Connect with us

Price analysis

Is ATH on the Horizon After 11M TRX Burn?

Published

6 hours ago

on


TRON (TRX) price is experiencing a notable upswing, ranking among the top market gainers despite ongoing market corrections. The bullish trend has sparked speculation about a potential climb to new all-time highs. Traders have shown a growing interest in TRX as its value continues to rise steadily, driven by increasing large transaction volumes. 

TRON Price Bolstered by TRX Token Burn Event

TRON price saw significant movement following the recent TRX token burn on October 8th. The network burned over 11 million TRX tokens, designed to enhance deflationary mechanisms and boost value. 

A total of 5,991,836 TRX tokens, valued at approximately $958,693.76, were removed from circulation, contributing to the network’s deflationary goals. The burn demonstrated Tron’s ongoing commitment to increasing scarcity and promoting long-term value growth. 

As a result, TRON reported a net negative production ratio of -5,991,836 tokens. This event is part of Tron’s broader strategy to position TRX for sustained upward price trends. 

TRX Price Eyes ATH with Steady Growth

TRON price is experiencing a notable upward trend. The TRX price is $0.1602, reflecting a 2.82% increase in the last 24 hours. The coin hit a daily low of $0.1557 and a high of $0.1604, showing steady movement within a tight range. TRON’S all-time high stands at $0.3004, a drop of about 46.65% from its peak in January 2018.

TRON has gained significantly from its all-time low of $0.001091, recorded on September 15, 2017. This marks a massive rise of 14,584.38%.

TRON price prediction shows upward momentum, with a significant rejection occurring at the $0.2 level. This bullish movement has led to a rise in TRX value. If this positive trend continues, TRX could potentially climb to $0.25. Most crypto markets today are trading in a sideways trend, with BTC price hovering above $62,000.

Further gains push the price to a new all-time high of $0.3. If market conditions remain favorable, this scenario is possible by the end of October. The Awesome Oscillator (AO) currently shows positive momentum at 0.0036, signifying an upward trend.

Tron Price Surge: Is ATH For TRON Price On the Horizon This Month?Tron Price Surge: Is ATH For TRON Price On the Horizon This Month?
Tron Price Chart| Source: TradingView

Recent data from IntoTheBlock shows a significant increase in large cryptocurrency transactions, coinciding with minor price fluctuations. According to the data, large transactions surged, reaching 405 on October 8. The trend demonstrates a steady correlation between large transaction volumes and price movements and is indicative that institutions are interested in TRX at the current price levels. Often times, a spike in large transactions can be used as proxy of these whales and could serve as a buy or sell signal. 

Tron Price Surge: Is ATH For TRON Price On the Horizon This Month?Tron Price Surge: Is ATH For TRON Price On the Horizon This Month?
Source: IntoTheBlock

With strong upward momentum, TRX is poised for further gains, fueled by rising transaction volumes and deflationary events. If current trends persist, TRON could approach its all-time high soon, marking a significant milestone for the cryptocurrency.

Frequently Asked Questions (FAQs)

TRON’s all-time high stands at $0.3004, which was reached in January 2018.

TRON has risen approximately 14,584.38% from its all-time low of $0.001091 recorded on September 15, 2017.

Analysts suggest that if the bullish trend continues, TRX could potentially reach $0.25 or even $0.30 by the end of October.

✓ Share:

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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Doge price

Which Will Deliver Maximum Gains This October?

Published

2 hours ago

on

October 9, 2024

By


XRP and Dogecoin have experienced a slump due to crypto market consolidation over the past week. Despite the recent stability, these two top-10 digital assets show signs of potential gains this October. Both coins have displayed slight bullish activity, hinting at the possibility of a price surge as market sentiment could shift favorably.

A Closer Look at XRP Vs. Dogecoin

XRP and Dogecoin, though vastly different in purpose and origin, have both made significant waves in the crypto market. The XRP Ledger  is a decentralized, open-source network known for its low transaction costs, speed, and energy efficiency. 

With capabilities like a built-in decentralized exchange (DEX) and custom tokenization, the XRP Ledger has maintained reliability through 70 million closed ledgers. 

On the other hand, Dogecoin started as a meme-based cryptocurrency in 2013, gaining popularity primarily through social media mentions, especially from Elon Musk. While XRP focuses on utility in transactions, Dogecoin has carved its niche through its community and viral appeal.

