Kategorie: Altcoin News

• Toncoin rebounds above $5 after Pavel Durov’s release and public reassurance.
• Trading volume has surged by over 148%, boosting interest in both spot and futures markets.
• Resistance at $5.51; a breakout could push TON to its next target of $6.19.

Toncoin (TON), the native cryptocurrency of the Toncoin blockchain, has experienced significant volatility in recent weeks, driven by developments surrounding Telegram and its founder Pavel Durov. After a sharp price drop following Durov’s arrest in France, the coin has rebounded above $5.

With its next resistance level at $6.19, investors are watching closely as technical indicators suggest a short-term bearish sentiment, despite renewed optimism.

Why is Toncoin price rising?

Toncoin faced a tumultuous period following the arrest of Telegram CEO Pavel Durov in late August. The close association between TON and the popular messaging platform resulted in the token shedding over 30% of its value in a matter of weeks, dropping as low as $4.45.

Concerns over the future of Telegram and its potential impact on TON drove much of the downward momentum.

However, recent developments have led to the slight price recovery. Durov’s release on parole and his public statements addressing the arrest have sparked renewed interest in the asset.

In his comments, Durov criticized the French authorities’ approach to his arrest and reassured Telegram’s 950 million users about the platform’s future.

I’m still trying to understand what happened in France. But we hear the concerns. I made it my personal goal to prevent abusers of Telegram’s platform from interfering with the future of our 950+ million users.

My full post below. https://t.co/cDvRSodjst

— Pavel Durov (@durov) September 5, 2024

Durov’s comments, combined with a revamped Telegram privacy policy that includes moderating private chats, have given TON the boost it needed to bounce back above $5.

In addition to the positive sentiment from Durov’s release, Toncoin’s trading volume surged by over 148%, reflecting increased activity in both spot markets and perpetual futures.

TON price technical analysis

From a technical analysis perspective, Toncoin’s short-term outlook remains bearish. Out of 17 technical indicators, 10 are signaling a sell, while only 2 recommend a buy.

Despite the slight recovery, the coin is still below several key exponential moving averages (EMAs), including the 20, 50, 100, and 200-day EMAs. However, it has managed to stay above the 10 EMA.

While the recent bounce pushed TON above the key $5 level, technical analysis suggests that it faces resistance at $5.51, which must be cleared for further upward movement.

A successful close above $5.51 will open the door to a potential rally toward $6.19.

Conversely, failure to hold above $5 may see TON test its support at $4.94, with further declines likely if it breaks below that level.

The post Toncoin bounces back above $5, next target at $6.19 appeared first on CoinJournal.

• Litecoin price hovers around $63 with the altcoin down over 5% in the past week and 11% over the last 30 days.
• According to CoinGecko, LTC has fallen 84% since hitting its all-time high above $410 in May 2021.
• The downtrend that has seen one of the earliest cryptocurrencies slide out of the top 10 by market cap now has small wallet holders selling as price nears a crucial support area.

Market intelligence and on-chain analytics platform Santiment has highlighted a dip in Litecoin shrimp holders – wallet addresses with less than 1 LTC. These wallets have sold-off over 45,200 LTC, but analysts say this could be a “turnaround.”

“Litecoin has not been lighting social forums on fire with its market value dropping -36% since its April 1st peak. A sudden liquidation of 45.2K net 0.1-1 LTC wallets indicate that small traders are finally capitulating out of the OG crypto asset. Small fish impatiently ‘jumping ship’ is often a turnaround sign for an asset to begin turning bullish once again,” Santiment analysts wrote on X.

76% of Litecoin wallets in loss

In the past few months, the selling has coincided with price dipping from above $110 in early April. After bouncing from lows of $56 following the crypto crash on August 5, Litecoin is back below $64 and near the major support zone around $60.

Per IntoTheBlock, the In/Out of the Money indicator is largely bearish. About 76% of addresses are in loss at current price and only 18% are in profit. Notably, 22% of addresses have held LTC for less than a year and could be part of the capitulating small holders. 

However, 78% of wallets have held the altcoin for more than a year.

Litecoin price chart

0n the daily chart, both the RSI and MACD indicators suggest bears might push Litecoin price lower.

The price is below the 50-day SMA, which could act as the primary resistance level around $66. On the other hand, further weakness could see LTC seek the demand reload zone around $55.

The post Litecoin shrimps capitulate as LTC declines appeared first on CoinJournal.

• Grayscale launches Avalanche Trust, offering exclusive AVAX exposure for investors.
• AVAX price surged to $25.16, with a nearly 9% increase in Avalanche Open Interest.
• The new fund enhances Grayscale’s portfolio, aligning with its crypto strategy.

Grayscale Investments, the world’s largest crypto fund manager, has announced the launch of a new investment fund dedicated to Avalanche (AVAX) token.

Officially unveiled on August 22, the Grayscale Avalanche Trust expands the firm’s suite of over 20 crypto investment products and offers accredited investors a new avenue for exposure to Avalanche’s native cryptocurrency.

Grayscale Avalanche Trust to provide direct access to AVAX

Grayscale’s Avalanche Trust is a single-asset investment vehicle that operates similarly to the firm’s existing products, focusing exclusively on AVAX. Unlike Grayscale’s exchange-traded funds, this trust is available only to qualified investors and is not exchange-traded.

The Avalanche Trust is designed to provide investors with direct access to AVAX, the token that powers Avalanche’s multi-chain smart contract platform. This platform is known for its focus on optimizing scalability, network security, and decentralization, while also facilitating the tokenization of real-world assets (RWA).

The new fund aligns with Grayscale’s broader strategy to offer innovative investment opportunities within the evolving crypto ecosystem. It adds to Grayscale’s recent expansions, which include trusts for MakerDAO’s MKR token, Bittensor, and Sui.

With a track record of pioneering crypto investment products, Grayscale continues to cement its position as a leading player in the digital asset space. The launch of the Avalanche Trust highlights the firm’s commitment to broadening access to emerging and impactful developments in the cryptocurrency market.

AVAX price movements

The announcement has had a significant impact on the market seeing it came amid other major Avalanche news including Franklin Templeton expanding its blockchain-integrated money market fund to Avalanche.

The price of AVAX surged to a high of $25.16 before pulling back slightly to around $24.75 at press time.

Additionally, Avalanche’s Open Interest has seen a nearly 9% increase, reflecting heightened investor interest and enthusiasm.

Among other developments, the price surge underscores the positive reception of Grayscale’s new fund and its potential to attract substantial capital flows into the AVAX token.

The post Grayscale launches investment fund for AVAX Token, fueling market surge appeared first on CoinJournal.