Market
Why FET Price Fall Under $1 Is Just the Beginning
After holding onto the $1 market for months, the Artificial Superintelligence Alliance (FET) price has fallen below the threshold. This decrease follows a challenging crypto market that has seen altcoin prices plunge to levels not seen in a long time.
As of this writing, FET, formerly known as Fetch.ai, trades at $0.71, representing a 78.32% decline from the all-time high it reached in March.
Not a Super Season for Artificial Superintelligence Alliance
According to Santiment, while the altcoin’s price dropped, its trading volume surged dramatically. Crypto trading volume measures the total value of tokens traded over a specific period.
For FET, the volume increased by 245% in the last 24 hours, rising close to $300 million. This rise indicates a lot of buying and selling around the AI-themed token.
Typically, rising volume alongside increasing price strengthens an uptrend. However, in FET’s case, the drop in price and sharp rise in volume indicate intense selling pressure, suggesting another downturn.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
This decline may surprise FET holders who expected a price increase from the ASI merger, a union of three cryptocurrencies. The merger led to an increased circulating supply, which typically raises market capitalization since it’s a product of price and tokens in circulation.
Even though the merger is incomplete, FET’s market cap reached $3.32 billion on July 27. By press time, the token had lost a significant portion of its value, dropping to $1.78 billion.
FET Price Prediction: Key Support Level Broken
According to the daily chart, bulls had camped at the $1.05 support up until August 2, when they lost hold of the region. FET price continues to witness weakness as a result of this development.
Furthermore, BeInCrypto observed that the token trades below the 20-day Exponential Moving Average (EMA). The EMA measures trend direction, and when the price of a cryptocurrency trades above it, the trend is bullish.
However, the fact that it changes hands below the indicator suggests that the trend is bullish. Should this remain the case, FET’s price may continue to slide downwards.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
If current market conditions remain the same, the cryptocurrency’s value may drop to $0.69. However, if buying pressure increases, FET could return to $1.
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
Toncoin’s 20% Surge May Face Challenges from Profit-Taking
Toncoin (TON) has recently seen a resurgence in its price, reaching a monthly high with a 20% surge this week. While this rise has sparked optimism, it has yet to solidify as Toncoin faces ongoing pressure from holders looking to secure profits.
Whether TON can maintain its momentum remains uncertain as signs of potential pullbacks emerge.
Toncoin STHs Are Gaining Profits
Currently, the MVRV Long/Short Difference indicator is signaling potential turbulence for Toncoin. The indicator has dropped further into negative territory, suggesting that short-term holders are in profit.
Given that these investors typically hold Toncoin for less than a month, they are prone to sell quickly, especially during price surges. Such a pattern is often bearish, as increased selling pressure from short-term holders can limit price growth and reverse upward trends.
The negative MVRV Long/Short Difference highlights the cautious sentiment surrounding Toncoin. While the recent price rise has been substantial, the presence of short-term holders selling off their positions could hinder further gains. This situation presents a challenge for Toncoin, as it may struggle to sustain its uptrend if short-term investors continue to sell in large volumes.
Toncoin’s macro momentum is also showing signs of potential reversal, as reflected in the Relative Strength Index (RSI), which is approaching the overbought zone. Historically, when Toncoin’s RSI breaches this zone, the price tends to experience a correction or reversal. If the RSI crosses into overbought territory, Toncoin may face similar pressure, resulting in a pullback that could cool off the recent rally.
The nearing overbought RSI emphasizes the cautious outlook for TON’s price trajectory. This pattern of RSI-driven corrections could impact investor sentiment, prompting traders to secure profits before a potential dip. Such macro-level signals highlight that Toncoin may face resistance in its effort to maintain the current upward momentum.
TON Price Prediction: New Highs Are Too Far
Toncoin has increased nearly 20% over the past week, trading around $5.59. TON is now eyeing the critical resistance level of $5.96 as it attempts to break through and reach $6.00, a significant milestone for the asset.
However, with the aforementioned bearish indicators, it seems unlikely that Toncoin will breach this resistance easily. If selling intensifies, TON could drop below its $5.37 support, indicating further declines as profit-taking becomes more prominent.
If Toncoin manages to stabilize and secure $5.37 as a strong support level, it may attempt another rally toward $5.96. Breaching this level would challenge the current bearish outlook, providing TON with the foundation needed to target new highs.
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
Cronos Price Rally Hits 2-Year High, Will It Sustain Above $0.20?
Cronos (CRO) has been on a tear recently, skyrocketing by 148% over the past week. Currently, the altcoin trades at $0.17, a level last seen in May 2022.
With demand for Cronos rising, its rally appears positioned to break above the $0.20 mark for the first time in two years. This analysis examines the factors that could drive the price higher in the near term.
Cronos Sees Spike in Trading Activity
Over the past 24 hours, CRO’s value has surged by 21%. During the same period, its trading volume totaled $1.24 billion, spiking by over 300%.
When a high trading volume backs an asset’s price rally, it signals strong momentum behind its current trend. This indicates sustained interest and confidence among traders. It suggests the asset is attracting new buyers and seeing increased demand from existing investors. This demand can lead to a self-reinforcing rally as more investors jump in, expecting prices to continue climbing.
Notably, its rising open interest confirms the surge in CRO trading activity. At press time, this sits at $24.36 million, its highest since August 2023.
Open interest tracks the total number of active or unsettled contracts in the market, such as futures or options. When it rises, the total number of active or outstanding contracts increases.
This uptick usually reflects new participants entering the market or existing traders expanding their positions, bringing additional liquidity. When open interest and an asset’s price rise simultaneously, this indicates a bullish sentiment and raises the potential for a sustained rally.
CRO Price Prediction: $0.20 May Come Soon
At its current price, CRO trades above the $0.14 resistance level, which it recently broke above. Sustained buying pressure will flip this price level into a support floor upon retest, propelling the Cronos price rally toward the $0.22 mark.
However, if selling activity gains momentum, the $0.14 price level will not hold as support, causing CRO’s price to plummet toward $0.04.
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
Ethereum Beam Chain Proposed at Devcon for Future Upgrades
Blockchain researcher Justin Drake unveiled the Ethereum Beam Chain concept during Devcon in Bangkok. This proposed overhaul aims to consolidate several key advancements in the network.
The proposed Beam Chain will consolidate native support for zero-knowledge proofs and rapid finality into a single upgrade for the Ethereum network.
Ethereum Beam Chain to Address Legacy Issues of the Network
Drake described the Beam Chain as a step closer to Ethereum’s envisioned final form. He emphasized that the current Beacon Chain, introduced five years ago, is outdated.
Significant technological progress has been made since its implementation, particularly in areas like maximal extractable value (MEV) mitigation and advancements in zero-knowledge technologies.
“The current beacon chain is kind of old. The specs were frozen five years ago, and in these five years, so much has happened. Particularly, we have a much better understanding of MEV (Maximal Extractable Value),” said Ethereum researcher Justin Drake in Devcon 2024.
Drake highlighted that zk-SNARKs have become more efficient, and zero-knowledge Ethereum Virtual Machines (zkEVMs) are now operational, offering enhanced scalability and privacy for blockchain applications.
This proposal marks the first major technological vision since the network’s transition to proof-of-stake over two years ago. The Merge, which replaced Ethereum’s energy-intensive proof-of-work model, was the last event to garner widespread enthusiasm.
While the network has seen incremental updates since then, including improvements for layer-2 blockchains, the Ethereum Beam Chain could unify future upgrades under a more comprehensive framework.
Unlike previous updates, the Ethereum Beam Chain proposal suggests bundling significant changes into one coordinated upgrade every few years while continuing with annual incremental improvements to address smaller technical needs.
The Ethereum Networks is Going Through Significant Changes
The Ethereum Beam Chain proposal comes on the back of several upgrade initiatives for the network. The foundation recently introduced the Mekong testnet, designed to trial features of the upcoming Pectra fork scheduled for 2025.
This testnet provides a controlled environment for rigorous testing before deploying updates to the mainnet. Meanwhile, ENS Labs, responsible for Ethereum Name Service (ENS), unveiled a layer-2 scaling solution to improve the performance of blockchain-based identity systems.
ETH has also surged in value in the current bull market, gaining 29% over the past week to hit a three-month high of $3,184. Investor confidence appears strong, with increased holding times and reduced selling pressure.
At the same time, whale activity on the network has reached a 14-week peak. Transactions exceeding $1 million have surged to 8,482, reflecting heightened interest from large-scale investors.
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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