Connect with us

Price analysis

TRON Price Climbs After 10 Million TRX Burn; What’s Next For TRX?

Published

3 hours ago

on


TRON  (TRX) price has seen a recent price rebound, signaling a possible shift in market dynamics. For weeks, the cryptocurrency’s trading pattern showed limited movement as both bulls and bears battled for dominance. 

Despite a bearish trend, recent market activity suggests a potential recovery could be on the horizon. The recent 10 million TRX token burn has increased bullish sentiment, causing upward pressure on the price.

TRON Price Surges Amid Burn Signals Potential Future Growth.

TRON has made a significant move in its token economy by burning 10,136,282 TRX on October 11th. This burn underscores TRON’s commitment to deflationary mechanisms and potential value growth.

The recent burn resulted in a net negative production ratio of -5,069,243 TRX, indicating that the amount of TRX destroyed exceeded the new supply issued. Such burns often aim to decrease the token supply, potentially driving up its value over time by making it more scarce.

The crypto market is experiencing a significant surge, with Bitcoin maintaining a strong position above the $62,000 mark and Ethereum holding steady above its $2,400 support level. This momentum fuels optimism across the market, positively influencing other top altcoins.

Can TRON Price Hit $0.20 Soon?

TRX price has seen an upward trend in the last 24 hours, rising by 2.16% to $0.1637. After experiencing a slight dip earlier in the day to $0.1591, the cryptocurrency showed a strong recovery. The market has shown resilience, with a peak of $0.1638 recorded during the same time frame.

If TRON price prediction surpasses the $0.18 resistance, it could next target the psychological $0.20 level. However, if the bullish momentum weakens, the price could consolidate back to the $0.15 range or lower. On the downside, the key support levels remain at $0.15 and $0.12.

The MACD indicator on the daily chart reveals a potential bullish crossover. The MACD line has surpassed the signal line, a common indication of growing upward momentum. The histogram also moves into positive territory, supporting the view of bullish strength.

TRON Price Climbs After 10 Million TRX Burn; What’s Next For TRX?TRON Price Climbs After 10 Million TRX Burn; What’s Next For TRX?
TRON Price Chart| Source: TradingView

TRON  indicates a significant surge in trading activities. TRX volume has risen, highlighting the increasing interest and activity in the market. Open interest in TRX derivatives has also seen a notable rise. These volume and open interest increases suggest heightened market confidence and active participation.

TRON Price Climbs After 10 Million TRX Burn; What’s Next For TRX?TRON Price Climbs After 10 Million TRX Burn; What’s Next For TRX?
Source- Coinglass

The TRON’s token burn and positive technical indicators suggest the potential for further growth. However, the market remains volatile, and traders should watch key support and resistance levels closely.

Frequently Asked Questions (FAQs)

A TRON token burn is when a certain number of TRX tokens are permanently removed from circulation to decrease supply and potentially increase value.

Over 10 million TRX tokens were burned on October 11th, 2024.

The TRX burn created bullish momentum by reducing the token supply, which contributed to a price increase.

✓ 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 *

Dogwifhat (WIF)

If WIF Repeats SHIB’s 2021 Move, Can dogwifhat Price Hit $10

Published

6 hours ago

on

October 12, 2024

By


The Solana-based dogwifhat (WIF) is an emerging memecoin that has gradually gathered investors’ attention with high momentum rally and whale movement. This community-driven token features a Shiba Inu dog wearing a pink knitted hat. With the asset still nascent, several investors wonder if dogwifhat price could repeat SHIB’s meteoric rise in 2021 and ascend to the $10 mark. 

Will dogwifhat Price Hit $10 If It Mirrors Shiba Inu’s 2021 Rally?

In 2021, the Shiba Inu price witnessed an extraordinary rally of 45000%, which pushed its value to a high of $0.000037 in May and its market cap to over $10 billion. 

If WIF were to mimic SHIB’s 2021 rally, it would imply a massive surge in its market value. The dogwifhat currently trades at $2.77, and a 45,000% increase would increase its price to approximately $1,247.65—a figure vastly exceeding the speculative target of $10.

Is the 2021 SHIB rally Possible for WIF?

