Altcoin
Toncoin (TON) Price Struggles to Break $7 Resistance: What Next?
Before Toncoin’s (TON) recent bounce to $6.75, the cryptocurrency experienced a 12% decline over the last six days. TON initially broke below a vital area and has since been unable to rise past it.
Based on this analysis, it can be challenging for the token to break this resistance. As such, the price may remain below $7 in the coming days.
Toncoin Metric Reveals Potential Sell-Off
According to IntoTheBlock, TON’s decline over the last month has ensured that the number of holders in profits is no longer at the previous peak. Furthermore, the In/Out of Money Around Price (IOMAP) reveals how the price may fare, with data showing a significant sell-wall.
The IOMAP group addresses holding a crypto asset based on their unrealized losses or profits. If a large number of addresses are in unrealized loss, the price range will act as resistance. However, if the higher number is in profits, it will be a support point for the crypto in question.
For Toncoin, 2,290 addresses that purchased 1.15 million tokens at an average price of $7.05 are currently in unrealized losses. This is a higher figure than the 1,510 addresses that bought 636,690 TON tokens at an average price of $6.61.
Read More: 6 Best Toncoin (TON) Wallets in 2024
This means that if TON’s price continues its bounce and reaches at least $6.93, these addresses may place a significant sell order, potentially causing the price to fall.
If this happens, TON’s next level could be around $6.43 and $6.52. The supply of exchanges provides further evidence of this.
On July 25, Toncoin’s supply on exchanges was a little under seven million. But at press time, the figure had climbed to 7.32 million. The increase in this metric implies that investors are sending more tokens out of self-custody, suggesting potential selling pressure.
If the number were lower, it would have implied lower selling pressure and increased potential for prices to jump. But If this exchange supply continues to rise, TON’s price decrease, as mentioned above, could be validated.
TON Price Prediction: Potential Rebound or Further Decline?
Between May and July 21, TON formed an ascending trendline that ensured that the price did not break below $6.03. However, press time data shown on the daily chart reveals that the price has slipped below the trendline and the support at $7.00.
The Relative Strength Index (RSI) corroborates this condition, as the reading is below the neutral line. When the RSI is below the midpoint, it means that the momentum around a cryptocurrency is bearish. Hence, the price is likely to continue a downward trend.
Another indicator that supports the bearish bias is the Ichimoku cloud. The Ichimolky cloud spots support and resistance levels and identifies trend direction. If the cloud is below the price, the trend is bullish.
However, for TON, the cloud is above the price, indicating a bearish momentum. From the chart shown below, Toncoin’s price could decline to $6.57, which is where the 23.6% Fibonacci retracement positions.
Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token
But if buying pressure increases, this forecast may be invalidated. If that happens, TON can rebound to $7.18 or as elevated as $7.45.
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.
Crypto analyst Ali Martinez has made a bold prediction for the Cardano price, stating that it will reach $6 in this market cycle. The analyst went further to provide a timeline for when exactly ADA will reach this target based on historical trends.
When Cardano Price Will Reach $6
In an X post, Ali Martinez stated that the Cardano price will reach $6 by July to September 2025. The analyst made this ADA price prediction based on historical trends.
Martinez’s accompanying chart showed how the ADA price witnessed a rally of over 4,000%, which began in November 2020 and led to the coin reaching its current all-time high (ATH) of $3.10 in September 2021. The analyst believes Cardano can witness a similar run again and rally over 2,200% to reach $6.2.
The chart also showed that the Cardano price rally to this target had begun since the fourth of this month. Indeed, this might be the case as CryptoRank data showed that the crypto is up over 90% since the start of this month. ADA has also increased by over 20% in the last 24 hours.
This bullish outlook for the ADA price follows Cardano’s founder, Charles Hoskinson, confirming that he will serve as a crypto advisor in the Trump administration. Meanwhile, Bitwise recently filed a multi-crypto ETF application, which will include ADA.
A Rally To $1 Might Be Imminent
Crypto analyst Sebastian indicated that the Cardano price could rally to $1 in the short term. In an X post, the analyst highlighted a bullish pennant that had formed on ADA’s daily chart. He added that the breakout target is $1.
Interstingly, Sebastian recently raised the possibility of the Cardano price reaching $20 in this market cycle. The analyst noted that ADA’s market cap would be $700 billion if it reached this price target. The analyst suggested this price target was feasible since the Ethereum price reached a $560 billion market cap last cycle.
