Market

This Is Why Toncoin Supply in Profit Has Reached New High

Published

6 days ago

September 13, 2024

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Toncoin (TON) holders are seeing their investments pay off. The supply of coins held at a profit has reached a new weekly high, following a decline to a seven-month low.

This surge in profitability comes just a week after Telegram CEO Pavel Durov broke his silence regarding his arrest in France.

Toncoin Supply in Profit Skyrockets

Following Pavel Durov’s public condemnation of his arrest on September 5, market sentiment has shifted positively towards Toncoin. The value of the Telegram-linked asset has surged by 15% over the past seven days, bucking the general market downtrend.

As Toncoin’s price climbs, the percentage of its total supply held in profit has also surged. At press time, it sits at a seven-day high of 53%.

toncoin total supply in profit — Toncoin Percent of Total Supply in Profit. Source: Santiment

According to Santiment’s data, Toncoin’s supply in profit hit a seven-month low on September 8. However, following Pavel Durov’s statement, trading activity surged, increasing the number of TON coins held in profit to 6.13 million. A spike in an asset’s supply in profit indicates that a significant portion of its circulating supply is now valued higher than when it was originally acquired.

This rise in profit has led to a shift in strategy among TON’s short-term holders. Data from IntoTheBlock reveals that many addresses that purchased the coin in the past month are now holding onto it, resisting the urge to sell.

Toncoin Addresses By Time Held. Source: IntoTheBlock

This is a bullish signal because short-term holders, often known as “paper hands,” typically sell their coins at the first sign of trouble. However, this group of TON holders has held onto their coins, indicating their intention to benefit from the ongoing price rally.

TON Price Prediction: Coin Seeks More Gains

TON’s technical setup confirms that the altcoin is poised to extend its gains. For example, the Moving Average Convergence/Divergence (MACD) indicator — which tracks trend direction, shifts, and potential price reversal points — confirms the growing demand for the altcoin. At press time, TON’s MACD line (blue) rests above its signal line (orange) and is making its way toward the zero line.

When an asset’s MACD line rises above the signal line, short-term momentum is stronger than long-term momentum. A cross above the zero line further confirms the uptrend, reinforcing the likelihood of a continued rally. If TON maintains this uptrend, it will target resistance at $6.8.

toncoin price prediction — Toncoin Daily Analysis. Source: TradingView

However, a spike in profit-taking activity may invalidate this bullish projection. If selling pressure gains momentum, it will pull Toncoin’s price to $4.46.

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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Related Topics:High Profit Reached Supply Toncoin

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Market

Will Notcoin Price Break This Key Resistance?

Published

56 mins ago

September 19, 2024

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Like other altcoins in the market, Notcoin (NOT) has seen a price increase in the last 24 hours. Within the period mentioned, NOT has jumped by 8% while its volume has surged 85%, indicating growing interest in the Telegram coin.

With market volatility at a high level, Notcoin faces a crucial momentum that could determine its short-term movement. If NOT fails to break through this key resistance, it risks facing a significant correction that may send its price tumbling.

Notcoin Encounters Challenges

Notcoin is currently trading at $0.0078, still 73% below its all-time high. Despite recent gains in price and volume, which suggest a potential rally, the 4-hour analysis indicates the token could face challenges as it targets $0.011.

The 4-hour chart shows that Notcoin is working its way toward $0.0080, but this level has previously acted as resistance, where the coin faced rejection. If Notcoin fails to break above this price level, it could see a 10% correction. In this case, its value might drop to $0.0072.

Read more: 5 Top Notcoin Wallets in 2024

Notcoin 4-Hour Analysis. Source: TradingView

An evaluation of Notcoin on the daily timeframe shows its Relative Strength Index (RSI) remains below the neutral 50.00 mark. The RSI is a momentum indicator that tracks the speed and size of price changes.

If the RSI moves above the midpoint, it signals bullish momentum and a potential price increase. Conversely, a decline in the RSI suggests weakening momentum.

For Notcoin, the RSI is rising but still below the signal line, indicating the uptrend is uncertain. The token’s upward movement will likely remain shaky unless bulls apply more pressure to push the price higher.

Notcoin Relative Strength Index. Source: TradingView

NOT Price Prediction: Rally Could Stop

Furthermore, the Fibonacci retracement indicator provides insights into NOT’s next movement. From a short-term perspective, bulls might try to break above $0.0085. However, around the same region, Notcoin began a decline that pulled it down to $0.0072 on September 6.

As such, that region is a supply zone that requires notable buying pressure to surpass. Currently, it does not appear that Notcoin has the notable capital flow to keep the upswing going.

Notcoin Daily Price Analysis. — Notcoin Daily Analysis. Source: TradingView

In a highly bearish scenario, Notcoin’s price could drop to $0.0072 and possibly as low as $0.0069. On the other hand, if the token manages to break above the $0.0080 and $0.0085 resistance levels, it could potentially surge to $0.011.

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Market

Why 2024 Altcoin Season Could Fuel a Rally in These 6 Tokens

Published

2 hours ago

September 19, 2024

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Crypto investors and analysts support that the 2024 altcoin season may have just started, drawing signals from multiple fundamentals, including Bitcoin’s (BTC) sustained foray above $63,000.

The optimism comes after the Federal Open Market Committee (FOMC) decided a 50 basis points interest rate cut in September, suggesting the US economy is in a good place.