Given the current market scenario, achieving a 45000% rally seems unlikely for dogwifhat price. In 2021, the SHIB rally was driven by an exceptional confluence of social media enthusiasm, meme culture, and a wave of retail investor interest in such assets.

While these factors are still valid and can offer substantial growth for most major memecoins, their impact has noticeably diminished in recent years. This decrease can be attributed to emerging competition like BONK, PEPE, DOGS, etc, which may siphon away the investors’ interest from WIF. 

The cat-themed meme asset also provides alternative investment opportunities for crypto participants, making it harder for assets like Dogwifhat to stand out. Furthermore, the cryptocurrency market is steadily maturing, and more than social media hype is needed to drive sufficient buying pressure for an asset.

Dogwifhat Price Analysis: WIF Ends 6-Month Correction

Since last month, the dogwifhat price showcased a high-momentum rally from $1.44 to $2.7, accounting for an 88% surge. Consequently, WIF’s market cap surged by $2.27 Billion.

An analysis of the daily chart showed that this recovery resulted in a decisive breakout from a falling wedge pattern on October 6th. Established in March 2024, this chart pattern created a distinct correction trendline between two converging trendlines. 

Although geopolitical tensions in the Middle East have hindered dogwifhat price rally post-breakout, the upward slope of the 20-day EMA continues to support bullish momentum. With sustained buying, the WIF buyers could target $4 and $4.8 in near future.

Dogwifhat PriceDogwifhat Price
WIF/USDT -1d Chart

However, a breakdown below the downsloping trendline will accelerate the selling pressure and drive prolonged correction.

Conclusion:

So, If WIF repeats SHIB’s 2021 move, can dogwifhat price hit $10? The answer is ‘Yes.”  Can it mimic the complete 45,000% rally? The answer is ‘No’ amid emerging competition, insufficient hype, and investors rather than just social media hype.

Frequently Asked Questions (FAQs)

While theoretically, a 45,000% increase from its current trading price of $2.77 would elevate WIF’s price to approximately $1,247.65, aiming for a $10 price is more realistic

DogWifHat recently experienced an 88% price surge, moving from $1.44 to $2.77, following a breakout from a six-month falling wedge pattern established since March 2024

In 2021, Shiba Inu’s price saw an unprecedented rally of 45,000%, driven largely by a perfect storm of social media enthusiasm, meme culture popularity, and significant retail investor interest,

✓ Share:

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.





Source link

Continue Reading

Price analysis

Solana Price Rebound Aims for 25% Surge as TVL Heads Toward $6 Billion

Published

9 hours ago

on

October 12, 2024

By


In Friday’s US trading session, the crypto market rebounded with renewed buying strength as the Bitcoin price spiked 4.34%. After a week-long consolidation, the bullish momentum uplifted most major altcoins, including SOL, to kick-start a sustainable recovery. The Solana price is up 5% today, indicating potential for further recovery as the Total Value Locked (TVL) continues to rise.

Solana Price Gears Up for 25% Rally as TVL Edges Toward $6 Billion

Following the initial market sell-off triggered by geopolitical tension in the Middle East, the Solana price plunged $136.2 in early October. The coin price managed to stabilize with short consolidation and developed a bullish reversal double-bottom pattern.

The SOL price has been up 7.8% in the last 48 hours to trade at $145, while the market cap boosted to $68.28 billion. The recent price jump also reclaimed the crucial daily EMAs (50, 100, and 200), positioning SOL price for further rally. With sustained buying, the Solana price could rise 25% to hit $180, challenging the triangle resistance for the pennant pattern.

Theoretically, the pattern shows a long pole defining the primary trend, followed by a counter-trend move led by two converging terminals. The short pullback is meant to recuperate exhausted bullish momentum and offer a strong breakout for the next big move.

Thus, a potential break-out from the overhead trend line will accelerate the bullish momentum and trigger the Solana price prediction rally to $209, followed by $275.

BINANCE:SOLUSDT Chart Image by sahilmahadik07BINANCE:SOLUSDT Chart Image by sahilmahadik07

SOL TVL Surges to $5.7 Billion with User Activity at 3.44M

According to theBlock data, Solana’s active addresses have swiftly rebounded to 3.44 million, highlighting a surge in user activity and engagement on its network. This increase in active addresses signals growing confidence and participation in Solana’s ecosystem, which is a positive indicator of network health. 

