Weekly roundup: Toncoin surges past $12B to displace TRON, will DTX Exchange replace Ripple with 50x surge?
The highly volatile crypto space often witnesses tussle between competing altcoins as the market sentiment often favors one over the other. In some cases bulls take hold of the price actions, pushing one altcoin ahead of the other, as happened in the case of Toncoin (TON) and Tron (TRX).
The visible domination of Toncoin (TON) in the bull market over Tron (TRX) after its ascent to $12 billion has compelled investors to believe that the DTX Exchange is going to follow a similar pattern of ascent and outshine Ripple (XRP).
Toncoin (TON) eyes a 40% surge
Toncoin (TON) is holding firm at the $4.9 key support level. Historical data shows that this price point attracts strong buying pressure. Traders expect a similar response, which could ignite a price rally.
Moreover, the price action of Toncoin (TON) has moved into a narrow range within a descending pattern, indicating an impending breakout. If market sentiment shifts, the price might breach the declining trendline. A daily close above $5.6 would set the stage for a strong rally, potentially reaching $8.15, representing a 40% surge.
At press time, Toncoin (TON) trades below the 200 Exponential Moving Average (EMA). While this position often signals caution, the support level suggests resilience. As of now, Toncoin (TON) hovers around $4.91, unchanged over the last 24 hours.
A 20% drop in trading volume shows decreasing participation from traders and investors. Thus, Toncoin (TON) is currently dominating the bull market with massive bullish pressure.
A rising wedge to trigger a drop to $0.1463 for Tron (TRX)
With the crypto market chaos resulting in massive ups and downs in altcoins, Tron (TRX) is currently moving downwards. Failing to cross the $0.1686 barrier, the Tron (TRX) price fall warns of a crash under $0.160.
Additionally, the high-risk breakdown of a rising wedge pattern on the daily chart could lead to a nearly 10% decline in Tron. On the 4-hour chart, Tron’s (TRX) price action shows a failed attempt to break above the $0.1686 resistance. This failure has resulted in an evening star pattern and six consecutive bearish candles.
The bearish price movement has caused a 4.29% drop from the $0.1693 level to the current market price of $0.1620. The downward trend is approaching a short-term support trendline near the 23.60% Fibonacci retracement level at $0.1597. Thereby giving dominance to Toncoin (TON) over Tron (TRX).
DTX Exchange to surge by 50X dominating the DeFi space
DTX Exchange will break into the top five cryptocurrency platforms by 2025, achieving a staggering 500%, which has gotten many crypto enthusiasts talking about the new asset. One of the key features of DTX Exchange that gives it such bullish potential is its ability for users to invest in tokenized real-world assets.
This allows investors to broaden their market exposure without the usual challenges of traditional assets. DTX Exchange is also actively cultivating a vibrant trading community through its user incentives and rewards program.
Users who actively participate receive rewards, promoting loyalty and ongoing engagement. This not only benefits individual traders but also strengthens the overall trading ecosystem. As more users join in, the community thrives, creating a dynamic trading environment.
The DTX Exchange presale is still live, and experts suggest that the anticipated rally could happen when DTX is listed on top exchanges like Binance. To witness this incredible rally, investors are advised to join DTX’s ongoing presale now at stage 4, priced at just $0.08 per token before it’s too late. The upcoming 50x surge will outperform Ripple (XRP) in this bull run.
Ripple (XRP) holders face mounting losses
Due to ongoing pressure from technical selling and regulatory uncertainty, XRP’s lucrative supply has dropped to its lowest point since July painting a bearish picture for Ripple’s (XRP) price.
The Ripple (XRP) Labs-created coin, XRP, is currently trading at $0.50, down 6% since the Securities and Exchange Commission filed a notice to appeal a federal court decision that favored the company on October 2.
According to market statistics from Santiment, the proportion of XRP supply held in profit has decreased from 90 percent in early October to 70.4%. On July 12, the metric last reached these values.
Technical analysis of Ripple (XRP) points to increasing pressure. As a result of persistent selling activity, the Relative Strength Index of XRP has dropped to 38.77. The prospect of additional drops in Ripple price has been created by the breach of vital support at $0.52.
Key takeaways
Following the trajectory of Toncoin (TON), DTX Exchange (DTX) is set to outpace Ripple (XRP) in this bull run after a 50x surge just as Toncoin (TON) outperformed Tron (TRX).
Learn more:
DISCLAIMER – “Views Expressed Disclaimer: Views and opinions expressed are those of the authors and do not reflect the official position of any other author, agency, organization, employer or company, including NEO CYMED PUBLISHING LIMITED, which is the publishing company performing under the name Cyprus-Mail…more