Alyz, Author at tridEX

14th December 2022

Toncoin (TON) Leads Market Gains With Over 27% In A Week

Toincoin is trading at $2.30, gaining 10.61% in 24 hours. The price change in this period is 0.3172. The 24-hour low is $2.05, while the 24-hour high is $2.37.

Despite the recent events in the crypto space, TON has enjoyed a positive price surge today, recording gains in a volatile crypto market.

The trading volume is up by 40% at $66,552,790. According to CoinMarketCap, its market capitalization stands at $2,808,494,330.

TON is currently ranked number 22 on the crypto market list showing massive investor attention. Its affiliation with Telegram has also helped the project to soar in popularity even if it has been rebranded.

Although the TON coin is still some way off its all-time high value of $5.84, it has enjoyed a positive week and might close 2022 on a high note.

What Is Behind Toncoin’s Price Gains?

Toncoin is a decentralized blockchain (layer-1) built by the developers of the popular social messaging app Telegram.

Toncoin utilizes a proof-of-stake mechanism which has increased its adoption time. This mechanism encourages investors to profit by staking their tokens for rewards rather than going through the rigors of mining.

Toncoin price has seemingly surged due to investors rekindling their interest in the project. The Network uses sharding to operate its blockchains and is efficient and scalable.

While the crypto winter has persisted and with the dip in bitcoin, investors are looking to diversify. Also, the general crypto market has seen little gains in the last two weeks despite investors’ fears.

TON Likely To Sustain Its Rally

TON’s support levels of 1.123 and 1.572 have been held. TON has broken through the resistance level of 1.835 with 2.998, the next level it will likely surpass. Overtaking the next resistance level will launch Toncoin into a full bull run.

TON is currently trading above its 50-day and 200-day SMA. This shows that the assets’ short-term and long-term price movements are positive. The formation of long green candles on the chart’s right side indicates the bullish pressure.

The RSI reading is firmly in the overbought region at 72.48, meaning the asset is giving off a strong buy signal for investors.

The MACD (Moving Average Convergence/Divergence) is above its signal line and displays the positive price movement on the chart.

TON will likely sustain this pressure and finish the year strong if the bulls don’t back out or a major market capitulation. Most crypto assets have fluctuated in the past weeks but are slowly beginning to show signs of life.

Toncoin’s usability, scalability, and fast transaction times will likely see its increased adoption in the coming months.

12th December 2022

Cardano Sees A Spike In On-Chain Activity, Should You Buy ADA Now?

Charles Hoskinson, Cardano (ADA) founder, has explained how the cryptocurrency’s future privacy protocol (Midnight) would work within their ecosystem.

In a recent YouTube interview, he claimed that the planned integration would help establish a confidentiality network of smart contracts. According to him, Midnight aims to resolve the paradoxical issue of having privacy and disclosure of a protocol’s rules simultaneously.

The announcement yielded positive results, evident with a spike in on-chain activity. Data from Santiment on Cardano’s Age Consumed showed a movement of over 107 billion ADA (including old coins) on December 7.

Cardano’s Growth Booster: New Privacy Protocols And A Surge In On-Chain Activity

Below are the critical remarks made by Charles Hoskinson in the interview streamed on Corey Costa’s Crypto Coins YouTube channel.

From a regulatory perspective, you’re not actually allowed to use blockchain systems [for privacy]. Why? There’s [the] Bank Secrecy Act, GDPR [General Data Protection Regulation], you have all these privacy departments.

He continued:

Anytime you could engage in a regulated business, there’s a privacy requirement because regulated business requires you to give away some personally-definable information, and there’s a privacy law on the other side of it that says you have to keep it a secret.

Hoskinson further added,

The problem is that if you try to do it in a blockchain setting, your private information becomes public to everybody… so it made sense to me to find a way to… create a confidentiality network, so like what Ethereum did to Bitcoin, where Ethereum said ‘we have programmability,’ Midnight does to [Cardano], where instead of having a privacy coin, what you do is you have a confidentiality network, you have smart private contracts.

Cardano’s Midnight targets a general issue—concurrent privacy and disclosure legislation—that most blockchain protocols face. And the result is a surge in on-chain activity, which many experts believe would add more value to the network.

Should You Buy Cardano Now?

Please note ADA has a fixed maximum supply of 45 billion tokens maximum supply. This figure would eventually have an impact on the cryptocurrency’s value in the future when it reaches its max supply. The future value of this coin may depend on its new privacy technology.

Cardano Crypto (ADA), according to CoinMarketCap, traded at a 3.33% loss. Even on its intraday charts, it prints a 0.12% loss. However, it experienced much volatility before grabbing profits. On the bright side, the token’s wallet addresses have increased, signaling a possible spike in demand. Possible catalysts could be the blockchain’s increased push for development. We can only wait to see how this surge affects the overall sentiment.

29th November 2022

BNB Leads Gains Among Top Cryptos: Will Binance Coin Continue To Roar?

BNB is currently trading at $300.082 with a 24-hour trading volume of $1,059,515,334. Despite the general market slump, the coin has been one of the top performers. It currently ranks at the number four position on CoinMarketCap.

The coin has a 24-hour low of 289.76 and a 24-hour high of $304.82. The price change in 24 hours is increase of 2.36%. However, this price change does not truly convey the strength of the token in the market.

BNB’s trading volume increased by 3.51% in the last 24 hours. There is growing optimism among investors on the short; and long-term value of the coin. Its market dominance is currently at 5.755.

Recent highs and lows; and open and close indicate that the token is likely going on the bullish run. Binance’s coin traded at $307.16 (low) and $316.22(high). This slight change is viewed by many as a false bearish breakout.

The market sentiment for BNB is optimistic, and fear levels have dropped.

What Is Pushing The BNB Rally?

BNB’s current rally; is supported by a combination of different economic factors. At a macroeconomic level, the Feds, in the meeting held on November 1-2, 2022 – decided on the rates.

They concluded that the interest rates hike would eventually be relaxed in the recently released minutes of the event.

Also, in the wake of disastrous events like the collapse of Celsius and FTX, Binance’s commitment to transparency is paying off. According to a Reuters report: Changpeng Zhao, CEO of Binance, stated that rather than fighting crypto: it should be regulated.

After the losses suffered by FTX investors, Binance offered users assurances of their reliability. Some experts also attribute this to a growing belief that the crypto winter has reached its endpoint.

BNB’s price is currently trading at $291. | Source: BNBUSD price chart from TradingView.com

The Bulls Gain Control Of BNB

BNB price is presently showing bullish sentiments as crypto investors prepare for a potential revival. The price has been on a recovery path this week, with bullish pressure pushing for up to 14% gains. The 50-day SMA is now above the 200-day SMA.

The bulls will likely target the $320 resistance before the bear might act on the price significantly. Generally, the cryptocurrency market is slowly coming back to life. Market interest is also high for BNB, meaning demand is higher than supply, and prices will increase.

