Market
Will Toncoin Price Hit $6.57 After Whales Inject $72 Million?
In a bold move to prevent Toncoin’s (TON) price from sliding further, crypto whales have stepped in to buy the cryptocurrency in large volumes. This influx of buying pressure comes after several instances where Toncoin appeared poised to drop to the $4 mark.
But over the last few days, bulls have ensured that the altcoin does not go below that threshold. With whales now in the picture, here is what could be next for TON.
Whales Scopp Over 13 Million Toncoin
According to IntoTheBlock, Toncoin’s large holders’ netflow surged by 44% over the past seven days. In the crypto space, large holders are addresses that control approximately 1% of a token’s total circulating supply.
These major stakeholders often exert significant influence on price movements. When large holders’ netflow decreases, it signals that whales are selling more of the asset than they are purchasing.
However, in Toncoin’s case, these holders accumulated roughly 13.83 million tokens on October 16, valued at over $72 million at the current price, indicating potential bullish momentum for the altcoin.
Read more: Top 9 Telegram Channels for Crypto Signals in October 2024
Beyond the increase in large holders’ netflow, Toncoin’s Coins Holding Time has also risen. This metric tracks how long a cryptocurrency has been held without being sold. A longer holding time often reflects growing confidence that the asset will generate favorable returns.
When the holding time decreases, it usually signals potential selling pressure, which could lead to a price drop. However, an uptick in holding time suggests that most holders are refraining from selling, which can strengthen buying momentum and raise the likelihood of a price hike.
TON Price Prediction: Eyes Above $6
A look at the daily chart shows that Toncoin’s price is $5.13. Although the current value is decreasing, BeInCrypto noticed strong support at $5.05. This support, which has historically prevented TON from undergoing a significant correction, could become vital again.
As it stands, TON’s price is unlikely to drop below this region. If that happens, the next move for the Telegram-native coin could be a run toward $5.80. But at $5.80, the altcoin might experience some level of resistance that might want to push it back.
However, if buying pressure continues to increase, Toncoin might successfully breach this zone, and its value might climb to $6.75.
Read more: 6 Best Toncoin (TON) Wallets in 2024
However. in a case where bears force a rejection, TON might not reach this point. Instead, the cryptocurrency might decline below the $5 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.
Market
Solana (SOL) Price Slows Down as Resistance Builds
Solana (SOL) price has surged by 12% over the past six days, riding a wave of bullish momentum that has seen it break through multiple resistance zones. This rally has been fueled by technical strength, including bullish EMA positioning and supportive BBTrend values.
However, with recent gains accumulating quickly, traders are now assessing if SOL can maintain this upward force. The ability to test and hold key resistance levels will be crucial in shaping the next price movement.
BBTrend Suggests SOL Bulls Are Strong
SOL BBTrend is currently positive, around 8.08, indicating a solid bullish momentum for Solana. This means that the price is trading above the middle Bollinger Band, showing a favorable market sentiment.
A positive BBTrend often suggests that the price trend is well-supported, and the asset could continue its upward trajectory. However, the BBTrend alone should be complemented with other indicators to confirm the overall strength and sustainability of the trend.
Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024
The BBTrend metric measures the strength and direction of the trend using Bollinger Bands, which track volatility. While the current BBTrend value remains positive, it has dropped from 9.01 over the past few days, suggesting that Solana’s bullish momentum might be waning.
This decline could imply that the current trend is weakening, meaning SOL price may face increased resistance and possibly a shift towards a more neutral or sideways movement.
Solana Current Uptrend Could Be Losing Momentum
The SOL DMI chart reveals that the current uptrend strength is at 34, as indicated by the yellow line, which represents the Average Directional Index (ADX). ADX is a key component of the Directional Movement Index (DMI) and is used to gauge the strength of a trend, regardless of its direction.
The ADX itself is a measure that helps traders understand how strong the current price movement is. A reading above 20 generally indicates a strong trend, and with an ADX of 34, Solana is currently in a strong uptrend, suggesting there is still notable momentum behind recent price action.
In Solana’s case, the reading of 34 suggests that the uptrend is substantial, but traders need to keep an eye on whether ADX continues rising or starts to plateau, as this can hint at changes in trend strength.
Additionally, the DMI chart reveals that the positive directional indicator (D+) stands at 22.3, while the negative directional indicator (D-) is at 14.2. The higher D+ suggests buyers still have control of the market. However, just two days ago, D+ was at 36.7, and D- was at 9.15, indicating the gap between them is shrinking, which could point to weakening buyer momentum.
The narrowing gap suggests weakening bullish momentum and increasing selling pressure. If this trend persists, it could signal a shift toward a more indecisive market, where bulls lose dominance. This may lead to more volatile price action or consolidation.
SOL Price Prediction: A 12% Correction Or a 27,8% Price Surge?
SOL’s EMA lines remain bullish, with short-term exponential moving averages (EMAs) positioned above the long-term EMAs. This arrangement suggests that the price trend is currently in an upward phase, with recent price movements exceeding the longer-term average.
However, the short-term EMAs are starting to trend downward, indicating a potential loss of momentum. If these shorter-term lines cross below the longer-term EMAs, it could be a bearish crossover, signaling the beginning of a downtrend. Traders typically view this “death cross” as an early warning that the prevailing bullish trend is weakening.