In 2021, Dogecoin experienced a meteoric rise, surging to an all-time high of $0.7376 after a massive bullish trend.  According to Coinmarketcap data, this year, it has seen a resurgence, climbing over 50% to a peak of $0.22 in April. XRP, meanwhile, saw a major boost in 2021, hitting $1.55 during the crypto market rally. 

It later surged above $0.70 following the favorable outcome of its legal battle with the SEC. However, after the SEC’s appeal, XRP experienced a significant downturn, showing the volatility that both cryptocurrencies are known for. 

Ripple vs. Dogecoin Weekly performance

Dogecoin and XRP performed divergently over the past week amid a broader market correction. Dogecoin defied the downward trend, climbing 5% and holding above a key support level. 

This resilience signals strong investor interest, making DOGE one of the few cryptocurrencies to show growth despite market turbulence. At the time of writing, the DOGE price is trading at $0.1092, with a 2% surge.

In contrast, Ripple saw a 10% dip, dropping its price from $0.58 to around $0.52. The correction hit XRP harder, raising concerns about its ability to recover in the near term. With Dogecoin’s recent gains and XRP’s struggles, DOGE may be positioned to outpace Ripple in October if the trend continues. Currently, the XRP price is at $0.5288, with a slight bearish.

XRP vs Dogecoin: Which Will Deliver Maximum Gains This October?XRP vs Dogecoin: Which Will Deliver Maximum Gains This October?
XRP price chart

Ripple vs. Dogecoin 3-Month Performance

Over the past three months, Dogecoin has shown stronger performance than Ripple’s XRP. Dogecoin’s price has fluctuated between $0.48 and $0.61, maintaining a relatively stable range. The coin also experienced an 11% rise in the past month, signaling potential momentum.

Meanwhile, the XRP faced a 0.35% decline over the same month. The token struggled to gain upward traction, which suggests it may need to catch up with Dogecoin in terms of short-term growth potential.

XRP vs Dogecoin: Which Will Deliver Maximum Gains This October?XRP vs Dogecoin: Which Will Deliver Maximum Gains This October?
XRP price chart

XRP vs. Dogecoin Price Performance Final Decision

Dogecoin has seen its price bolstered by a surge in meme coin interest, whale transactions, and rallies in leading cryptocurrencies. When examining consistent performance, DOGE appears to hold the advantage. Its status as a popular meme coin positions it well for potential explosive growth, appealing to investors seeking rapid gains.

Investors should not ignore XRP, as it holds significant potential for a rally amid ongoing developments in the Ripple vs. SEC lawsuit and the SEC’s appeal. These legal proceedings could serve as powerful catalysts, potentially driving a substantial price surge for XRP in the near future.

Frequently Asked Questions (FAQs)

XRP is a utility-focused cryptocurrency designed for fast and low-cost cross-border transactions on the XRP Ledger, while Dogecoin started as a meme-based cryptocurrency with a strong community and viral appeal.

Over the past week, Dogecoin defied the market’s downward trend, climbing by 5%, whereas XRP experienced a 10% dip. This suggests Dogecoin may have stronger short-term momentum.

XRP’s price could surge due to developments in the Ripple vs. SEC lawsuit and the SEC’s ongoing appeal, which might shift market sentiment in favor of the coin.

✓ Share:

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.





Source link

Continue Reading

DeFi

SUI price set for new ATH amid native USDC launch

Published

1 day ago

on

October 8, 2024

By



Sui received a major boost after stablecoin issuer Circle announced support for native USDC on the layer-1 blockchain platform’s mainnet.

Circle announced native USDC (USDC) was live on Sui (SUI) on Oct. 8.

Also notable for Sui on the day was the announcement by leading U.S.-based crypto exchange Coinbase that it had added USDC to Sui on its listing roadmap.

The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrency’s price rose sharply after Bybit added Sui on Launchpool.

What does native USDC mean for Sui?

Native USDC means that developers and users on Sui no longer need to bridge the stablecoin and can tap into its liquidity for decentralized finance protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.

Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.

This could lead to a rise in Sui’s network activity, potentially pushing its total value locked above the current $1.55 billion, according to DeFiLlama.

SUI price prediction

Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.

