Market
Top Altcoin Gainers in the Past Seven Days
The week so far has been marked by an uptrend in the altcoin market, with many crypto assets reaching new milestones.
JasmyCoin (JASMY), Wormhole (W), and Toncoin (TON) are some of the top altcoins with the highest gains in the past seven days.
JasmyCoin (JASMY) Rallies to a Two-Year High
In the past seven days, the price per JasmyCoin (JASMY) has risen by 46%. Exchanging hands at $0.043 at press time, the altcoin currently trades at a price level last observed in March 2022.
Following an extended trending period within a range, with a relative balance between buying and selling pressures, the bulls emerged dominant on May 14. JASMY’s Elder-Ray Index confirmed this as it has since returned positive values (marked by green bars) since then.
This indicator identifies the direction of an asset’s price trends and potential buying or selling opportunities in the market. When its value is positive, it is a bullish signal, which suggests that token accumulation outpaces distribution.
As of this writing, JASMY’s Elder-Ray Index was 0.014.
Further, readings from its Moving Average Convergence Divergence (MACD) showed its MACD line (orange) positioned above its signal (blue) and zero lines at press time.
This indicator also measures an asset’s price trends and potential changes in direction. It is considered a bullish signal when its lines are set up this way, as buying momentum is higher than selling pressure.
If this trend is maintained, JASMY’s value may rally to exchange hands at $0.055, a price it last traded at on March 18, 2022.
However, if buyer exhaustion sets in, the token’s value may fall to $0.058
Wormhole (W) Puts Holders in Profit
W, the native token of the cross-chain bridge Wormhole, has seen its value climb by 30% in the past seven days. That period also saw a significant spike in the token’s daily trading volume. For example, at press time, W’s trading volume totaled $238 million, its highest in over 30 days.
W’s positive Chaikin Money Flow (CMF) buttresses the point above, confirming the uptick in capital inflow into the W market. As of this writing, the indicator’s value was 0.03.
W’s CMF tracks how money flows into and out of the market. With a CMF value above zero, the W market sees more liquidity inflow than capital outflows. This bullish signal is interpreted as a sign that altcoin will continue its uptrend.
If this continues, W might surge to exchange hands at $0.68 if this continues.
However, if invalidated, it will dip to sell at $0.63.
Toncoin (TON) Reaches For Resistance
Rising by 16% in the past seven days, Toncoin (TON) is attempting to break above the upper line of its ascending channel. It has trended within this channel since May 2.
An ascending channel forms when an asset’s price consistently makes higher highs and higher lows over a period of time. The channel typically indicates a bullish trend, which suggests that buyers are in control and the asset’s price is likely to continue rising.
The fact that TON trades above its 20-day Exponential Moving Average lends credence to this. This moving average tracks an asset’s average price over the past 20 days.
When the price trades above it, it means that the current value of an asset is higher than its average price in the past 20 days. This bullish sign shows buying activity is higher than selling pressure.
If TON bulls maintain this trend, the token’s price might rally past $7.74 and toward a new all-time high at $7.80.
However, if they fail and allow the bears to regain control, selling pressure may push the altcoin’s value down to $7.01.
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.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this 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.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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