Read more: 7 Best Platforms To Buy Solana (SOL) in 2024
Given the current situation, SOL could test support levels at $144 and $141. If the selling pressure persists, the price might even dip as low as $133, which would be around a 12% correction from current levels. These support zones could play a crucial role in stabilizing the price and providing a platform for potential recovery.
On the flip side, if the bullish momentum returns and the uptrend gains strength, SOL could move back up to the $161 level. Should it break this resistance, the next target might be $193, implying a potential price gain of around 27.8%. This scenario would reaffirm the continuation of the bullish trend, with further upside likely if buyers regain control.
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
DOGS Token Faces Major Test as 99% of Holders Are Underwater
The hype around the Telegram-linked meme coin DOGS has taken a sharp turn, as nearly 99% of its holders are now in losses just about 60 days after its listing.
Once a token of high expectations, DOGS has been hit by relentless selling pressure, leaving early investors deep underwater. With mounting concerns over its future, the meme coin now faces a crucial test. Can it recover, or is it heading towards further decline?
Interest in Telegram’s Flagship Meme Coin Plunges
DOGS, which launched on August 26 with the distribution of approximately 40 billion tokens to around 17 million Telegram users, had an initial price of $0.0017. However, since then, the meme coin has plummeted by 56%.
According to the Global In/Out of Money (GIOM) indicator, nearly 99% of DOGS holders are at a loss, with billions of addresses that purchased DOGS between $0.00079 and $0.0013 currently holding the token at a loss.
Apart from highlighting the on-chain cost basis, the GIOM also reveals whether a token is facing resistance or support. A large cluster of addresses or tokens within a price range signals significant support or resistance. Presently, the large number of DOGS holders out of the money indicates that the price may struggle to rise and could potentially fall again.
Read more: What Are Telegram Bot Coins?
Another reason DOGS’ price could fall again is its volume. Around the time the meme coin launched, the volume was over $2 billion, indicating that the market was highly interested in it.
As of this writing, the token’s trading volume has dropped to $88.65 million, a significant decline from earlier levels. This drop in volume suggests reduced buying and selling activity, which may make it difficult for the meme coin to rebound from its current lows.
With lower market activity, price recovery could be a challenge as fewer traders are interacting with the token.
DOGS Price Prediction: Lower Lows
Based on the daily chart, the Bollinger Bands (BB) around DOGS have contracted. This suggests that volatility is currently low, and the price may remain range-bound without experiencing significant price swings.
When the bands expand, it typically indicates high volatility and the potential for more dramatic price movements. However, with the BB contracting, it seems the market is expecting stability or muted price action in the short term for DOGS.
Read more: Top 7 Telegram Tap-to-Earn Games to Play in 2024
Considering DOGS’ current movement, the meme coin’s price is likely to drop below $0.00061. However, if investors step in and buy the dip in large volumes, the trend could reverse. In that scenario, the meme coin’s value might rise to $0.00081 or potentially even as high as $0.0010.
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
Can Ethereum Price Make It Back to $3,000 This Month?
Ethereum’s price has fluctuated under $2,800 for the past few weeks, and it is stuck in a consolidation phase. Despite several attempts, ETH has been unable to break through key resistance levels, leaving investors uncertain.
Mixed signals from various technical indicators are adding to the ambiguity, making it difficult to predict whether Ethereum can climb back to $3,000 soon.
Ethereum Is Losing Money
Ethereum’s Network Unrealized Profit/Loss (NUPL) currently sits in the optimism zone, signaling improving market sentiment. This indicator tracks all holders’ total profit or loss relative to when they acquired their assets. The current levels reflect growing confidence among investors.
This optimistic sentiment is keeping investors engaged, with many holding their assets rather than selling them. As long as the NUPL remains in this favorable range, the chances of a dramatic sell-off are slim, which could support Ethereum’s price in the near term.
Read more: How to Invest in Ethereum ETFs?
On the macro side, Ethereum’s momentum appears mixed, as shown by the Chaikin Money Flow (CMF) indicator. The CMF, which tracks the flow of capital into and out of an asset, briefly rose last week but has since dipped again.
This decline is a bearish signal, as it suggests that more capital is flowing out of Ethereum than coming in. It is an indication that the selling pressure is potentially increasing.
The outflow of capital is a critical factor to watch, as sustained declines in the CMF often precede price drops. Ethereum could face additional challenges in breaking through its current resistance levels despite the otherwise positive market sentiment if this trend continues.
ETH Price Prediction: Staying in Lane
Ethereum is currently trading at $2,610, struggling to overcome resistance at $2,700. Since early August, ETH has been repeatedly blocked by this level, with brief breaches above it failing to hold. As long as Ethereum remains under this resistance, significant upward momentum may be difficult to achieve.
Mixed signals from key indicators suggest that the ongoing consolidation between $2,700 and $2,344 will continue. The market may remain in this tight range until there is a decisive shift in sentiment or capital inflows.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
For Ethereum to reach $3,000, it must first flip the $2,700 resistance into support. Once this level is breached, the next key barrier will be $2,930. If Ethereum can rise above this, it will hit a two-and-a-half-month high, potentially invalidating the current bearish outlook.
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.
-
Altcoin4 months ago
2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT2 months ago
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
-
Ethereum4 weeks ago
Crypto exchange BingX hacked for $43 million
-
Ethereum4 weeks ago
Are The Big Players Losing Interest?
-
Bitcoin3 weeks ago
Coinbase cbBTC Set to go Live on Solana
-
Blockchain6 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
NFT4 months ago
BLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
NFT4 months ago
New And Upcoming NFT Projects