Crypto Banter Founder Highlights Tokens Primed for Altcoins

Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, says the 2024 altcoin season is beginning. Its founder, Ran Neuner, cites the Federal Reserve’s (Fed) interest cut on Wednesday, increasing global liquidity and the all-time high seen in the money market funds. With this, he lists six tokens that are best positioned to rally if the altcoin season takes off.

SUI

The analyst starts by highlighting Sui (SUI) as a standout token, noting its rising prominence in the market, even posing a threat to Solana (SOL). SUI has been making headlines with major partnerships, including Circle’s USDC integration. Grayscale also recently launched a Sui Trust, which has driven a significant increase in both price and trading volume.

Ran Neuner believes these strong fundamentals position SUI for success in the short term, especially if an altcoin season unfolds.

FTM

The analyst also highlights Fantom (FTM) as a promising altcoin, noting its strong price performance. FTM has gained attention after recent internal developments, including the rebrand to Sonic Labs in August.

The rebrand has sparked renewed investor interest, positioning Fantom for further growth. Sonic Labs is building on this momentum with the launch of Sonic Gateway, a decentralized bridge that enables secure ERC-20 token transfers between Ethereum and Sonic.

This development has provided a boost for FTM, which has risen by 10% since the Thursday session began, trading at $0.33, according to BeInCrypto data.

IMX

ImmutableX (IMX) is also on Crypto Banter’s list of altcoins poised to rally on a possible alt season. The gaming token has broken above a falling wedge pattern, effectively confirming a reversal. Based on this breakout, analysts expect a bullish wave.

IMX Price Performance — IMX/USDT 2-day chart, Source: TradingView

AERO

The portfolio rebalancing also considers Aerodrome (AERO), as the central trading and liquidity marketplace continues to thrive on Base L2. The underlying fundamental for AERO is Aerodrome’s MetaDEX model, which combines the best aspects of previous decentralized exchange market leaders.

“When we assess Aerodrome’s implied outcomes through a model, it’s evident that token inflation, in itself, is not inherently bad. Instead, emissions are just one input into an economic model—a cost that can be managed and overcome,” a DeFi researcher echoed.

SOL

If the assumption proves accurate, Solana (SOL) may be gearing up for a strong rally, given its history of delivering impressive gains during altcoin market surges. Solana has often outperformed when broader altcoin momentum picks up, making it a key player to watch.

Currently, SOL is trading at $141.53, marking a 10% increase in the last 24 hours, according to BeInCrypto data.

OM

MANTRA (OM) earns a spot on the analyst’s list due to the upcoming launch of its mainnet in October. This event is expected to be a major milestone for the project, as it will bring real-world assets (RWA) on-chain. The mainnet launch will be a crucial step in integrating traditional finance (TradFi) into the blockchain ecosystem, creating new opportunities for MANTRA’s growth.

Ran Neuner also highlighted several other tokens that could see strong rallies, including Arweave (ARV), THORChain (RUNE), Render (RNDR), Crown by Third Time Games (CROWN), and SuperVerse (SUPER). These tokens have posted steady, conservative gains despite recent market uncertainty, positioning them for larger increases if an altcoin season takes off.

However, Neuner advises investors to keep an eye on the Bank of Japan’s (BOJ) CPI and interest rate decision on Friday. He warns that if the BOJ raises rates, it could disrupt the current rally, potentially leading to a market reversal. On the other hand, if the BOJ cuts interest rates, it could reinforce the ongoing upward momentum.

“Don’t get overconfident. We need good CPI out of Japan tomorrow and for BOJ not to raise rates on Friday. September still has some potential liquidity drains so don’t lever up to the gills, just 8 more days until it is really up only,” GamesMasterFlex wrote.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Will NEIRO Price hit $0.17 soon?

Published

3 hours ago

September 19, 2024

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After a brutal 45% plunge triggered by Binance’s actions, Neiro Ethereum (NEIRO) is making a remarkable comeback. The meme coin has surged by an impressive 51% in the past 24 hours, outpacing the broader meme market.

With a resurgence in demand for NEIRO, the meme coin looks poised to extend its gains.

Neiro Ethereum Makes Its Comeback

BeinCrypto reported that NEIRO saw a sharp 45% price drop on Monday after Binance listed a different token with the same NEIRO ticker on its spot and futures markets.

However, the broader market’s positive sentiment over the past 24 hours, fueled by the US Federal Reserve’s rate cut, sparked a strong recovery for NEIRO. At press time, the altcoin is trading at $0.11, up 51%, with trading volume surging 53% to $93 million.

This rally has significantly boosted the number of profitable NEIRO transactions. Santiment data shows the ratio of transaction volume in profit to loss is now 3.66, its highest since the token’s July launch. This means that for every transaction at a loss today, 3.66 have turned a profit.

NEIRO Ratio of Daily On-Chain Transaction Volume in Profit to Loss. Source: Santiment

NEIRO traders remain bullish, with the altcoin’s funding rate at 0.01%, indicating higher demand for long positions among futures market participants.

neiro funding rate — NEIRO Funding Rate. Source: Santiment

NEIRO Price Prediction: Higher Demand May Push Token To $0.17

NEIRO’s Relative Strength Index (RSI) on the four-hour chart confirms the growing accumulation of the altcoin. At 59.07, this momentum indicator suggests market conditions are leaning toward buying rather than selling.

If buying pressure continues, NEIRO’s uptrend could persist, with the potential to rise another 46% and reach $0.17.