The MACD is currently showing signs of attempting a bullish divergence. Both the MACD and its signal line are pointing upwards. BNB will have to stay above $300 for the next few days to avoid a possible price correction.

BNB is most likely to continue its bullish run since it has wide adoption by users. Also, there is a possibility that the whales or individual traders will likely stockpile the coin. Experts predict the price of BNB to keep increasing before the end of the year.

The key levels to watch are 304.78, 308.78,313.85 for resistance and 286.64, 290.64, and 295.71 as pivot support points. BNB will likely continue its bullish run in the short term and beyond – depending on its interaction with other market forces.

Featured image from Pixabay and chart from TradingView.com

29th November 2022

Celo Sees 20% Gains In Last Week As The Broader Crypto Market Retreats

CELO’s price is currently at $0.6101, with a trading volume of $44,775,558. It is currently ranked number 97 on CoinMarketCap. The trading volume has decreased by over 73% in the last 24 hours.

CELO shocked many market observers with a 33.51% price jump on Sunday and had a trading volume of $227,794,699.69. Although the token is still way off its all-time high of $10.68, it has shown signs of recovery.

2022 has been an eventful year in crypto circles, from XRP’s lawsuit with the SEC to the collapse of Celius and FTX. Pessimism has also driven the prices of crypto assets down as the fear factor increases.

CELO coin has defied the odds to go on a rally that has holders hopeful of potential gains. From its historical price movement, it remains to see how far this momentum can hold.

What Is Behind CELO’s Recent Price Upsurge?

CELO’s innovative cryptocurrency system gives the project an edge in the prevailing bearish cryptocurrency market. CELO targets increasing crypto use among smartphone users.

With the number of smartphone users rising daily, it is easy to understand why it is gaining in the market.

The proof of stake mechanism adopted by the project developers also makes it more energy efficient and future-inclined. The current value of the CELO network is directly proportional to efforts from network builders, the fanbase, and investors.

Also, Bitcoin has recently seen a slow and steady increase in its valuation. Judging from history and Bitcoin’s dominance, it affects the prices of other coins.

Macroeconomic factors also have a role to play since investors are more careful with their portfolios. The current economic meltdown in some regions of the world has also lengthened the crypto bear market.

CELO supports rave-of-the-moment projects that include NFTs and Web3 services. Experts insist that these projects will eventually launch CELO to importance.

CELO’s price is currently trading at $0.6102. | CELOUSD price chart from TradingView.com

CELO Possibly Going On A Bullish Run

CELO’s price has rebounded remarkably in the past few days. The price will likely continue on its bullish run for the short term.

CELO is trading slightly below the 200-day Simple Moving Average (SMA), showing a sell signal. It is also below the 50-day SMA and is still a sell signal from the indicator. The RSI value is currently 56.45. It indicates that the price is more likely to go bullish since it is above 40.

The MACD shows a tentative buy signal, with both the MACD and a signal line pointing upwards. The price has moved in a sideways trend, as observed in the candlestick pattern on the chart. It means that while a bullish run is possible, it will likely remain neutral for the time being.

The key levels on the chart are as follows: support: $0.4176, $0.4692, and $0.571559. The resistance levels are $0.7255, $0.7770, and $0.8793.

CELO will likely break through these resistance levels if buyer pressure holds. It also correlates with the price movement of the top ten cryptocurrencies as they experience gains.

Featured image from Pixabay and chart from TradingView.com

23rd November 2022

Solana (SOL) Prints Over 16% Gains In The Last 24 Hours

The general cryptocurrency slump left all assets clinging to the support levels to stay afloat. Solana (SOL) was one of the most affected by this movement, deviating from its all-time high of $260.06 to currently trading at $13.75.

The total circulating supply of SOL stands at $362,782,994. Also, the 24-hour low is $11.l7, while the high is $13.78.

The current price reflects an increase in Solana’s price, currently ranked at number 14 on CoinMarketCap with a trading volume of $739,091,583, which is a 38.59% gain in 24 hours.

Although Solana is currently down on rankings, it is still recording massive trading gains.

What Is Giving Solana Price Support Despite The Current Trend?

Solana’s current price trend and increase in volume are supported by trader activity in the market. Despite recording a massive slump in the crypto winter, the project still enjoys massive adoption from investors.

Its fast transaction execution time has made it widely adopted by institutions and individuals alike. Experts predict that the price of Solana might rise in the coming months.

Also, the adoption of SOL for gaming and NFT makes it the ideal futuristic project for investors. SOL price is however not immune to the crypto winter currently taking place.

Solana has recently enjoyed strong adoption for NFT projects, with many notable gaming giants relying on the asset for their in-game purchases.

Solana is currently generating investors’ interest as investors look to consolidate on older and trusted tokens. With the collapse of FTX and its native token, FTT, Solana presents a viable investment option for users.

Solana’s price is currently hovering around $13.75. | Source: SOLUSD price chart from TradingView.com

SOL Predicted To Go Bearish In Short-term

Source: Trading View

With a bearish breakout observed in the sideways channel, around the $30-$45 level, the price of SOL crashed below the critical support zone of $25-$30, reaching the $12.50 support level. The price bounced off this support level and seems to have begun a rally, currently trading at $13.75.

The MacD is below the signal line, and it implies the possibility of a bullish run. The support zone of $12 is still valid, while the resistance zone stands between the $25-30 level.

The stochastic Oscillator shows Solana in the oversold region. However, the line is attempting to re-enter the channel.

Solana’s bearish sentiment was strengthened by the demise of its strongest support platform, FTX. Despite its brief 24-hour rally, SOL will likely continue on the bearish movement for the short term.

Solana remains one of the most exciting cryptocurrency projects for investors and holds so much promise for the future. Although investors are panic selling or shorting, institutional investors are taking a long-term view of crypto tokens.

Solana will likely test the $25-$30 resistance zone before the end of 2022. Experts and investors are hoping for a more positive market outlook in the coming days.

Featured image from Pixabay and chart from TradingView.com

23rd November 2022

Ethereum Classic (ETC) Sees Over 7% Gains Amidst Crypto Market Recovery

Ethereum Classic (ETC) is currently trading at $19.65, an increase from its previous price. The crypto, presently ranked at number 23 on CoinMarketCap, shows signs of life. The 24-hour trading volume of the token stands at $332,995,651.

The 24-hour low of ETC stands at $18.20, while the high was at $20.15. The market capitalization of Ethereum Classic also gained above 8% and is currently valued at $2,704,849,374.

The crypto market, in general, has been on a downward trend. This week has been more positive, with some tokens rallying positively.

Traders are still uncertain about the actual direction of the market and if support levels will finally outperform resistance. Institutional traders are increasing their crypto holdings with the long term in view.

Currently, trust in cryptocurrencies hit an all-time low with the unraveling of FTX. However, some traders are consolidating positions and buying the dip.