According to him, two important factors could send ADA to that price. First, he mentioned that this could happen if Bitcoin holders started investing heavily in the Cardano ecosystem after Cardano became Bitcoin’s layer-1 for smart contracts. The second factor he mentioned is whether Hoskinson will eventually become a crypto advisor in Trump’s administration.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
Solana meme coin Moo Deng (MOODENG) price witnessed a remarkable 20% uptick in value on Friday, sparking market optimism against the backdrop of a major listing for the crypto. Notably, leading Asian crypto exchange OKX announced that it is adding the meme coin to its stockpile of trade offerings, generating investor curiosity globally. Crypto market enthusiasts speculate whether the listing could help the token sustain a rally amid a bullish market, especially within the meme coin sector.
OKX Unveils Listing For Moo Deng Sparking Investor Frenzy
In an official announcement by the Asian crypto exchange on November 15, it was brought to attention that MOODENG/USDT spot trading on the platform is to commence starting at 12:00 PM (UTC) today. The platform’s colossal user base remains poised to indulge in Moo Deng trading, paving the path for further money inflow into the token.
In turn, the crypto currently surfs bullish tides across the market amid a meme coin frenzy. It’s noteworthy that this year’s Q4 sees a remarkably bullish meme coin market, with tokens such as Dogecoin and Shiba Inu witnessing weekly gains worth over 90% and 25%, respectively.
However, MOODENG price rally appears to have stolen the spotlight amid backing from major crypto exchanges despite other tokens mirroring notable gains. CoinGape Media recently reported that Binance launched Moo Deng futures listing with up to 75x leverage, igniting a price surge of 90% in the meme coin. Overall, market watchers continue to gauge the coin’s price movements as OKX’s support could further bolster the price.
MOODENG Price Soars 26%, Will Rally Sustain?
At press time, MOODENG price shot up 26% intraday and is now trading at $0.573. The coin’s 24-hour low and high were $0.3979 and $0.5788, respectively. Concerningly, the token’s trading volume did not surge as the trading on the exchange is to go live later today. Nevertheless, market watchers remain optimistic on future actions amid a bull run already taken by the token.
The Solana meme coin‘s weekly gain totaled 103%, whereas the monthly chart indicated a 538% upsurge. This rising trajectory has underscored the token’s potential to offer investors remarkable gains ahead.
Meanwhile, Coinglass data showed that the coin’s futures OI soared 26% to $293.14 million. Also, the derivatives volume jumped 10% to $2.60 billion. Overall, the current market stats underscore a heightened market interest in the asset, paving a bullish path for future movements.
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.
Dogecoin whales are on a buying spree, despite the DOGE noting a retreat today, sparking speculations in the market. A top crypto market expert highlights that the DOGE whales have accumulated over $55 million of the top meme coins in the last 24 hours, indicating the growing confidence of the investors. Having said that, many in the digital assets space, especially the meme coin sector, anticipate a breakout ahead for the crypto.
Dogecoin Whales Bags Millions Sparking Optimism
The top meme coins have noted a strong rally over the past few days amid a positive sentiment hovering in the broader crypto market. Amid this, Dogecoin whales have accumulated millions of tokens, showcasing their increasing confidence in the market.
According to a recent X post by the prominent crypto market expert, Ali Martinez, the DOGE whales have bagged 140 million coins from yesterday only. The transfers, valued at around $56 million, have sparked discussions in the market over further rally in the meme coin’s price.
Besides, another report from Lookonchain showed that a Dogecoin whale has dumped all his SPX holdings to add DOGE to his holdings this week. According to the report, the whale has dumped 10.6 million SPX for $6.2 million, making a profit of around $920K. Following that, he has spent $6.2 million to buy 13.95 million Dogecoin, valued at around $4.88 million currently.
This massive accumulation has resulted him a loss of around $1.33 million. Despite that, it showcases the growing confidence of the investor towards the meme coin’s future trajectory.
DOGE To Hit $3 Next?
Apart from the Dogecoin whales, it appears many are now shifting their focus toward the digital assets space, especially the meme coins segment. Notably, interest rose after Elon Musk was appointed to the Department Of Government Efficiency (D.O.G.E.) to cut the excess Federal spending.
The short form of the department, resembling the ticker of Dogecoin, has sparked interest among investors. Besides, Musk has actively voiced his support for DOGE previously on the X platform, which has also fueled interest among investors.
However, despite the positive sentiment, the crypto market today retreated with Bitcoin price also witnessing a pullback from its ATH. Besides, several other top altcoins and meme coins have also faced pressure, as witnessed by the recent performances of the coins.
As of writing, DOGE price today was down over 6% and exchanged hands at $0.3726, while its one-day trading volume fell 31% to $14.88. Over the last 24 hours, the leading meme coin has touched a high of $0.4147. Notably, the crypto has touched a weekly gain of 89%, while in the last 30 days, it added about 200%.
However, Dogecoin Futures Open Interest fell more than 3% today, indicating the subsiding risk-bet appetite of the investors. Despite that, a recent Dogecoin price analysis hints at a possible rally for the crypto $3, sparking market interest.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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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