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Price analysis

Toncoin Price Eyes $6 Comeback as Stablecoin Supply on TON Surges 13x

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During Wednesday’s U.S. trading session, the crypto market showed a bearish outlook as Bitcoin headed close to a $60k breakdown. Along with most major cryptocurrencies, Toncoin price also faced downward pressure, recording a 1.5% intraday loss and nearing a $5 support break. Will the bearish momentum stabilize for a potential reversal as the TON blockchain witnesses a renewed growth in stablecoin supply?

Toncoin Price Targets $6 Recovery as Stablecoin Supply on TON Blockchain Jumps 13x

After the arrest and legal drama around Pavel Durov, the founder of Telegram, the TON network is showing signs of resilience.

According to crypto enthusiast Nick Garcia, sourced from Messari, the stablecoin supply on TON Blockchain has surged by 25% since the arrest, with an overall increase of 13x since April. The increase accentuates a renewed interest and growth in the TON ecosystem despite the turbulence surrounding Durov’s arrest. 

The rising, stablecoin supply often boosts liquidity and network usage, potentially boosting demand for Toncoin as a utility token for transaction fees and staking, thereby supporting a price increase.

According to DefiLlama, TON’s total value locked (TVL) has experienced a notable increase, rising from $317.2 million to $402 million over the past month, reflecting a 26% growth. The increasing TVL hints that more inverters are locking their assets into the TON network and participating in decentralized finance (DeFi) protocols.

Moreover, Nick Garcia offers a cautionary outlook for investors and users by comparing this scenario with FTX, which faced a major collapse.

TON Price To Plunge 8% Amid Downsloping Resistance

Amid the ongoing war between Iran-Israel, the Toncoin price showcased a sharp reversal from $6.06 to $5.06, registering 17%. This bearish turnaround in the daily chart marks another reversal from the resistance downsloping trendline, signaling the sellers continue to defend high ground.

The dynamic resistance that has been intact since July 2024 could renew the selling pressure and drive the asset for prolonged correction. If selling pressure persists, the TON price could potentially drop to $4.5, with further downside risks leading to a decline toward $3.3.

Toncoin PriceToncoin Price
TON/USDT -1d Chart

On the contrary, a bullish breakout from the overhead trendline will signal the recovery trend gaining momentum and drive a rally past $6 swing high to target $7.2 resistance.

Frequently Asked Questions (FAQs)

Toncoin is showing signs of resilience as the stablecoin supply on the TON Blockchain has surged by 13x since April, boosting liquidity and network activity. However, with recent bearish pressure and the ongoing legal drama surrounding Pavel Durov, investors should watch for a bullish breakout from the downsloping trendline to confirm a sustained recovery

If the bearish trend continues, Toncoin could drop by 8.8%, reaching the $4.5 support level

Toncoin is undergoing a correction driven by a downsloping trendline that has been in place since July 2024

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Sahil Mahadik

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

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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DOGE price analysis

Will Dogecoin Price Surpass $0.15 By October End?

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7 hours ago

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October 9, 2024

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On Wednesday, the crypto market experienced a sudden wave of selling pressure as Bitcoin headed for the $60k breakdown. While most major altcoins followed this downward momentum, Dogecoin showed resilience, posting a 0.4% intraday gain. The neutral candle formation suggests that DOGE is continuing its sideways trend, but whale accumulation and an imminent breakout from the triangle pattern signal a potential rally toward $0.15

Can Dogecoin Price Break $0.15 by the End of October?

Amid the ongoing Iran-Israel war, the Dogecoin price showcased a notable reversal from $0.132 to $0.1, accounting for a 19% loss. Consequently, the Doge’s market cap plunged to $15.75 billion. An analysis of the daily chart shows this pullback forms a bear cycle within this symmetrical triangle pattern. 

Since June 2024, the pattern’s two converging trendlines have carried a sideways trend within two converging trend lines acting as dynamic resistance and support. Theoretically, this chart pattern drives a temporary correction for the prevailing trend to regain its momentum for a directional move post-breakout. 

The Dogecoin price prediction recent breakdown below 100 and 200-day Exponential Moving Average could accelerate the selling pressure and drive another 6% fall to retest the lower trend at the $0.1 psychological level. A potential reversal from this support could extend the consolidation phase yet provide buyers an opportunity for upside takeout at $0.122.

If the DOGE price manages to breach the overhead trendline around mid-October, the buyers could drive a high-momentum breakout rally to $0.15 by month-end.

Dogecoin PriceDogecoin Price
DOGE/USDT -1d Chart

According to data from Santiment, the number of Dogecoin holders with wallets containing between 1 million to 10 million DOGE has steadily increased, reaching a total of 10.63 billion DOGE. 

This rise in whale holdings since the October 2024 disputed major price swing suggests high confidence among the largest holders for Dogeoin’s future potential. Historically, the indicator’s upward trend coincides with a major market bottom and potential reversal.

DOGEDOGE
Supply Distribution | Santiment

 

DOGE Faces Key Resistance at $0.124 Amid 44.79 Billion Whale Supply

According to Intotheblock, the $0.124 level is backed by 44.79 Billion DOGE accumulated by 311.21k addresses. This data from GIOM (Global In/Out of the Money)  highlights a high concentration of supply at this price point, which can act as a strong resistance level. Coinciding with triangle resistance, the DOGE price could witness renewed selling pressure.

Global In/Out of the MoneyGlobal In/Out of the Money
GIOM| Intotheblock

Therefore, a potential reversal could extend the Dogecoin price consolidation trend and the potential for a triangle breakdown.

Frequently Asked Questions (FAQs)

Dogecoin could potentially rally to $0.15 by month-end if it manages to break through the overhead trendline within the symmetrical triangle pattern

The $0.124 level, backed by 44.79 billion DOGE in supply accumulated by 311.21k addresses, poses a significant resistance.

Dogecoin’s recent breakdown below the 100- and 200-day Exponential Moving Averages could amplify selling pressure, with a potential fall of 6% to retest the $0.1 psychological support

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Sahil Mahadik

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

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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Doge price

Which Will Deliver Maximum Gains This October?

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14 hours ago

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October 9, 2024

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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.

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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

Is ATH on the Horizon After 11M TRX Burn?

Published

18 hours ago

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October 9, 2024

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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.

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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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