What Is Boosting The Price Of Ethereum Classic Amid A Possible Market Rally?

Macroeconomic factors are mostly responsible for the price movement noted in cryptocurrencies. Ethereum Classic is rising due to traders’ optimism about the token’s value.

Built from an Ethereum hard fork, the wide adoption of the parent blockchain has also helped the project. However, Ethereum itself is currently undergoing a bearish phase. The proof of stake migration has not significantly impacted the price of ETH, since it has continued to dip.

Ethereum Classic, on the other hand, has no plans to switch to proof of stake and is still being mined. The motivation of profit by miners has helped its cause even in the prolonged bear market of 2022.

The announcement by the president of El Salvador, Nayib Bukele, to purchase 1BTC a day also helped the market to rally.

ETC’s price is currently hovering above $19. | Source: ETCUSD price chart from TradingView.com

ETC Is Tentatively Bullish

Ethereum classic, despite its rally, will encounter resistance at the $21.7 and $26.5 levels if it goes on a bullish run. The support levels of the crypto asset stand at $15.9; if it breaches it, the coin will plummet further to the $13.2 level.

The macD shows signs of tentative price movement; this means the positive momentum noted in the asset; might not be sustained.

The formation of a golden cross is present on this chart, with the 50-day MA crossing the 100-day MA. This implies that a bullish run is to be expected in the short term for the Ethereum classic.

Market forces and investor sentiments will also play a major role in the short-term price movement. Individuals are adjusting their investment portfolios, with fear and panic commonplace in the market.

With the current price trend, it is not likely that the Ethereum Classic will return to its all-time high of $176.16 anytime soon. Crypto analysts believe that Ethereum classic will recover from the slump in the coming months.

Despite its close affiliations with Ethereum, the price correlation between the two assets has barely existed.

Featured image from Pixabay and chart from TradingView.com

22nd November 2022

Toncoin (TON) Leads Top Gainers In Last 7 Days

The Open Network has enjoyed massive media recognition in the last few weeks, resulting in impressive gains. The blockchain’s native token, TON, is currently among the top cryptos leading the market in weekly gains. As of the time of writing, TON’s price was $1.74, a 0.31% decline on the day. However, its weekly rise was 2%.

Toncoin’s media attraction came with the launch of Telegram’s unique username auction feature. In addition, this saw the launch of their marketplace, Fragment, where these usernames can be auctioned. Furthermore, the TON blockchain secured a massive investment deal with DWF Labs in the past few days. All these, together, resulted in the token’s rise this past week.

Toncoin Hopes To Get $10 Million From DWF Labs – Can the Deal Take TON To The Moon?

In a recent announcement, DWF Labs, a famous market maker, has inked a new partnership with the Ton blockchain. This partnership will see the blockchain receive $10 million in investment and other technical and market-making support. The collaboration will also see the market maker helping TON get listed on other exchanges. As of writing, TON is only listed in a handful of exchanges, including Kucoin, Huobi Global, and OKX, among others. It’s yet to be listed on top exchanges like Binance.

It is unclear whether DWF Labs can help TON reach new highs. But it certainly seems that they have an interest in doing so. With the news, TON’S price rose by 4.2%, reaching $1.74 at press time. However, it has shed some gains, mainly due to the overall bearish trend across all cryptocurrencies.

The cryptocurrency market is still reeling from the recent drop in prices thanks to the FTX implosion. As investors are bearish and weary, there is no telling how much more the crypto market could fall. However, positive news like this might contribute to getting the market back on track.

TON’s price currently stands at $1.42. | Source: TONUSD price chart from TradingView.com

Traders Aren’t Bullish On Toncoin

The CoinMarketCap community has voted that Toncoin may decline by January 2023. Approximately 142 users voted that Toncoin would trade at an average of $1.487 at the start of next year. The votes were compiled using the Price Estimates tool on the CoinMarketCap website. This is a 12% drop from the token’s current market price at press time.

But looking at the Toncoin’s price chart and recent developments, it seems unlikely that the token will drop that much. Earlier this month, the number of new accounts and wallet holders increased. Specifically, over the past week, there has been a 5% growth in the number of wallets holding TON.

As of November 15, there were 2,829 unique wallet addresses. However, it had a considerable increase starting on the 17th and continued through today, the 22nd, adding 147 new addresses. The blockchain also recorded a 2.3% increase in new accounts. Specifically, the number of new accounts created from November 13-20 grew from 1,423,525 to 1,456,235.

Featured image from Pixabay and chart from TradingView.com

21st November 2022

XRP Holds Gains While Crypto Market Plummets Badly

XRP, the native token of the Ripple ecosystem, continues to hold gains despite the market downturn. The token saw an inter-week surge of up to 14.2% from $0.345 to $0.394. While it has dropped from that high, it still holds up to 2.08%. However, it trades dangerously close to its floor price for this week and might lose all its gains soon.

Its daily chart is already trending in the red zone. As of writing, XRP is down over 5% but looks on a rebounding path. The entire crypto market has faced a challenging time this week. Almost every token in the top ten market cap list was trading in the red zone. Only XRP managed to keep its gains from last week. However, its trading volume has increased in the last 24 hours, meaning traders have been active.

XRP Looks To Expand Beyond The United States

It appears that Ripple [XRP] was more interested in making progress than continuing its legal spat with the US SEC. Stuart Alderoty, Ripple’s general counsel, disclosed that most of the company’s income is no longer derived from the United States. Alderoty made the statement in an interview with CNBC on November 18.

The majority of the blockchain payment company’s profits, according to Alderoty, have come from operations outside of the United States. He also acknowledged that Ripple was actively seeking an Irish Virtual Asset Service Provider (VASP) license. Regardless of the status of the SEC case, Alderoty stated,

Effectively, Ripple is operating outside of the U.S. It is seeking a virtual asset service provider (VASP) license from the Irish central bank so that it can ‘passport’ its services throughout the European Union via an entity based there.

XRP, however, was unable to maintain positive dominance after the disclosure. At the time of publication, CoinMarketCap statistics showed that it had lost 0.76% of its previous 24-hour value. A review of the network’s performance also revealed a sharp decline. Data from the analytics website Santiment showed that XRP’s network growth has decreased to 4,264. This is far from its peak of 9,827 on November 13th. At this point, it signalled that XRP was having trouble luring fresh addresses to the network.

XRP’s price currently fluctuates around $0.35. | Source: XRPUSD price chart from TradingView.com

XRP Price Analysis

The price of XRP is now $0.353, with a $2 billion 24-hour trading volume. XRP has decreased by more than 6% during the past 24 hours. With a live market cap of less than $18 billion, CoinMarketCap now ranks XRP seventh.

Over the past several days, there has been a lot of pressure on the price of XRP. The coin encountered heavy opposition around $0.3951, where it created a triple-top pattern, which increased this pressure. Additionally, it has deviated from the 25-day and 50-day moving averages, and the Relative Strength Index (RSI) has moved nearly into oversold territory.

Therefore, it is possible that the price of Ripple will keep dropping as sellers aim for a crucial support level of around $0.3100. The negative outlook will be refuted by a move over the $0.3700 resistance level.

Featured image from Pixabay and chart from TradingView.com

19th November 2022

Toncoin (TON) Continues To Mark Higher Gains, Big Move Coming?

Toncoin has defied the entire crypto market sentiment as its value continues to trend higher. As per CoinMarketCap data, the native token of the TON blockchain has kept over 20% gain in the last seven days. The token has experienced extreme volatility in the last 24 hours, though. And it’s not just on the last day alone.

Earlier this week, popular hardware wallet, SafePal announced support for the TON blockchain and its native currency, TON. According to the blog post on its official website, the hardware wallet provider will include Toncoin in its list of supported cryptocurrencies before 2022 ends. This means users can now safely store their cryptocurrency holdings using the SafePal device.

The TON community has also been bullish following the launch of Telegram’s username auction service. So far, users have shown great interest in buying names like ‘alfa,’ ‘dogecoin,’ and ‘amazon.’ The auction service was launched by the company earlier this month. It allows users to buy or sell unique TON-based usernames.

SafePal To Support Toncoin By The End Of 2022, Token Rises Then Dumps

SafePal announced plans to add support for the TON Blockchain’s native currency, Toncoin, by the end of 2022. The announcement was made on November 17th on its official Twitter page and website. According to the post, SafePal will be the first cold wallet to support the native token. It also mentioned that it’d provide offline storage for the token. In addition to this, SafePal said that it would enable users to send and receive Toncoins from any other wallet.

The integration was prompted by the recent interest in the TON Blockchain. As per the blog post, the integration will also be implemented on SafePal’s software wallet offering. However, they didn’t specify a date when the feature would be available. It only mentioned that it’d be rolled out before the end of Q4 2022.

After the November 17th announcement, Toncoin’s price started surging. It rose by almost 8%, from $1.69 to $1.82, before retracting for the day. However, the surge didn’t last well enough the following day as it saw a price drop. Luckily, the drop wasn’t severe, and the token still bounced back to continue its rally.

Toncoin’s price is currently trading at $1.42. | Source: TONUSD price chart from TradingView.com

Toncoin Analysis – Where The Token Is Headed

Despite fluctuating between highs and lows at press time, the TON token has continued to rise steadily since this week started. The overall crypto market sentiment has been bearish, but the TON token has bucked the trend. It’s currently trading at around $1.78, up by over 11% in the past 7 days.

However, the token hasn’t faired too well in terms of the trading volume. In the last 24 hours, activities have slowed down by over 50%. While this isn’t alarming, it does indicate that traders might be slowing down on the Telegram username auctions. But this hasn’t stopped the token’s price from rising. In the coming days, it’s yet to be seen if the token will sustain its current momentum.

Featured image from Pixabay and chart from TradingView.com

19th November 2022

OKB Token Records Higher Gains Amidst Crypto Market Volatility

OKB, the native token of the OKX Exchange, has recorded substantial gains today in a bearish crypto market. The utility token saw a price surge of 4.63% on the day, registering a local high of $20.80. It also surged over 11% on its weekly chart, joining the likes of Toncoin and Trust Wallet Token to lead the market in gains.

There’s no major catalyst for OKB’s surge on the day. However, a 20.32% uptick in its trading volume suggests that users have been quite busy. It might have something to do with the exchange’s announcement of adjusting the position tiers of its perpetual swaps and futures.

Furthermore, OKX joined the likes of Binance to announce a recovery fund for projects struggling with liquidity. This comes after popular crypto exchange FTX ran into liquidity issues that saw it lock users out of their funds. The exchange’s announcement was a major factor in OKB’s weekly price surge.

OKX Announces Project Recovery Funds, OKB Starts Bullish Run

Earlier this week, OKX announced its intentions to establish a $100 million project ecological support plan. According to the tweet, OKX will work with OKXChain and OKX Demo Day on the project. OKX intends to assist high-quality projects currently struggling with issues like liquidity. The cryptocurrency exchange believes it’s essential to help projects migrate seamlessly. Furthermore, it plans to offer qualifying projects financial, ecological, and technical support to help them overcome the hurdles.

Binance announced a similar venture on Monday after FTX’s debacle pushed the crypto market downward. The world’s largest crypto exchange plans to use its recovery fund project to help longstanding successful projects recover from liquidity issues.

Justin Sun, the creator of Tron, and Huobi, a cryptocurrency exchange, endorsed Binance’s recovery fund. According to Justin Sun, it will assist developers and builders in overcoming the issue. In addition, Simon Dixon, the largest shareholder in Celsius, intends to contribute to the fund to revive the sector. After OKX’s announcement on November 15th, the OKB token surged 8.74%. It has continued its climb since then, pushing the token to a new weekly high.

OKB’s price is currently trading at $18.77. | Source: OKBUSD price chart from TradingView.com

How OKB Has Faired During The Week

The price of OKB has increased by 4.63% to $20.68 in the last day. This maintains the upward trajectory it has been on for the previous week, rising from $18.5 to its present price by 11.39%. The coin’s all-time high is $44.01, a 53.17% rise from its current market price.

The chart displays the price volatility and movement for OKB over the previous week. The Bollinger Bands in gray represent the volatility of its weekly price changes. The greater the bands’ width or the size of the gray area at any given time, the greater the volatility.

OKB’s trading volume has surged 20.32% in the last 24 hours, indicating high trading activities. The token has also held its ground against Bitcoin and Ethereum. As of writing, OKB had gained 4.66% and 4.67% against the top cryptos, respectively.

Featured image from Pixabay and chart from TradingView.com

18th November 2022

LEO Token Records Positive Moves While Crypto Market Struggles

LEO, the native token of the Bitfinex exchange, has recorded positive gains as the crypto market struggles to gain footing. The utility token saw a price increase of 4.24% on the day. It also enjoyed an impressive 11% surge in the last 7 days.

LEO’s price surge comes as rival exchange FTX suffers from liquidity issues. After the FTX filed for bankruptcy, many crypto community members called for exchanges to post their proof of reserves. Bitfinex was one of the few exchanges that revealed their cold wallet storage to boost transparency.

However, this move wasn’t a major catalyst in its growth as the tokens of other exchanges that took the proof-of-reserve route are still down. The likes of BNB and Houbi Token are down 5.12% and 16.32%, respectively.

LEO Joins TWT, Toncoin, Chiliz, And Others To Lead Gains

As the crypto market looks to recover, several tokens have enjoyed impressive price rallies. Besides LEO, the likes of Trust Wallet Token, Chiliz, and Toncoin are soaring with daily and weekly gains. Topping the list of top-gainers in the past day and week is Trust Wallet Token. The native token of the self-custody wallet saw an impressive run that brought its total weekly value to over 90%. TWT’s impressive run comes after CZ of Binance endorsed the wallet on Twitter.

Taking second place is the utility token of the decentralized spot and perpetual trading platform GMX. The token saw a week-on-week surge of 20% at press time while holding 2.09% on the day. Toncoin ad Chiliz followed suit in third and fourth place, respectively. Both tokens have enjoyed renewed interest on social media, one key factor contributing to their surge.

LEO came in fifth place, posting an intraday price surge of 4.21%. The Bitfinex utility token experienced some volatility within the week. This pushed the token down to $3.66, a 4.9% drop below its 7-day opening price of $3.82. However, it has recovered the losses, reaching a new local high of $4.22.

LEO’s price is currently hovering at $4.24. | Source: LEOUSD price chart from TradingView.com

Bitfinex CTO Publishes Proof Of Reserve Amid FTX Bankruptcy Saga

Many significant cryptocurrency exchanges, including Binance, OKX, Kucoin, and Crypto.com, committed to publishing their proof of reserve to restore investor trust. The development came after FTX’s liquidity issue became well-known in the crypto space. To demonstrate his commitment, Bitfinex chief technical officer Paolo Ardoino published a list of the most used Bitfinex wallets.

A total of 135 cold and hot wallet addresses were disclosed in Ardoino’s Bitfinex proof of reserves post on GitHub. He provided a list of some of the company’s big holdings, 204338.17967717 Bitcoin and 1225600 Ether, saving users the hassle of going through the addresses.

Back in June 2018, Bitfinex created an open-source framework called Antani. The goal was to promote transparency with regard to evidence of solvency, custody, and off-chain delegated proof of vote. Ardoino revealed Bitfinex’s plans to restore the system to let users see their balances without jeopardizing anonymity.

Featured image from Pixabay and chart from TradingView.com

18th November 2022

Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains

As calls for self-custody rage on, Trust Wallet Token has enjoyed unprecedented surges in the past week. On TWT’s week-on-week chart, the token has amassed over 90% gains. This comes as FTX’s debacle unfolds and traders grow wary of centralized exchanges. Furthermore, Binance’s CEO endorsed Trust Wallet in a recent tweet, resulting in more interest in the token. While several Redditors mentioned that Binance owning Trust Wallet was a turn-off, it didn’t stop the token from soaring.

TWT also posted substantial gains on the day, with an intraday increase of 4.6%. It reached a local high of $2.34 before settling at its current price of $2.22 press time. Trust Wallet Token’s huge 90% gains undermine the overall market trend that still struggles to recover from the FTX’s collapse. Another catalyst is the recent browser extension launch and Binance and Coinbase integration news.

TWT Launches Browser Extension, Integrates with Top Exchanges

The self-custody Trust Wallet is gaining popularity in the wake of FTX’s demise and the bank run that has affected crypto exchanges generally. Recently the wallet unveiled its eagerly awaited browser extension for PC. It also teamed up with Coinbase Pay and Binance Pay, allowing their users to send money straight to a Trust Wallet account immediately.

The browser add-on was introduced on November 14 and is now accessible in Opera and Google Chrome. The extension enables users to save, transmit, and receive cryptocurrency across all Ethereum Virtual Machine (EVM) chains and Solana. Users may also enjoy a flawless DApp experience without adding networks manually, thanks to a network auto-detect capability. The extension also supports hardware wallets, multiple wallets, NFT, fiat on-ramp providers, and non-EVM blockchain connectors.

Two days after, Binance launched Binance Pay’s Trust Wallet integration. This integration establishes Trust Wallet as one of the platform’s official withdrawal options. Thus users no longer have to scan QR codes to send money to their Trust Wallet accounts. Also, sending to the wallet from Binance won’t cost anything extra besides the blockchain gas fee. The same integration will work for Coinbase Pay. According to Coinbase’s product manager, the integration helps create a “bridge to web3” for customers through seamless self-custody wallet funding.

TWT’s price is currently trading at $2.21. | Source: TWTUSD price chart from TradingView.com

TWT Soard 90% As Whales Start Accumulating

TWT has enjoyed massive attention following the FTX implosion. But that’s not the only area gaining ground, as it has seen a high capital inflow. As per CoinMarketCap data, the cryptocurrency had a market value of $950.47 million after gaining over $460.27 million in a week. It even reached a local high of $1.11 billion mid-week.

Furthermore, the token is gaining much attention from whales. Since TWT is still relatively cheap, whale accumulation has increased in the past few days. According to Santiment, TWT’s supply rate owned by addresses with a balance of 1,000-10 million TWT increased during its latest run. Although the token’s 24-hour trading volume is down 27%, there’s a chance that it might increase before the trading day ends.

Featured image from Pixabay and chart from TradingView.com

18th November 2022

Chainlink (LINK) Performs Poorly Amidst Market Uncertainty

Chainlink (LINK), the leading oracle network, normally performs on the day following the market downturn. LINK has experienced a 1.58% increase in the last 24 hours, trading at $6.22. Overall, LINK has recorded over 12% loss in the weekly chart. The token had surged higher in the day, reaching a local high of $6.38 before retracting.

The value of Chainlink (LINK) rose earlier today as the market reacted favorably to a combination of events. Brainard’s doveish statements on Monday, a dropping dollar, Zelensky’s peace negotiations commencing, and Biden-Xi meeting not escalating tensions. Choose whichever explanation or combination of reasons you choose for the abrupt risk-on shift in markets. Either way, it’s excellent news for LINK price action.

Chainlink Offers Its Proof-of-Reserve Product As FTX Crash Rocks The Crypto Market

Chainlink Labs’ proof-of-reserve product was offered on Nov. 10 to help solve future trust problems in the crypto exchange market. Chainlink Labs posed the question in a series of tweets: “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?” In response, it offered its proof-of-reserve (PoR) solution. Chainlink stated it could validate centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and more.

Recently, the crypto market has been in freefall due to a liquidity problem at the second-largest crypto exchange, FTX. In response to these persistent challenges, the crypto community has been discussing solutions. One possibility is for users to need Proof-of-Reserve from every exchange they use.

Using a proof of reserve, customers may conduct an instantaneous audit of cryptocurrency exchanges’ reserves. Several exchanges have begun to adopt proof of reserve, and Binance CEO Changpeng Zhao has suggested that all exchanges should implement it soon. However, several marketplaces have claimed that developing a proof-of-reserves system will take weeks, if not longer. Chainlink Labs rebutted by saying their offering is an “out-of-the-box” answer that exchanges can start using right now.

Chainlink’s price is currently trading at $6.32. | Source: LINKUSD price chart from TradingView.com

What The Charts Say About Chainlink

Since May, LINK has fluctuated in price between $9.45 and $5.62 (yellow), with a mid-price of $7.54. The range’s midpoint has provided strong support and resistance within this time. Bearish momentum was indicated by a Relative Strength Index (RSI) reading below 50 and a Chaikin Money Flow (CMF) reading below -0.05. Both indicators point to considerable outflows of money from the market.

The fall of LINK from $9 to a swing low of $5.7 in November also severely impacted OBV. Yet, the OBV has shown a trend of higher lows since July. This was evidence that some LINK tokens had been accumulated over time.

The $6.3 support level has held firm over the previous six months. In recent months, the $6.3 and $5.9 price points were clearly visible as support levels in the lower time frames. Chainlink has yet to drop below the range of lows despite the severe market volatility of the previous week. As of writing, Chainlink still trades at the $6.3 level, a 1.36% decrease intraday.

Featured image from Pixabay and chart from TradingView.com

18th November 2022

Chiliz (CHZ) Leads Market Gains With Over 8%

CHZ continues to lead the market in gains as more anticipation builds toward the World Cup. The go-to fan token was seen keeping an intraday profit of 7.37%. It reached a local high of $0.246 during the day before retracting to its current price of $0.242. Despite falling below its trading-day floor, it quickly bounced back, leaving traders with substantial profits.

CHZ week-on-week charts also indicate bullish momentum for the fan-themed token. Holding 8.58% profits, CHZ’s price looks confident over the entire market as tokens struggle to gain some ground. Despite the World Cup anticipation driving high trading volume, CHZ’s founder’s offer to bail out stranded FTX users also helped push prices higher.

As per data retrieved from CoinMarketCap, CHZ also holds gains against the top guns. At press time, CHZ held over 5% gains ahead of BTC and ETH. The token is already on a path to touch its intraday high and might see a positive break out.

Chiliz’s price is currently hovering at $0.2436. | Source: CHZUSD price chart from TradingView.com

CHZ Founder Isn’t so Bullish On NFTs In The Sports Industry

Due to its connection with sports tokens, Chiliz has experienced a resurgence in investor interest in its native cryptocurrency, CHZ. Alexandre Dreyfus has seized the chance to emphasize why Chiliz has a promising future in the sports sector.

The CEO talked about NFTs, which he mentioned was an awesome way to connect fans with their favorite teams. However, Dreyfus mentioned that most NFTs in the market lack utility. He added that this is a major reason why fans lose interest in these initiatives over time.

Dreyfus added that scalability might not be NFTs’ strongest suit. As a substitute, he said that fan tokens are a fantastic way to scale a team. This is so that teams may utilize them to create powerful digital communities since they are fungible. He added;

It’s this ability to provide access and individual recognition to audiences at huge scale that sets Fan Tokens apart.

CHZ Active Wallets Increase As Supply On Exchanges Fall

The number of active addresses (30-day) has increased since November 6th. This demonstrated greater user interaction and may be a sign of an optimistic mood. Additionally, the weighted sentiment score was in the green, indicating that CHZ had a good social media outlook.

However, on-chain metrics revealed that throughout November, the percentage of supply on exchanges had decreased. This is quite unlikely, considering the huge drop in price within the week. Specifically, CHZ saw a price dump on the 14th that took its value to the $1.88 region.

This drop is further witnessed in its 24-hour trading volume. Despite posting impressive intraday and week-on-week gains, the token trading volume dropped 24.38%. Even after all these, CHZ tokens have been moved off of exchanges. Given these stats, its active wallet increase might indicate that traders are not looking to spend their CHZ in the short term. This also suggests that there may be a buildup from bigger market participants.

Featured image from Pixabay and chart from TradingView.com

18th November 2022

Toncoin (TON) Continues To Shine With 13% Gains

Telegram’s own blockchain, TON, continues to enjoy impressive gains despite current market volatility. The open-source protocol has been one of the few ecosystems to stay afloat following the FTX saga. Specifically, TON posted a 3.28% gain intraday with a week-on-week rise of over 13%.

TON also gained ground against the top two cryptocurrencies, Bitcoin and Ethereum. The token was seen holding up gains of 2.22% against BTC and 3.09% above ETH. Its intraday price movement is still bullish, despite dropping below its floor mid-day.

Very few tokens have successfully kept substantial gains as the FTX case unfolds. However, TON has confidently left traders smiling all week and isn’t looking to stop anytime soon. The main catalyst behind TON’s rise is still Telegram’s new username auction feature. Furthermore, a leading blockchain market maker has pledged a huge amount to support the TON ecosystem.

A Telegram User Paid $500,000 For The ‘Dogecoin’ Username

The Telegram username auction has seen enormous trading volume despite just launching this week. Many users have struggled to get the best usernames, with some costing higher than others. However, one username has caught the attention of many members of the crypto community. As per data retrieved on November 17th, an unknown user purchased the username of the meme coin ‘Dogecoin’ for 350,000TON. This price is roughly $546,000 when converted.

The username is one of the most expensive sold on the blockchain’s Fragment NFT marketplace. Specifically, it’s the 8th most expensive Telegram profile username sold on the blockchain. Its price is higher than those of @alfa, @cash, @amazon, @adidas, @gold, @armani, @dior, and even @elon. Topping the list is @auto, which a user bought for 900,000 TON. This is worth approximately $1.43 million.

Ton’s price is currently hovering above $1.42. | Source: TONUSD price chart from TradingView.com

TON Getting $10 Million In Support From Market Maker

Popular market maker DWF Labs has entered a new partnership with the TON blockchain. This new deal will see the open-source protocol getting support in the form of investments, token and market development, and exchange listing. The Durov brothers, who founded Telegram Messenger, first conceptualized The Open Network in 2018. Later, they gave it to the open TON Community, who have been sustaining and expanding it ever since. TON was created with user-friendliness and scalability in mind for quick and inexpensive transactions.

DWF Labs’ investment will consist of 50 seed investments planned over the next 12 months and $10 million to support the ecosystem. All of these are intended to hasten the expansion of TON and its initiatives.

DWF Labs’ involvement is anticipated to boost TON’s volume across supporting platforms. This will further help to expand the number of ecosystem users. The blockchain’s trading volume is also expected to see a significant boost. As of writing, the token’s 24-hour volume was at $11,956,672, a 26.92% increase. The market maker plans to expand the trading volume further by creating an OTC market. This will enable buyers and sellers to conduct large transactions with ease.

Featured image from Pixabay and chart from TradingView.com

17th November 2022

Chiliz (CHZ) Records Higher Gains During Market Uncertainty

Popular fan token CHZ has printed substantial gains in the last week as football fans prepare for 2022’s world cup event. As of writing, the token is trading at a 2.20% gain on the day. Plus, its week-on-week chart looks green. Specifically, the 34th largest token by market cap still keeps over 9% gains from last week.

However, the fan-themed token also witnessed a sizeable decrease in trading volume over the past 24 hours. Approximately $571,090,877 worth of CHZ has exchanged hands in the last day, representing a 38% decrease. The token might see more trades soon as the official opening match of the world cup is just four days away.

CHZ To Bail Out Stranded Holders on FTX

Alexandre Dreyfus, CEO of Chiliz, said on Twitter that the company would set aside 38 million CHZ to assist affected FTX users. According to the tweet, the company will compensate each victim with $10,000. The company’s head added that the 38 million CHZ bailout fund would go to FTX subscribers who couldn’t withdraw after the exchange’s collapse. However, he mentioned that only FTX users who owned CHZ on the exchange would receive the $10,000 payout.

According to the tweets, the 38 million CHZ indicates the on-chain amount FTX exchange held in its wallet up to the previous week. The company’s latest initiative “will be just for private users and not for institutions,” Chiliz added. However, “full legal assessment and clearance from the liquidator to send us the list of users” must first be obtained.

On November 12, hackers stole more than $400 million from the already troubled FTX exchange. This occurred shortly after the exchange had filed for bankruptcy, only hours before. Sadly, Dreyfus claims that the attack resulted in the loss of 37 million CHZ.

CHZ’s price is currently hovering at $0.2246. | Source: CHZUSD price chart from TradingView,.com

The Bulls Fueling A Convincing CHZ Rally – Can They Succeed?

After establishing long-term support in the $0.15 area, the bulls were able to stage a convincing rally. This recovery brought in a huge 25.5% ROI in just six days. Meanwhile, in the four-hour time frame, CHZ broke out of a bullish flag. CHZ climbed back up over the $0.22 resistance after the pattern break. In addition, both the 20 EMA (red) and the 50 EMA (cyan) were going north and trying to finish above the 200 EMA (green). The possibility of a bullish crossover may bolster optimistic short-term outlooks.

The sellers may be able to keep the buyers in check if CHZ’s price breaks the $0.24 resistance level. The first major support for a bearish reversal, whether it happens right away or in the future, is between $0.20 and $0.21. A sustained move over $0.24 would signal buyers are committed to pushing prices higher. Under these conditions, the first significant barrier is around $0.27 and $0.29.

The Relative Strength Index’s rise over the 50 levels indicated a momentum change favoring buyers. The MACD line (blue) also rose above zero, confirming the bullish RSI reading. If the orange signal line closes decisively above the zero line, buyers may try to time their entry.

Featured image from Pixabay and chart from TradingView.com

17th November 2022

Dogecoin (DOGE) Lost Its Gains Amidst Market Volatility

The alpha memecoin, Dogecoin (DOGE), continues to take effect of market volatility. The coin lost its previous gains following the market downtrends. The fledgling coin BTC printed over a 5% decline in the last week and ETH decreased by around 8%. Similarly, the DOGE token was down over 8% on its week-on-week chart, losing 1.27% on the day. At $0.083, Dogecoin trades dangerously close to its week’s $0.083 floor. Any bearish move may pull it under, losing its substantial gain.

Dogecoin, like the rest of the market, tumbled over after the FTX implosion earlier this week. As the top coins struggle to recover, Dogecoin has still managed to entice traders in recent days. Although trading volume has dropped by over 40% in the last day, there’s still hope for an upswing in the coming days.

Doge Founder Speaks Against SBF’s FTX Comeback

On Wednesday, Sam Bankman-Fried turned to Twitter to announce his plans to “raise liquidity, make consumers whole, and relaunch.” SBF’s announcement followed the exchange’s filing for bankruptcy under ‘Chapter 11’ on Friday, November 11th. But Billy Markus, known on Twitter as Shibetoshi Nakamoto, was having none of it. The Doge founder insisted that SBF should not be given a second opportunity, given the part he played in the FTX debacle.

The former CEO of FTX says his businesses’ monthly asset accumulations exceeded their liabilities. These claims come despite accusations that FTX hid a $10 billion black hole in its accounts. However, SBF made it quite clear that they were not transferable securities. In a series of tweets, SBF disclosed that FTX’s assets totaled $8 billion. Out of that number, $5.5 billion were classified as “semi-liquid,” and $3.5 billion were unmarketable.

The cryptocurrency entrepreneur continued by stating that Alameda has a margin position on FTX International and FTX US. He added that the company had the resources necessary to compensate all consumers. However, the developer of Dogecoin is strongly opposed to this idea. According to him, “those who commit enormous massive fraud” shouldn’t be given “a second chance to perpetrate enormous massive fraud again.”

Dogecoin’s price is currently hovering around $0.0841. | Source: DOGEUSD price chart from TradingView.com

Can Doge Reach $0.1? What The Charts Say

In the wake of the market meltdown triggered by FTX’s collapse, the price of dogecoin fell by over 43%. But after hitting a low of $0.0790, the cryptocurrency has been rising. The memecoin is trading at $0.0850 right now and might use some help from the bulls to go back up to a solid position.

According to the RSI, there hasn’t been much of an uptick in purchasing pressure. Therefore the cryptocurrency has been trading below its $0.0914 resistance level. DOGE may revisit the $0.0914 resistance level again if buying pressure picks up. At this point, it may break above or perhaps turn that level into support.

Still, it has to overcome the inefficiency located at $0.0962, known as the Fair Value Gap (FVG). If it manages to break out of this range, it will be one step closer to completing an 18.5% surge and hitting $0.1000. The cryptocurrency market is still rather susceptible to corrections. So traders expecting nothing but good news should wait before putting their money into it.

Featured image from Pixabay and chart from TradingView.com

16th November 2022

Toncoin (TON) Records Positive Moves As Major Cryptos Recover

Toncoin, Telegram’s official blockchain token, has printed positive gains as the overall market tries to recover. TON saw a price increase of 1.52% on the day while gaining ground against BTC and ETH. It also reached an intraday high of $1.71. However, it has retracted, sitting at $1.69 press time.

The blockchain’s native token has also had a positive week. Despite falling to $1.33 at the start of the week, it recovered quickly and posted a 5.57% increase. Toncoin’s positive moves can be attributed to its parent company, Telegram’s latest username feature.

Telegram Allows Users To Buy Unique Usernames

This week, Telegram officially launched a new feature that enables the auctioning off of usernames. Users of Telegram now have the ability to auction off their usernames for their accounts, public groups, or channels, as stated by Telegram. The feature is quite similar to the ENS domains on the Ethereum network.

The auction was hosted by Fragment, a free marketplace for trading collectibles between users. According to Telegram, it’ll use the TON blockchain to secure the ownership and uniqueness of each username. The company also mentioned that users could create many aliases for their accounts, groups, and channels.

Telegram added:

For the first time in the history of social media, people have full ownership of their usernames. Long-time Telegram users who have been using short usernames they registered for early on can now benefit from the platform’s growth by selling their usernames in fair, transparent, fully decentralized auctions.

TON’s price currently hovers around $1.42. | Source: TONUSD price chart from TradingView.com

Toncoin Surges As New Accounts And Wallet Holders Increase

TON has also enjoyed surges in other areas, including the number of new accounts and wallets holding the token. As per data from CoinMarketCap, the number of wallets holding TON increased by over 12% in the last 7 days. On November 10, the number of unique wallet addresses was 2,546. However, it surged sharply on the 13th, adding over 200 unique addresses between then and today, the 16th.

The number of new account registration on the blockchain has also increased since the start of November. Data obtained from the TON official Telegram channel noted a 1% rise between November 6th and 12th. This increased the number of new accounts to 1,421,079, up from 1,406,699. These increases don’t come as a surprise, given the launch of the Telegram username auction and Fragment marketplace. As of writing, TON’s market cap had jumped 1.46%, though trading its 24-hour trading volume was down over 30%.

The latest features on Telegram are a big step forward for Web3. In August, Pavel Durov, founder of Telegram, first introduced the concept of username ownership being recorded on the blockchain. When Durov talked about the idea earlier this year, he said that “a little bit of Web 3.0” could be added to “Telegram in the coming weeks.” His comments at the time reflected his admiration for the TON Foundation’s successful domain name auction.

Featured image from Pixabay and chart from TradingView.com

16th November 2022

KuCoin Token (KCS) Loses 12% Amidst Top Coins Bleeding

While trading in the red zone at press time, the KuCoin token (KCS) has lost substantially in the last 7 days. The token had joined the entire crypto market in its downward trend after the FTX implosion. However, exchanges like KuCoin may benefit from the recent failure of the FTX collapse.

Johnny Lyu, CEO of KuCoin, assured consumers after FTX’s bankruptcy that the exchange would never misappropriate user assets and be transparent. Lyu’s call for transparency was the main catalyst behind the token’s recent surge. KuCoin has publicly stated that Merkle proof-of-reserves would be available in one month.

KuCoin CEO Believes Proof-of-Reserve Will Re-establish User Trust In Centralized Exchanges

KuCoin CEO Johnny Lyu was the first to declare ‘Proof of Reserves’ after the FTX Token FTT/USD disaster. Lyu stated ‘Proof of Reserves’ is a direct reaction to user concern as they stay locked out of their cash with some exchanges restricting withdrawals. According to the CEO, the exchange will release its Proof of Reserve data in four weeks. He believes that the report will assure customers that their money is secure. Lyu also added the data would back his claims that the company has sufficient cash to payout mass withdrawals.

Lyu says the present market situation is like a “growing disease.” He attributes it to the precipitous drop in the value of cryptocurrencies. In the space of a few days, the total market capitalization of cryptocurrencies fell from $1 trillion to $873 billion. “It’s painful to watch innocent users hurt,” he added, conceding that traders will need time to trust crypto exchanges again.

KCS’s price is currently hovering at $8.01. | Source: KCSUSD price chart from TradingView.com

What’s The Market Outlook For KuCoin Token (KCS)

After a 0.72% decrease over the past 24 hours, the global cryptocurrency market seems to be struggling. The global market volume also declined by 1.35% within this period. In spite of these improvements, the global market cap is still less than $900 billion. This indicates that the majority of cryptocurrencies have not yet recovered from the significant drop that occurred over the weekend. As of writing, BTC is down over 5% while ETH fluctuates 1.09% week-on-week.

KuCoin is also down2.94% on the day. However, its 1h chart appears bullish, and we might see the coin trade green in the coming days. During this period, there has been a significant price fluctuation, as the coin’s value has fluctuated between $7.45 and $8.29. The price chart for KuCoin shows a clear upward trend as investors rush to capitalize on its recent price appreciation. If the token keeps going, KCS will attempt the $8.29 resistance level one more. This might see it break out to $8.75 and maybe $9.

With an RSI reading of 51, it is clear that buying pressure is getting countered by the bears. However, the price movement looks bullish, suggesting more upside potential. However, there is still a long way to go before most tokens recoup their weekend losses. This indicates a potential retraction that might send KCS back down to its $7.50 support level.

Featured image from Pixabay and chart from TradingView.com

15th November 2022

Trust Wallet Token (TWT) Scores Over 97% Gains Going Against Market Trend

Despite current market conditions, the official Trust Wallet token (TWT) has posted impressive gains in the last 7 days. TWT saw an impressive rise of over 97% on its week-on-week chart. Most of the price rally happened in the last three days, with the coin marking a new all-time high yesterday.

TWT’s surge also has something to do with the FTX’s crisis and CZ, the CEO of Binance. Recall that FTX, the former second-largest exchange, faced a liquidity crisis last week, which brought the crypto market to its knees. At the time, only PAX Gold kept substantial gains while others tanked.

However, TWT regained momentum after top crypto players like CZ called for self-custody. Shortly after mentioning Trust Wallet in a Tweet, TWT got listed on Binance, and its trading volume skyrocketed.

TWT Trading Volume Surges After CZ Tweets About Self Custody

In the last two days, the value of Trust Wallet Token (TWT) has increased by more than fifty percent. This comes after the recommendation made by CZ, the CEO of Binance, that investors utilize decentralized exchanges. CZ made this remark as it became evident that crypto investors wanted to find an alternative to centralized exchanges.

After the FTX disaster sparked a wave of responses, CZ stated that self-custody was an option. Binance’s CEO has spearheaded the campaign for exchange openness after the event and has advocated self-custody before. After this, TWT began trading on Binance Chain and experienced a dramatic spike in volume. According to CoinMarketCap statistics, TWT had a 24-hour trading volume of $432.24 million, though it dropped 39% at press time.

Recall that in July 2018, Binance purchased Trust Wallet in an effort to add on-chain mobile wallet capabilities to the company’s offerings. The Trust Wallet Token (TWT) is a BEP-20 utility token that is exclusive to the wallet. It gives token holders a voice in the decision-making process for new app functions, upgrades, and in-app purchase discounts.

TWT’s price is currently trading at $2.27. | Source: TWTUSD price chart from TradingView.com

Can TWT Continue The Bullish Rally?

For almost a year, TWT, or the trust wallet token, oscillated in a symmetrical triangular pattern. This pattern of continuous movement is prevalent in established markets, giving speculative buyers on the sidelines an entry point.

There’s one possible target for this pattern. This is usually the distance between the breakout price and the high and low of the earliest price spread inside the pattern. Thus, the TWT price delivered a positive breakout from the pattern’s resistance trendline near the end of October’s strong surge. Within five days following the retest, prices had increased by 140%, setting a new all-time high of $2.71.

Looking at the setup above, the price of TWT has arrived at the goal indicated by the triangle pattern. However, such rapid and massive success is detrimental to the asset’s health. Therefore, a corrective phase will likely occur to stabilize the bull trend. At $2.22, TWT’s trading volume over the past 24 hours is $432,240,182. The token has seen a 6.23% decrease within this period and now ranks #43 on ConMarketCap.

Featured image from Pixabay and chart from TradingView.com