Market
Toncoin in Bullish Breakout as Pavel Durov Speaks Up
The odds appear to be shifting in favor of Telegram-linked Toncoin (TON), whose value has risen by almost 10% in the past 24 hours.
The altcoin has outperformed other cryptocurrencies during that period, thanks to Pavel Durov’s first public statement since his arrest on August 24.
Pavel Durov’s First Statement
Telegram CEO Pavel Durov expressed gratitude for the support he received following his recent arrest in France, where he was questioned by police for four days. He revealed that authorities suggested he could be held personally responsible for illegal activities on Telegram due to a lack of response from the platform.
Durov highlighted that Telegram has a designated representative in the EU to handle such requests and that French authorities had various means to reach him. He criticized the approach of holding CEOs accountable for third-party actions on their platforms, calling it a misguided application of outdated laws.
“Building technology is hard enough as it is,” Durov stated, adding that the potential for personal liability would deter innovation.
Durov emphasized the challenge of balancing privacy and security, noting that Telegram has always sought to engage with regulators while adhering to its mission of protecting users’ rights, particularly in authoritarian regimes. He mentioned past instances where the platform chose to exit markets like Russia and Iran over privacy concerns.
Addressing Telegram’s recent surge in users, which reached 950 million, Durov acknowledged the growing pains and the increased potential for abuse. He assured users that Telegram is actively working to improve its moderation and safety efforts, promising to share more details soon.
“We are driven by the intention to bring good and defend the basic rights of people,” Durov affirmed while expressing optimism that these events would lead to a stronger and safer platform.
TON Sees Demand Uptick
The positive sentiment around this statement has led to a spike in Toncoin’s value. TON is the top gainer in the market, with a 7% price uptick in the past 24 hours. The price surge is backed by significant demand, as evidenced by its positive price daily active address (DAA) divergence.
When an asset’s price DAA divergence is positive during an uptrend, it is a bullish signal indicating that the price surge is supported by a demand enough to sustain the rally.
Moreover, the market sentiment toward TON has shifted from negative to positive over the past two days, as evidenced by the altcoin’s positive weighted sentiment.
This metric, which tracks the market’s mood regarding an asset, is 0.50 as of this writing. It indicates that positive emotions fuel most social media discussions about TON.
Read more: What Are Telegram Bot Coins?
Additionally, the bullish bias is also present in TON’s derivatives market with an uptick in trading volume and open interest.
Data from Coinglass shows that trading volume has spiked by 8% to $630 million during the review period. Likewise, its open interest, which tracks the total number of unsettled futures or options contracts, has risen by 8.17%. When this climbs, it suggests that more traders are entering the market and opening new positions.
Toncoin Price Prediction: Further Upside
Toncoin’s performance on the 12-hour chart hints at the possibility of an extended rally.
First, readings from its Moving Average Convergence/Divergence (MACD) show its MACD line (blue) poised to cross above its signal line (orange). When this happens, it indicates a potential shift in the market trend from bearish to bullish. It suggests that the asset’s momentum is trending upward, and traders often interpret this as a buy signal.
Also, the Chaikin Money Flow (CMF), which tracks how money flows into and out of the market, attempts to cross above the zero line. When an asset’s CMF crosses above zero, it indicates that buying pressure is starting to outweigh selling pressure. Therefore, it suggests that buyers are gaining control of the market.
If this buying pressure is sustained, TON’s price could rally toward $5.32. Breaking past this critical area of resistance could increase the chances for another upward move to $5.96.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Still, traders must watch out for the recent low at $4.51. Losing this level of support could trigger a 40% price correction for Toncoin.
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
Dogecoin Holding Time and Whale Activity Spikes
Dogecoin (DOGE), a leading meme coin, is signaling a potential breakout from its narrow trading range.
If this momentum continues, it could reclaim its multi-year high of $0.48, fueled by extended holding periods and increased accumulation by large holders.
Dogecoin Investors Reduce Distribution
The on-chain assessment of DOGE’s performance has revealed a significant spike in the holding time of all its coins transacted in the past seven days. According to IntoTheBlock, this has climbed by 302% during the review period.
The holding time of an asset’s transacted coins represents the average duration tokens are kept in wallets before being sold or transferred.
Longer holding periods like this reduce selling pressure in the DOGE market. This reflects stronger investor conviction, as investors choose to keep their coins rather than sell them.
In addition to reducing selling activity, DOGE whales have increased their holdings over the past week. This is reflected by the 112% uptick in its large holders’ netflow during that period.
An asset’s large holders’ netflow metric tracks the movement of coins into and out of wallets controlled by whales or institutional investors. When this metric spikes, it suggests that these large holders are accumulating more of the asset, signaling increased confidence in its future price movement.
DOGE Price Prediction: Bullish Run Could Continue
If this bullish momentum is maintained, DOGE will extend its weekly 3% spike. As buying pressure strengthens, the meme coin could revisit its four-year high of $0.48.
However, this bullish outlook will be invalidated if accumulation stalls and selling activity recommences. In that scenario, DOGE’s price could slip to $0.29.
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
Base DEX Volume Approaches $3 Billion Amid Growing Adoption
Base, Coinbase’s Layer-2 (L2) blockchain solution, has reached new heights, setting an all-time high daily decentralized exchange (DEX) trading volume near $3 billion.
This milestone reflects Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.
Base Hits New Milestone in DEX Volume
Blockchain analyst Dan Smith highlighted Base L2’s record-breaking volume of $2.9 billion, including $1.3 billion in ETH-USD trading, which also hit an all-time high. Other trading pairs, such as ETH-cbBTC and BTC-USD, were close to breaking their own records.
The $2.9 billion DEX volume reflects Base’s growing appeal among traders, particularly in ETH-USD pairs, which benefited from recent price volatility. Alexander, another blockchain enthusiast, noted that this milestone marked the first time Base nearly tagged $3 billion in daily volume, alluding to the development as evidence of L2’s growing adoption.
AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded an all-time high of $1.68 billion in volume, further emphasizing the ecosystem’s momentum.
“This is the first time Base nearly passed $3 billion and AerodromeFi set a new ATH of $1.68 billion in volume,” Alexander commented.
Base’s success is particularly notable because it operates without a native token. Coinbase explicitly ruled out launching a token for Base, prioritizing ecosystem growth and user adoption instead. This approach has likely contributed to its traction by focusing on utility and reducing speculative risks that could deter long-term users.
“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” Base lead developer Jesse Pollak stated recently.
Consistent Growth in Transactions and TVL
The recent achievement follows Base’s earlier milestones, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. More closely, the network recently outpaced Ethereum in user growth amid growing crypto markets.
Additionally, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increased user participation, asset inflows, and liquidity within its ecosystem. A rising TVL signals greater confidence in the platform, fostering a stronger and more sustainable DeFi environment.
Despite its impressive growth, Base has faced some criticism. The network was accused of copying aspects of an NFT project, sparking concerns over originality and intellectual property. While this controversy did not deter adoption, it highlights the challenges of rapid innovation in the competitive blockchain space.
Base’s trajectory positions it as a serious contender in the L2 space, competing with established players like Arbitrum (ARB) and Optimism (OP). Its emphasis on utility, combined with rising user participation and liquidity, paints a promising picture for its future.
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.
Market
Is a Drop Below $0.92 Inevitable?
Cardano’s recent sideways price action has led to a surge in demand for short positions among futures traders.
As the coin’s momentum slows, traders are increasingly betting on a price decline, signaling a bearish sentiment toward ADA.
Cardano Traders Bet on a Price Decline
According to Coinglass, ADA’s Long/Short Ratio is at a monthly low of 0.82, indicating a high demand for short positions.
An asset’s Long/Short Ratio compares the number of its long (buy) positions to short (sell) positions in a market. As with ADA, when the ratio is below one, more traders are betting on the price falling (shorting) rather than rising. If short sellers continue to dominate, this can increase the downward pressure on the asset’s price.
Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin.
Weighted Sentiment gauges the overall market bias by analyzing the volume and tone of social media mentions. A negative value signals growing skepticism among investors, often leading to reduced trading activity and downward pressure on the asset’s price.
Notably, ADA whales have reduced their trading activity over the past week, with the coin’s large holders’ netflow dropping by 90.29%, according to IntoTheBlock.
Large holders, defined as addresses holding more than 0.1% of an asset’s circulating supply, play a significant role in market movements. A decline in their netflow indicates reduced buying activity, adding to the downward pressure on ADA’s price.
ADA Price Prediction: Recovery to $1 or Decline to $0.80?
ADA is currently trading at $0.98, hovering just above its support level of $0.90. If bearish pressure intensifies, the price may test this support. A failure to hold at $0.90 could see ADA’s decline extend further, potentially dropping to $0.80.
Conversely, if buying activity resurges, ADA’s price could stabilize above the $1 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.
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