In addition, Solana’s Total Value Locked (TVL) has displayed a steady upward trend since March 2024. According to DeFiLlama data, the SOL TVL has surged by $5.7 Billion. Reflecting increased investor confidence and engagement in decentralized finance (DeFi) projects within its ecosystem.

On the contrary, if the Solana price breaks below the pennant’s lower trendline, the bearish momentum will accelerate, extending the correction trend to $100, followed by $80.

Frequently Asked Questions (FAQs)

Solana’s price is up 5% today, and this momentum is expected to continue toward a 25% surge, driven by rising Total Value Locked (TVL) in its decentralized finance (DeFi) ecosystem

Solana’s price formed a bullish double-bottom pattern after a stabilization period following an initial sell-off

If Solana’s price drops below the pennant’s lower trendline, bearish momentum could accelerate, extending the correction

✓ Share:

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.





Source link

Continue Reading

Altcoins

Top 3 Altcoins to Sell in Uptober

Published

2 days ago

on

October 10, 2024

By


The crypto market is in the red today after shedding 3.2% of its value. Nevertheless, the entire crypto space is still convinced October will be a green month for crypto assets. As October (Uptober) runs out, there are some altcoins to sell before election month kicks in and uncertainty hits its highest.

3 Altcoins to Sell in Uptober

October has historically been one of the best months for crypto over the past 12 years, and many anticipate a new all-time high for Bitcoin. However, the total crypto market cap, excluding Bitcoin, has fallen by 5.68% since the start of the month. While analysts consider this drop to be within the expected 10% range, the Bitcoin Fear and Greed Index has dropped from 49 yesterday to 33 today, indicating growing investor fear. Here are three altcoins to consider selling before October ends.

1. FTX Token (FTT)

FTT is the native token of the infamous FTX crypto exchange. While the token spiked by over 55% following the court approval of the FTX reorganization plan, it has also seen a sharp decline due to profit-taking, as evidenced by the long wicks.

FTX Token - Altcoins to Sell in UptoberFTX Token - Altcoins to Sell in Uptober

FTT price is down 2.6% in the last 24 hours and is trading at $2.21. While the $16 billion compensation plan is good news for all of the crypto market, with selling pressure mounting, it could face a downturn in October.

2. MANTRA (OM)

OM is the main utility and governance token of the MANTRA DeFi protocol.  The token recently hit a new all-time high due to the anticipation of its upcoming main net launch, topping out at $1.4746. 

However, candlestick analysis shows weakness as the OM price reached a zone of resistance. The long upper wicks indicate buyer exhaustion, and the short consolidation period followed by a long black candle suggests sellers may be taking control.

MANTRA priceMANTRA price

Investors selling to make a profit could cause the price to drop as low as $0.85, a 34% drop from the current price. This makes OM one of the top altcoins to sell before October is over.

3. Stacks (STX)

The Stacks network is a layer-2 solution for Bitcoin that enables the deployment of smart contracts and decentralized applications (dApps) on the Bitcoin mainnet. STX is the native token of the platform and has had a nice 30% pump ahead of the Nakamoto network upgrade and the launch of a new Bitcoin-pegged stablecoin, sBTC. 

While STX is expected to benefit from the Nakamoto hard fork, selling pressure could affect its price, as the chart shows the asset in a pattern with a measured move of 25% to the downside. 

STX price STX price

The STX price is $1.69, representing a 3% decrease in the last 24 hours. A 25% drop from the current price will set it around $1.28.

Conclusion

While October is indeed a green month on average, it is good to check tokens that may perform better than others and diversify into them. On the other hand, tokens like FTX (FTT), Stacks (STX), and MANTRA (OM) show signs of dropping between 25% and 40% in October (Uptober), meaning they are altcoins to sell.

Frequently Asked Questions (FAQs)

Although October is historically a strong month for the cryptocurrency market, not all altcoins benefit from this upward momentum.

Three altcoins showing signs of decline are, FTT, OM and STX.

While a short-term drop is anticipated, crypto markets can change rapidly. Depending on market sentiment, news, and developments, these tokens may regain value later, but timing your entry or exit is crucial.

Related Articles

✓ Share:

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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon