Market
Will Toncoin Price Hit $6.57 After Whales Inject $72 Million?
In a bold move to prevent Toncoin’s (TON) price from sliding further, crypto whales have stepped in to buy the cryptocurrency in large volumes. This influx of buying pressure comes after several instances where Toncoin appeared poised to drop to the $4 mark.
But over the last few days, bulls have ensured that the altcoin does not go below that threshold. With whales now in the picture, here is what could be next for TON.
Whales Scopp Over 13 Million Toncoin
According to IntoTheBlock, Toncoin’s large holders’ netflow surged by 44% over the past seven days. In the crypto space, large holders are addresses that control approximately 1% of a token’s total circulating supply.
These major stakeholders often exert significant influence on price movements. When large holders’ netflow decreases, it signals that whales are selling more of the asset than they are purchasing.
However, in Toncoin’s case, these holders accumulated roughly 13.83 million tokens on October 16, valued at over $72 million at the current price, indicating potential bullish momentum for the altcoin.
Read more: Top 9 Telegram Channels for Crypto Signals in October 2024
Beyond the increase in large holders’ netflow, Toncoin’s Coins Holding Time has also risen. This metric tracks how long a cryptocurrency has been held without being sold. A longer holding time often reflects growing confidence that the asset will generate favorable returns.
When the holding time decreases, it usually signals potential selling pressure, which could lead to a price drop. However, an uptick in holding time suggests that most holders are refraining from selling, which can strengthen buying momentum and raise the likelihood of a price hike.
TON Price Prediction: Eyes Above $6
A look at the daily chart shows that Toncoin’s price is $5.13. Although the current value is decreasing, BeInCrypto noticed strong support at $5.05. This support, which has historically prevented TON from undergoing a significant correction, could become vital again.
As it stands, TON’s price is unlikely to drop below this region. If that happens, the next move for the Telegram-native coin could be a run toward $5.80. But at $5.80, the altcoin might experience some level of resistance that might want to push it back.
However, if buying pressure continues to increase, Toncoin might successfully breach this zone, and its value might climb to $6.75.
Read more: 6 Best Toncoin (TON) Wallets in 2024
However. in a case where bears force a rejection, TON might not reach this point. Instead, the cryptocurrency might decline below the $5 mark.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
This Is Why INJ Price Is Ready To Surge By Over 50%
Injective (INJ) briefly surged to a 16-day high of $23.09 on Thursday, following its listing on South Korea’s leading crypto exchange, Upbit. Since then, the price has corrected by 7% and is now trading at $21.28.
Despite the pullback, bullish sentiment around this Layer-1 (L1) coin remains strong. INJ is positioned to retest this recent high and potentially rally beyond it. This analysis delves into what investors can expect as momentum builds.
Injective Has Upbit To Thank
In a Thursday announcement, Upbit revealed that it will support INJ trading on its platform across both Korean Won (KRW) and USDT markets. This immediately prompted a surge in the coin’s trading activity, pushing its price to $23.09, its highest since the beginning of October.
Although the uptick was brief, and INJ now trades at $21.28, INJ’s technical setup suggests that it may reinitiate the uptrend, reclaim this high, and even surpass it. Readings from its moving average convergence/divergence (MACD) confirm this bullish outlook.
As of this writing, the coin’s MACD line (blue) is positioned above both the signal line (orange) and the zero line. The MACD indicator, which tracks price trends and momentum, helps identify potential buy or sell signals.
Read more: How Will Artificial Intelligence (AI) Transform Crypto?
This setup indicates a strong bullish trend, suggesting that momentum is positive and the asset is in an uptrend, with the short-term average notably higher than the long-term average.
Further, INJ’s open interest has spiked by 19% over the past 24 hours, reflecting the uptick in its market activity. As of this writing, this stands at $95.17 million.
An asset’s open interest represents the total number of outstanding derivative contracts that remain unsettled or open. In INJ’s case, the rising open interest accompanying its price surge suggests that new capital is entering the market, with traders actively taking positions. This is a sign of a strengthening bullish trend.
INJ Price Prediction: Why the Bulls Are Needed
The $22.01 level serves as a key resistance for INJ, with the coin currently trading at $21.28, just below this mark. If bullish momentum persists, breaking above this resistance could trigger a 54% rally, potentially pushing the price to $33.38 — a level last seen in June.
Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run
On the other hand, if profit-taking intensifies, INJ could fall to $15.79. Failure to hold this support may result in a further decline, with the price possibly dropping to $13.50.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Aptos (APT) Price Set to Climb, but Momentum is Weakening
The Aptos (APT) price has surged by 24% over the last seven days, raising questions about whether this uptrend can be sustained. While recent gains have been impressive, the technical indicators are starting to show mixed signals.
Whether APT can push higher or face a correction will depend on how these trends unfold in the coming days.
APT RSI Is Far From Overbought
Aptos (APT) RSI is currently at 53.75, dropping from 76 just four days ago. This decline suggests a reduction in buying pressure compared to recent peaks, signaling a potential cooling period in market activity. However, the current RSI level still shows a neutral to mildly bullish outlook.
RSI, or Relative Strength Index, is a momentum indicator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 suggesting oversold conditions. An RSI around 50 reflects a balanced state, where buying and selling pressures are nearly equal.
Read more: Aptos (APT) Price Prediction 2024/2025/2030
APT’s RSI at 53.75 points to a market that is not yet overextended despite recent gains, which saw APT price rise by 24% in just one week. This level suggests that the uptrend may still have room to grow as the RSI remains below the overbought threshold of 70.
If bullish momentum resumes, APT’s price could continue climbing, potentially pushing the RSI higher without immediately risking a reversal. This positioning allows for further growth before reaching a level that typically signals caution.
Ichimoku Cloud Shows Aptos Surge Could Be Over For Now
The Ichimoku Cloud chart for Aptos suggests a generally bullish trend, as indicated by price levels currently trading above the green cloud (kumo). This configuration implies that market sentiment is positive and buyers are in control. The cloud acts as a support zone, and with prices above it, APT is demonstrating resilience and strength in its recent price action.
Additionally, the leading span A (green) is above leading span B (red), which reinforces the bullish sentiment and points to potential support in the event of any short-term price dips.
The Tenkan-sen (blue line) and Kijun-sen (red line) are also showing mixed signals. While the Tenkan-sen remains slightly above the Kijun-sen, indicating that the momentum is still bullish, their recent convergence suggests a loss of momentum. If the Tenkan-sen crosses below the Kijun-sen, it could signal a potential trend reversal or at least a weakening of the current uptrend.
Additionally, the green Chikou span (lagging line) is above the price, which supports a continued bullish outlook, but traders should watch for any changes that could signal a pullback. Overall, the Ichimoku chart signals that APT remains in a bullish position, but the narrowing gap between key lines indicates that momentum could be wavering.
APT Price Prediction: The Coin Can Surge 76% If This Happens
APT EMA lines are currently bullish, with short-term lines positioned above long-term ones. However, the distance between these lines has significantly narrowed, indicating that bullish momentum might be weakening. When the gap between short-term and long-term EMAs shrinks, it often signals that the trend could be losing strength and might soon reverse.
EMA lines, or Exponential Moving Averages, help identify the direction and momentum of price trends by giving more weight to recent data points. In APT’s case, the current EMA setup reflects an ongoing uptrend, but the diminishing separation suggests that the market’s strength may be faltering.
Read more: 5 Best Aptos (APT) Wallets in 2024
If the current uptrend holds, APT could surge to $14.42, and breaking that resistance might propel the price to $17.89 — its highest level since April 1. Such a move would represent a 76% gain for APT price, showing the bullish potential if momentum remains strong.
However, as indicated by both the Ichimoku Cloud and EMA lines, the uptrend could be getting weaker. If the trend reverses, APT price might test support levels at $8.45 or even fall to $7.86.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana (SOL) Price Slows Down as Resistance Builds
Solana (SOL) price has surged by 12% over the past six days, riding a wave of bullish momentum that has seen it break through multiple resistance zones. This rally has been fueled by technical strength, including bullish EMA positioning and supportive BBTrend values.
However, with recent gains accumulating quickly, traders are now assessing if SOL can maintain this upward force. The ability to test and hold key resistance levels will be crucial in shaping the next price movement.
BBTrend Suggests SOL Bulls Are Strong
SOL BBTrend is currently positive, around 8.08, indicating a solid bullish momentum for Solana. This means that the price is trading above the middle Bollinger Band, showing a favorable market sentiment.
A positive BBTrend often suggests that the price trend is well-supported, and the asset could continue its upward trajectory. However, the BBTrend alone should be complemented with other indicators to confirm the overall strength and sustainability of the trend.
Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024
The BBTrend metric measures the strength and direction of the trend using Bollinger Bands, which track volatility. While the current BBTrend value remains positive, it has dropped from 9.01 over the past few days, suggesting that Solana’s bullish momentum might be waning.
This decline could imply that the current trend is weakening, meaning SOL price may face increased resistance and possibly a shift towards a more neutral or sideways movement.
Solana Current Uptrend Could Be Losing Momentum
The SOL DMI chart reveals that the current uptrend strength is at 34, as indicated by the yellow line, which represents the Average Directional Index (ADX). ADX is a key component of the Directional Movement Index (DMI) and is used to gauge the strength of a trend, regardless of its direction.
The ADX itself is a measure that helps traders understand how strong the current price movement is. A reading above 20 generally indicates a strong trend, and with an ADX of 34, Solana is currently in a strong uptrend, suggesting there is still notable momentum behind recent price action.
In Solana’s case, the reading of 34 suggests that the uptrend is substantial, but traders need to keep an eye on whether ADX continues rising or starts to plateau, as this can hint at changes in trend strength.
Additionally, the DMI chart reveals that the positive directional indicator (D+) stands at 22.3, while the negative directional indicator (D-) is at 14.2. The higher D+ suggests buyers still have control of the market. However, just two days ago, D+ was at 36.7, and D- was at 9.15, indicating the gap between them is shrinking, which could point to weakening buyer momentum.
The narrowing gap suggests weakening bullish momentum and increasing selling pressure. If this trend persists, it could signal a shift toward a more indecisive market, where bulls lose dominance. This may lead to more volatile price action or consolidation.
SOL Price Prediction: A 12% Correction Or a 27,8% Price Surge?
SOL’s EMA lines remain bullish, with short-term exponential moving averages (EMAs) positioned above the long-term EMAs. This arrangement suggests that the price trend is currently in an upward phase, with recent price movements exceeding the longer-term average.
However, the short-term EMAs are starting to trend downward, indicating a potential loss of momentum. If these shorter-term lines cross below the longer-term EMAs, it could be a bearish crossover, signaling the beginning of a downtrend. Traders typically view this “death cross” as an early warning that the prevailing bullish trend is weakening.
Read more: 7 Best Platforms To Buy Solana (SOL) in 2024
Given the current situation, SOL could test support levels at $144 and $141. If the selling pressure persists, the price might even dip as low as $133, which would be around a 12% correction from current levels. These support zones could play a crucial role in stabilizing the price and providing a platform for potential recovery.
On the flip side, if the bullish momentum returns and the uptrend gains strength, SOL could move back up to the $161 level. Should it break this resistance, the next target might be $193, implying a potential price gain of around 27.8%. This scenario would reaffirm the continuation of the bullish trend, with further upside likely if buyers regain control.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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