. Are there still safe bets in the current murky waters of the falling crypto markets?

Why Bittensor (TAO) and These 2 Coins Could Be Safe Bets

The Israel and Iran war has escalated further after Iran fired about 200 ballistic missiles at Israel. According to the Wall Street Journal (WSJ), the Israeli Iron Dome defense mechanism was able to intercept a large number of the rocket missiles, but there were impacts in the central and southern regions.

The entire crypto market is down 5.3%, hanging around $2.261 trillion. While the crypto community is panicking, these three coins could hedge your portfolio against more significant losses during this geopolitical tension.

1. Bittensor (TAO)

Bittensor (TAO) price reacted well to the general crypto market dump late last night following the news of the Iran attack on Israel. The price of TAO did not budge below $520 while the rest of the cryptos tanked. 

TAO price is down 10% in the last 24 hours and is trading at $538. It is in consolidation, which is bullish for a dropping market.

Bittensor PriceBittensor Price

This consolidation zone is part of a bullish pennant, a continuation pattern. As fear, uncertainty, and doubt (FUD) grip the rest of the market, TAO price is gearing up for 52% breakout that could send it to $900, and potentially $1000.

2. Solana (SOL)

Apart from Bittensor (TAO), you can explore Solana. Even though the Solana price has dropped 5.3% following the breaking news of the attack, it is still in a massive bullish pennant formation and has a high chance of breaking out.

Moreover, the SOL price is firmly above its 50-day and 200-day exponential moving averages (EMA), which confirms that despite the red markets, bullish sentiment still dominates the SOL price chart.

Solana PriceSolana Price

A breakout from the bull pennant could catapult the Solana price 115% to the upside, settling around $365, which would also be a new all-time high for the asset.

3. XRP (XRP)

The XRP price has maintained between $0.45 and $0.75 for most of last year and this year despite the crypto market experiencing several crashes. In fact, if you invested $1,000 in XRP on October 2, 2023, your investment would have only grown by 15% by today, adding only $150 to it. 

During that time, the crypto market experienced sharp increases and declines, all of which XRP braced.

xrp pricexrp price

While this is not lucrative for any investor, the choppy nature of the XRP price is exactly what is needed in times of uncertainty to hedge against extreme losses awaiting better market conditions.

Conclusion

Bittensor (TAO), Solana (SOL), and XRP have demonstrated resilience and stability during the ongoing geopolitical tensions, making them potential safe bets in an otherwise volatile crypto market. While uncertainty looms, these coins offer promising opportunities for hedging against significant losses. However, investors should remain cautious, conduct thorough research, and consider diversifying their portfolios to mitigate risks in the current unpredictable environment.

Frequently Asked Questions (FAQs)

TAO’s current consolidation zone suggests a bullish pennant formation, a pattern often indicating a breakout in price. Despite recent market fluctuations, TAO is positioned for a 52% breakout, potentially reaching $900-$1000. Its ability to resist sharp declines makes it a potential hedge against larger market losses.

All three coins—Bittensor (TAO), Solana (SOL), and XRP—have shown patterns of stability or potential growth despite recent geopolitical tensions. TAO and SOL are positioned for potential breakouts based on bullish technical patterns, while XRP’s steady performance offers a buffer against sharp market downturns.

Rising geopolitical tensions, such as the conflict between Iran and Israel, have created uncertainty in global markets, including cryptocurrencies. This has led to a general decline in the crypto market, with many investors seeking safe-haven assets to mitigate risk.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: 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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