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Will Telegram’s New ‘Gift’ Feature Drive Toncoin Price for $8 Breakout?

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2 hours ago

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Toncoin price struggled during the low-volatility weekend, posting a 3.2% decline over the last 24 hours. The bearish momentum heading for a $5 breakdown can be attributed to geopolitical tension in the Middle East or a looming death crossover between key EMAs. Will TON buyers manage to counter-attract amid the new ‘Gift’ feature launched on Telegram?

Can Telegram’s Gift Feature Trigger a Toncoin Price Breakout to $8

Telegram CEO Pavel Durov has announced an exciting new “Gift” feature for the platform, allowing users to give digital gifts to friends and loved ones. The received gift can be displayed in a profile or exchanged for ‘Stars’ Telegram’s virtual currency.

These stars can be used to support creators and purchasing services in mini apps.

Moreover, Some gifts will be available in limited supply, adding exclusivity to the items. Durov’s blog mentioned these limited-edition gifts would be available to convert into TON-based NFTs later this year. The users can auction and trade these tokenized gifts outside Telegram, with ownership secured on the blockchain.

In addition, Telegram introduced verification codes, improved its reporting interface, and redesigned video chats on iOS, indicating their effort to improve user experience.

These developments could significantly boost translation volume in the TON network and accelerate the recovery momentum in Toncoin price.

According to DefiLlama, the TON’s Total volume locked has surged from $317.2 Million to $404 Million in September, accounting for 30% growth. This increase signals the investors’ locking of their assets in TON’s decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.

EMA Death Crossover Puts TON for 11% Downside Risk

Amid the escalating conflict between Israel and Iran, the Toncoin price witnessed a sharp reversal from $6.13 to $5.2— a 15% loss. This pullback records another bearish reversal from the multi-month resistance trendline, indicating the sentiment of sell-the-bounce is intact. 

With a potential death crossover between the 50-and-200-day Exponential Moving Average (EMA) looming, the TON price could have plunged to $5 support. This potential breakdown could push the asset 11% down to test $4.6. 

Toncoin (TON) PriceToncoin (TON) Price
TON/USDT -1d Chart

On the contrary, if the buyers flip the overhead trendline into potential support, the Toncoin price could drive a sustained recovery to $7.26, followed by an $8.2 high.

Frequently Asked Questions (FAQs)

Telegram’s newly launched “Gift” feature could play a pivotal role in Toncoin’s potential price breakout and drive a rally to $8.

Telegram’s new “Gift” feature allows users to send digital gifts that can be exchanged for ‘Stars,’ Telegram’s virtual currency.

Toncoin is at risk of a death crossover between the 50-day and 200-day Exponential Moving Averages (EMA), which could signal a prolonged bearish trend.

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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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Dogwifhat (WIF)

Dogwifhat Price 8% Away From Ending Six-Month Bearish Phase

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5 hours ago

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October 6, 2024

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During the low-volatility Saturday session, the Dogwifhat price dropped by 2.8%, bringing it down to $2.27. The bearish momentum was triggered by the price’s ongoing struggle to break through the key resistance trendline of the falling wedge pattern, which has persisted since March 2024. As the market enters ‘Uptober,’ buyers could drive a final push to conclude this six-month correction.

Dogwifhat Price Inches 8% Closer to Breaking Six-Month Bearish Streak

The cryptocurrency market started October on a bearish trajectory, impacted by the escalating conflict between Iran and Israel. This downturn saw Bitcoin dropping below $65,000, while major altcoins, including Dogwifhat, faced significant reversals. Dogwifhat’s price tumbled from $2.64 to $1.96, marking a 25% loss before recovering slightly, reclaiming the $2 level.

Dogwifhat’s price is now encountering a significant overhead supply at the psychological $2.5 mark. This resistance is compounded by a falling wedge pattern established in March 2024. This chart setup, a typically corrective pattern, is defined by two converging trendlines that signal a steady downward correction. However, the price usually precedes a major breakout, suggesting a potential trend reversal.

Currently trading at $2.2, the WIF price is just 8% away from challenging the pattern overhead trendline. A successful breach from the resistance trendline will accelerate the recovery momentum and drive an 88% rally to hit $4.08, followed by $4.86.

A potential bullish crossover between the 50-and-100-day exponential moving average could support the bullish narrative.

Dogwifhat Price Dogwifhat Price
WIF/USDT -1d Chart

Check out the article on top meme coins to buy for a detailed analysis.

WIF Open Interest Soars 88% Amid Bullish Market Activity

Since mid-September, the WIF open interest has surged significantly from $195.7 million to $368.2 million, marking an impressive 88% growth. This sharp rise in open interest suggests increasing participation in the WIF futures market, which could indicate a substantial buildup of positions by traders expecting significant price movements.

WIF Futures Open Interest (USD)WIF Futures Open Interest (USD)
WIF Futures Open Interest | Coinglass

Additionally, dogwifhat’s Weighted funding rate spiked to 0.0062% on Saturday, according to Coinglass data. This positive value accentuates the buyers’ readiness to pay a premium price to hold a long position, indicating their confidence for further rallying.

WIF OI-Weighted Funding RateWIF OI-Weighted Funding Rate
WIF Weighted Funding Rate | Coinglass

On the country note, if Dogwifhat price reverts from the resistance trendline, the asset could prolong its current correction.

Frequently Asked Questions (FAQs)

Dogwifhat’s price is approaching a key resistance point, just 8% away from breaking out of a falling wedge pattern since march

A potential breakout from the wedge resistance and a bullish crossover between the 50-and-100-day exponential moving averages (EMA) could signal a trend reversal

Dogwifhat’s price faces strong resistance at the $2.5 psychological level, compounded by the falling wedge pattern that has been in place since March 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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Price analysis

Tech Expert Says Solana is Centralized, What’s Next For SOL Price?

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3 days ago

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October 3, 2024

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SOL price has been affected by the ongoing market decline and has potentially abandoned the anticipated bull pennant breakout. However, the pattern is still valid, and a little more consolidation between $130 and $161 should allow it to remain viable for a breakout. In the meantime, popular Wikileaks whistleblower Edward Snowden believes Solana is centralized, a tale he shared at the recently concluded Token2049.

Is Solana Being Centralized Bad for SOL Price?

Speaking at the Token2049 conference, Former NSA intelligence and government Edward Snowden said Solana was centralized and probably only good for meme coins and scams. 

He noted that Solana is a case of a group of individuals taking advantage of a generational technological revolution for profit. While Solana provides convenience through its fast speeds and low transaction costs, Snowden pointed out that investing real value in the chain would be risky because of its centralized nature.

The issue of not being decentralized has always plagued the Solana blockchain.  Generally speaking, centralization is generally not good for a cryptocurrency as it defeats the purpose of blockchain itself. Solana has been accused of inflating transaction numbers, which has had a positive impact on its SOL price.

Historically, Solana price has shown resilience despite criticisms. For instance, after the initial centralization claims emerged, the SOL price dipped but quickly bounced back as the market focus shifted to its undeniable ecosystem growth.

Moreover, the recently rejected Solana ETF filed by VanEck and 21 Shares contributed to improving Solana’s legitimacy as a top blockchain contender in the eyes of the public.

Solana Price Sets Eyes On $300 Despite Criticisms

Like in previous criticisms, Solana remains adamant to rise to new highs. The SOL price chart shows a bullish setup, which, if broken, could propel the price to over $500. 

The Solana price is currently trading at $141.64, which sits around the 38.2% Fibonacci retracement level from its larger downtrend. This is a significant level, as it often acts as a pivot point for continuation or reversal.

The 50% Fibonacci retracement at $115 is holding as strong support, with the next major resistance above the 38.2% level at the 23.6% Fib retracement, close to $164.

The arrow on the chart points to potential higher price levels, suggesting bullish momentum is expected, possibly driving Solana toward $225 (first major resistance) and beyond $325.

Solana priceSolana price
Solana price chart

Solana price prediction shows if the asset fails to sustain above the 0.5 Fibonacci retracement level, it may signal crypto market weakness, leading to lower prices. SOL may find support around $85 or $61 if the Solana price continues dropping.

Frequently Asked Questions (FAQs)

Edward Snowden described Solana as centralized and suggested it might only be suitable for meme coins and scams. He expressed concerns that a small group of individuals is capitalizing on the blockchain’s potential for profit, undermining the decentralized ethos of cryptocurrency.

Centralization contradicts the fundamental principles of blockchain technology, which promotes decentralization, security, and transparency. A centralized network can be more vulnerable to control by a few entities, raising concerns about manipulation and sustainability.

Investment decisions should be based on individual risk tolerance and market research. While some analysts see bullish potential for SOL, ongoing market volatility and concerns regarding centralization warrant careful consideration before investing.

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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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eigen

Is It Time to Buy in EIGEN?

Published

4 days 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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