Sui’s price has retreated 6% in the past 24 hours, in line with dips for other top altcoins as Bitcoin (BTC) fell below $63,000. However, with a 108% increase in 30 days and bulls testing levels near the all-time high of $2.17 reached in March, is price discovery next?

If bulls hold near $2, it’s likely the next surge will push Sui past its current all-time high. However, before that happens, crypto analyst Altcoin Sherpa offered some caution regarding the altcoin:





Source link

Continue Reading

Bitcoin price

Bitcoin Price Falters At $64K, Chinese Stocks Tumble, What’s Next for BTC?

Published

1 day ago

on

October 8, 2024

By


With the recent spurt of bullish momentum, Bitcoin (BTC) retested the $64K hurdle but failed to sustain it. As a result, BTC is retracing. The daily chart shows a bearish outlook for Bitcoin price that could undo the past week’s gains. 

Bitcoin Price Stumbles At $64K

Crypto markets enjoyed bullish sentiment in the past week as Bitcoin price hit $64K over the weekend. This enthusiasm continued into the weekday as BTC saw another buying spike in the US trading session. In hindsight, the uptick pushed Bitcoin deep into the $64K territory, forming a local top and leading to a 3.49% crash.

As of Tuesday, October 8, Bitcoin price is up 0.58% and remains indecisive. 

Bitcoin Price TodayBitcoin Price Today
Bitcoin Price Today

Let’s explore why BTC could be crashing. 

US-Listed Chinese Stocks Plunge After Historic Rally

The Chinese stock market saw a massive uptick after China announced aggressive stimulus plans in late September. This move caused a historic rally that led some of the Indices to observe the best performance since 2008. The stimulus-led rally pushed the CSI 300, HSI, and SSE Composite to rally 36% and 30%, respectively.

CSI 300, HSI, and SSE Composite PerformanceCSI 300, HSI, and SSE Composite Performance
CSI 300, HSI, and SSE Composite Performance

Additionally, US-listed Chinese stocks like Ali Baba, BiliBili, Baidu are down 8.9%, 17.2% and 10.1%, respectively.  Analysts attribute the downfall of Chinese stocks to a loss of momentum. Hong Kong’s Hang Seng Index (HSI) tumbled 9.5%, which is the worst performance seen since 2008. 

BTC Price Analysis: What’s next for Bitcoin?

The outlook for Bitcoin remains bearish is as explained in a previous CoinGape article. BTC price is following scenario one and has promptly retraced 3.54% after piercing the daily resistance zone, extending from $63.9K to $65K.

The RSI surged from around 50 to 65 but failed to hit the overbought zone of 70. As Bitcoin price trades around $62.5K, investors must pay attention to the $61.8K support level, which provided a massive foothold last week, facilitating a 4.25% rally.

According to the previous Bitcoin price forecast, a breakdown of this level seems likely and could trigger a 7% correction that stabilizes around the $57.9K to $57.2K support levels. 

BTC/USDT 4-hour chartBTC/USDT 4-hour chart
BTC/USDT 4-hour chart

While the short-term outlook remains bearish, Philip Swift, a popular crypto analyst, notes that timeframe analysis that compares BTC and global liquidity is noise. A zoomed-out chart shows that the global liquidity has hit a new ATH, which should lead to Bitcoin hitting a new high as well.

BTC vs. Global LiquidityBTC vs. Global Liquidity
BTC vs. Global Liquidity

While the long-term outlook for Bitcoin price remains bullish, investors need to understand that the short-to-mid-term scenario remains indecisive due to multiple reasons – uncertain macroeconomic policies, geopolitical tensions, risk-off factors due to the war between Iran and Israel, and so on.

Regardless, a swift breakout and flip of the $65K hurdle into a support floor will suggest that bulls mean business. This move will invalidate the bearish thesis and propel BTC to $70K. In some cases, this development could also push Bitcoin price to set up a new all-time high. 

Frequently Asked Questions (FAQs)

Bitcoin price failed to sustain above the daily resistance zone, leading to a 3.54% correction, with potential further decline to $61.8K and $57.9K-$57.2K.

The downturn was attributed to loss of momentum after a historic rally following China’s stimulus plans, with Hong Kong’s Hang Seng Index (HSI) tumbling 9.5%.

Long-term analysis suggests BTC could hit new all-time highs driven by global liquidity, with a potential breakout above $65K propelling prices to $70K or higher.

✓ Share:

Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon