Market

Will Toncoin Bears Emerge Victorious?

Published

3 months ago

August 12, 2024

Coin2049 Newsletter

The price of Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has registered a double-digit rally over the past week.

However, despite this, short traders have maintained their bets against the altcoin, indicated by a persistent demand for TON shorts.

Toncoin Short Traders Are Unrelenting

At press time, TON trades at $6.27. Over the past seven days, the altcoin’s value has climbed by almost 20%. However, many traders have continued to open positions against a continued rally in its futures market. This can be gleaned from the coin’s negative funding rate across cryptocurrency exchanges.

As of this writing, TON’s funding rate is -0.028%. Per Santiment, the coin’s funding rate has been predominantly negative since June 13.

toncoin funding rate — Toncoin Funding Rate. Source: Santiment

The funding rate is a mechanism used by perpetual futures contracts to keep the contract price in line with the underlying asset price.

When an asset’s funding rate is negative, it indicates more traders are taking short positions. This means that more traders anticipate a decline in the asset’s price than those buying it and hoping to sell at a higher price.

When more traders are willing to pay to maintain short positions, it suggests that the prevailing market sentiment is bearish.A sustained negative funding rate, like in TON’s case, indicates that the majority of the market expects the asset’s price to continue falling. It suggests a significant bearish outlook among traders.

The decline in TON whale holdings reflects this bearish outlook. According to IntoTheBlock’s data, TON’s large holders’ netflow has plummeted by over 250% in the last month.

Read More: What Are Telegram Bot Coins?

ton large holders' netflow — Toncoin Large Holders Netflow. Source: IntoTheBlock

Large holders refer to addresses that hold over 0.1% of an asset’s circulating supply. When an asset’s large holder netflow declines, its whale addresses are selling their holdings. It is a bearish signal that may prompt retail traders to distribute their coins, putting more downward pressure on the asset.

TON Price Prediction: Bearish Cloud Rests Above Price

The short bets placed against TON’s price might yield positive results as the bearish outlook also persists in its spot market. At press time, TON’s price rests below its Ichimoku Cloud.

ton ichimoku cloud — Toncoin Price Analysis. Source: TradingView

This indicator identifies an asset’s trend direction, gauges momentum, and defines support and resistance levels. The market is in a downtrend when the asset’s price lies below it.

This is because the cloud represents a key area of support and resistance, and being below it means that the price is trading below both the short-term and long-term averages.

If this bullish outlook persists, TON’s price may fall to $5.57, putting short traders in profit.

ton price prediction — Toncoin Price Analysis. Source: TradingView

However, if TON sees a spike in demand, its price may rally to $6.51, liquidating some short positions.

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.

Source link

Related Topics:Bears emerge Toncoin Victorious

Up Next

Binance Coin (BNB) Faces Growing Doubts as Investors Retreat

Don't Miss

Has crypto’s impact on gaming been truly realised yet?

Click to comment

Market

Render (RNDR) Price Targets $9 After Positive Momentum Signals

Published

47 mins ago

November 13, 2024

Coin2049 Newsletter

Render’s (RNDR) price has shown notable gains, up 28% in the last month. This positions it as the third-largest artificial intelligence coin by market cap, behind FET and TAO.

Recent indicators point to a continuation of strong bullish sentiment, with increasing social activity and favorable technical patterns. This surge in both social dominance and price performance suggests growing investor interest in RNDR.

Render (RNDR) has climbed to the second position in terms of social dominance among the top 5 AI coins, with its social presence almost doubling over the past seven days.

This surge in social activity reflects growing interest and discussions around RNDR, which have likely contributed to its recent price performance.

Top 5 AI Coins and their Social Dominance (Moving Average, 7 Days). Source: Santiment.

During the same period, RNDR’s price has risen nearly 40%, positioning it as the second-biggest winner among the top AI coins, just behind AIOZ Network, which saw a 73% increase.

RNDR has outperformed other prominent AI projects like TAO, FET, and WLD, highlighting its strong market momentum.

RNDR BBTrend Is Almost Reaching 5

Render BBTrend has remained positive since November 8, reaching a monthly high of 12.7 on November 10. BBTrend, or Bollinger Band Trend, is an indicator that measures momentum in relation to Bollinger Bands.

A positive BBTrend suggests that bullish momentum is driving the asset’s price, while negative values indicate a bearish trend.

After peaking at 12.7, RNDR BBTrend dropped to 1.17, showing that the bullish momentum had faded significantly. However, it has since begun recovering and is now at 4.83, suggesting a renewed but moderate increase in positive momentum.

This recovery could indicate that buying interest is getting even stronger, and if the current positive sentiment persists, the trend may continue to build strength.

RNDR Price Prediction: Can RNDR Surpass $9 Soon?

RNDR’s EMA lines are indicating a strong bullish sentiment, with the price positioned above all of the exponential moving averages.

Additionally, the short-term EMAs are stacked above the long-term ones, which confirms that the current momentum is positive and buyers are in control. This setup suggests that the uptrend could continue if market conditions remain supportive.

RNDR Price Analysis. Source: TradingView.

If the current bullish trend persists, RNDR price could soon test the next resistance level at $7.94. Breaking above that resistance might push the price even higher, targeting $9.46, which would represent a 34% increase. That would consolidate Render as a top 3 artificial intelligence coin.

However, if the uptrend loses momentum and reverses, RNDR could fall back to the support at $5.83. Should that level fail to hold, the price could drop further to $5.03, signaling a deeper correction.

Disclaimer

Source link

Market

Aptos (APT) Price Momentum: Will the Uptrend Continue?

Published

2 hours ago

November 13, 2024

Coin2049 Newsletter

Aptos (APT) price has been experiencing a strong rally, surging 47% in the past seven days. The recent momentum has been supported by positive indicators, such as bullish EMA lines and favorable Ichimoku signals, which point to continued buying interest.

However, while APT remains in an upward trend, the recent pullback in RSI suggests that the asset may be moving towards a more balanced state.

APT Is In The Neutral Stage

APT’s RSI is currently at 62, down from over 80 just a day ago. This decline indicates that the recent intense buying pressure has eased, allowing APT to move out of the overbought zone.

While bullish momentum still persists, the drop suggests that the buying intensity has cooled off, reducing the immediate risk of a sharp correction.

The RSI is a momentum indicator that ranges from 0 to 100. It is used to gauge whether an asset is overbought or oversold. Typically, values above 70 signal overbought conditions, while below 30 suggest oversold levels.

With APT’s RSI now at 62, following a 47.13% increase in its price the last week, it shows that the asset maintains positive momentum without being overextended. This could indicate a more sustainable uptrend as buying enthusiasm moderates.

Aptos Ichimoku Cloud Shows a Bullish Setup

The Ichimoku Cloud chart for Aptos (APT) shows a strong bullish trend, with the price clearly above the cloud. This indicates that APT is in a favorable upward momentum, supported by positive market sentiment.

The Tenkan-sen (blue line) is positioned above the Kijun-sen (red line), which confirms that short-term momentum is strong and driving the price higher.

Aptos Ichimoku Cloud. Source: TradingView

Additionally, the cloud itself (formed by the leading span lines) is green and expanding, suggesting a continuation of the uptrend.

The overall alignment of the Ichimoku components points to a healthy bullish trend, with buyers currently in control and price action maintaining a positive trajectory.

APT Price Prediction: A Potential 44% Rise?

APT’s EMA lines indicate a strong bullish setting, with the short-term lines positioned above the long-term lines. This alignment shows that buying momentum is dominant and that APT price is likely to continue trending upwards.

The current EMA structure supports the idea that buyers are in control and that the uptrend may persist as long as these conditions hold.

Aptos Price Analysis. Source: TradingView

If this bullish momentum continues, APT could soon test the next significant resistance level at $14.42. A successful break above that could push the price even higher, potentially reaching $17.89, marking a 44% rise and the highest level since April.

However, if the RSI surpasses 70, signaling overbought conditions, a downtrend could form. In that scenario, APT price might first test the support at $12.05, and if that level fails, the price could fall further to $8.88.

Disclaimer

Source link

Market

PEPE Price Eyes a Potential Return to Its Highest May Levels

Published

3 hours ago

November 13, 2024

Coin2049 Newsletter

PEPE price has been on a strong rally, climbing nearly 60% over the past seven days. The bullish momentum has been fueled by positive technical indicators, including supportive EMA lines and a healthy RSI level.

However, some signs suggest that while buyers remain in control, the intensity of the uptrend may be starting to moderate.

PEPE’s Current Trend Is Still Strong

PEPE’s ADX is currently at 46.13, a slight decline from over 50 just a day ago. This drop suggests that while the trend strength remains strong, the intensity of the uptrend might be weakening somewhat.

Despite this, PEPE has been in a solid uptrend, climbing 59.69% in the last seven days. This indicates that buyers are still in control, but the momentum could be starting to moderate.

The Average Directional Index (ADX) is a technical indicator used to measure the strength of a trend, regardless of its direction. ADX values below 20 suggest a weak trend, while values above 25 indicate a strong trend. With PEPE’s ADX currently at 46.13, the uptrend remains powerful, although the recent dip in ADX hints that the trend’s vigor might be tapering off.

It suggests that while PEPE is still experiencing bullish momentum, investors should watch for signs that the strength of the move may be losing some steam, which could lead to a period of consolidation.

PEPE Is Not In The Overbought Stage Anymore

PEPE’s Relative Strength Index (RSI) is currently at 60.56, down from nearly 80 just a few days ago. This decrease indicates that the buying pressure has eased significantly after reaching overbought conditions.

The drop in RSI suggests that while there is still positive momentum, it is no longer as intense as it was recently, and the risk of an immediate correction has lessened.

Typically, an RSI above 70 means buyers have pushed the asset into overbought territory, which could trigger a price correction. On the other hand, an RSI below 30 suggests sellers have driven the asset into oversold conditions, possibly creating a buying opportunity.

PEPE’s RSI is currently at 60.56, which means it is no longer in overbought territory but still shows a healthy level of bullish momentum.

PEPE Price Prediction: Biggest Price Since May 2024?

PEPE’s EMA lines are currently displaying a very strong bullish configuration, with short-term EMAs positioned above long-term EMAs, and the price sitting comfortably above all of them.

If the uptrend continues, PEPE could test its next resistance at $0.00001580. Should this resistance be broken, the price could potentially climb to $0.00001726, which would be its highest level since May—a move representing a possible 30.85% increase.