Market

Toncoin (TON) Price Stabilizes, Setting the Stage for a Shift

Published

6 months ago

October 16, 2024

Coin2049 Newsletter

Toncoin (TON) price has experienced a significant rise in its Relative Strength Index, moving from an oversold position to a neutral level. Despite this increase, the RSI remains in a neutral range, indicating no clear trend dominance.

Additionally, the stable supply of TON on exchanges suggests traders are hesitant to commit to major moves. With the EMA lines showing a weak bearish alignment, TON appears to be in a consolidation phase.

TON RSI Is Currently Neutral

TON’s RSI is currently at 45.56, a notable increase from 30 on October 9. This recent uptick indicates that buying momentum has improved, with a recovery from oversold conditions just a few days ago. The move up from 30 suggests that selling pressure has significantly weakened, leading to a stabilization in price action.

However, despite this upward shift, the RSI is still within a neutral range. The current level reflects a market in transition, where neither buyers nor sellers have taken firm control.

RSI, or Relative Strength Index, is a momentum oscillator used to gauge the speed and magnitude of recent price changes. RSI values above 70 indicate an asset may be overbought, suggesting a possible pullback. On the other hand, values below 30 typically signal oversold conditions, often hinting at a potential reversal upward.

TON’s current RSI of 45 sits comfortably between these extremes. In this neutral zone, RSI does not offer a clear directional cue, implying that TON price might continue its consolidation phase.

The market appears to be searching for clarity, with current momentum insufficient to drive a strong breakout or breakdown. As a result, it’s entirely possible that TON remains range-bound in the near term, waiting for a more definitive catalyst to shift its trend direction.

Toncoin Supply On Exchanges Is Stable

Between September 29 and October 2, TON’s supply on exchanges declined substantially, dropping from 2.29 million to 1.56 million. This significant reduction suggests that many holders were withdrawing their tokens from exchanges, possibly moving them to personal wallets. Since then, however, the supply on exchanges has risen slightly, now sitting at 1.63 million.

This partial recovery may indicate some traders are preparing to re-enter the market, potentially seeking trading opportunities. Despite this rebound, the overall supply remains well below the late September levels, showing a shift in investor sentiment compared to the prior surge in exchange balances.

Typically, when a coin’s supply on exchanges increases, it’s seen as a bearish signal. Coins moved to exchanges are often intended for selling, creating additional selling pressure.

TON Supply on Exchanges. Source: TradingView

This is exactly what happened during the early October period for TON, when the price dropped from $5.88 to $5.34 in response to increased exchange supply. However, the recent stability in the supply of TON on exchanges suggests that the market may not currently have a strong directional bias.

The relative stability of around 1.63 million implies that traders and investors are waiting on the sidelines, neither accumulating in personal wallets nor preparing for a significant sell-off. This period of calm indicates indecision, as market participants are waiting for clearer signals before making further moves.

This suggests that TON may remain in a consolidation phase until a catalyst shifts the balance either way.

TON Price Prediction: Possible Rebound Back to $6.13?

Currently, TON’s EMA lines indicate a bearish trend, with short-term moving averages positioned below the long-term ones. This alignment typically signals that downward pressure is prevailing. However, the distance between the short-term and long-term EMAs is quite small, suggesting that the bearish trend may not be particularly strong.

When these moving averages are close to each other, it implies that price momentum is not decisively negative, and any shift in market sentiment could quickly alter the trend direction. The convergence of these lines is a sign of uncertainty, indicating that traders should be cautious before making assumptions about a sustained downturn.

EMA, or Exponential Moving Average, is a technical indicator used to track the average price of an asset over a specific period. It gives more weight to recent price data to better reflect momentum. Short-term EMA lines respond quickly to price changes, while long-term EMAs are slower to react.

TON EMA Lines and Support and Resistance. Source: TradingView

When the short-term EMA falls below the long-term EMA, it signals that recent price action is weaker compared to the longer trend. This is typically interpreted as bearish.

If this current downtrend in TON becomes more pronounced, the price could test lower support levels, potentially dropping to $4.99 or even $4.78. However, should sentiment improve and the trend reverse, TON price could recover to retest the $5.88 zone and possibly move higher to $6.13, suggesting a renewed bullish momentum.

The small gap between EMA lines makes both scenarios possible, depending on how market forces evolve.

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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Market

BNB Price Faces More Downside—Can Bulls Step In?

Published

16 hours ago

April 2, 2025

Coin2049 Newsletter

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Market

VanEck Sets Stage for BNB ETF with Official Trust Filing

Published

17 hours ago

April 2, 2025

Coin2049 Newsletter

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

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

XRP Recovery Stalls—Are Bears Still In Control?

Published

18 hours ago

April 2, 2025

Coin2049 Newsletter

XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.

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