On Monday, the cryptocurrency market maintained steady growth, with its valuation reaching .3 trillion—an increase of 1.72% over the last 24 hours. Over the past week, six cryptocurrencies have posted double-digit gains, while around two dozen have experienced significant losses. Crypto Asset Market Sees Varied Performance This week saw a mixed performance within the crypto […]
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Crypto Assets Record 7-Day Upticks: NEAR Rises 33%, BONK Up by 32%
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Eyes On Toncoin: Speculation Rises After 40% Weekly Surge – What Comes Next?
Toncoin (TON) has been on a hot streak, surging double digits in the past 24 hours and boasting a 40% gain in the last week. This bullish run coincides with the launch of the Ton Foundation’s Open League initiative, a program designed to incentivize user and project participation on the TON blockchain.
The price currently sits at .96, having reached a new cycle high of .28 on March 23rd. This surge comes amidst a broader market downturn for major cryptocurrencies, making TON a standout performer.
TON’s Open League Sparks Bullish Momentum
The Open League, announced on March 20th, promises to distribute a hefty 30 million TON tokens (roughly 5 million) to participants. This sizeable reward pool has ignited excitement within the TON community, attracting new projects and users to the network. But can this momentum be sustained? Analysts are cautiously optimistic.
Technical analysis paints a promising picture for TON. The Awesome Oscillator, a tool measuring market trends and momentum, displays a series of green bars, indicating a rise in bullish sentiment.
Additionally, the Chaikin Money Flow (CMF) – a gauge of buying and selling pressure – has trended upwards, suggesting a healthy inflow of liquidity.
Adding to the optimism, crypto prediction platform CoinCodex forecasts a price of .45 for TON by March 29th, translating to a potential 30% increase within the next five days. Toncoin’s medium-term outlook also appears strong, with a 120% gain observed in the last quarter.
Toncoin: Bullish Momentum Analysis
However, despite the positive indicators, cryptocurrency markets are known for their volatility. While the Open League undoubtedly injects excitement into the TON ecosystem, it’s crucial to acknowledge the possibility of a price correction.
The current RSI and MFI readings could be interpreted as nearing overbought territory, potentially signaling a temporary pullback.
Investors should delve deeper before making any investment decisions. The broader cryptocurrency market can significantly impact TON’s price. A sustained downturn in the industry could dampen TON’s rally.
Additionally, the long-term viability of TON hinges on the success of its ongoing development projects. Evaluating the roadmap and progress can provide valuable insights.
Finally, staying informed about potential regulatory changes within the cryptocurrency space is crucial, as they could impact TON’s adoption and price.
Featured image from Pexels, chart from TradingView
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The Graph (GRT) Inks 60% Rally As Network Demand Rises – Details
The past week has seen The Graph (GRT), a project facilitating decentralized access to blockchain data, skyrocket over 60% in price. This impressive rally outshines most major cryptocurrencies and aligns perfectly with the rising interest in artificial intelligence (AI) within the crypto market.
GRT has been up for five days in a row, reaching its highest level since May 2022. At its lowest point in 2023, it increased by over 163%. The demand for its network has surged in the last few months, causing the coin to rise in value.
The Graph: Recent Surge Captures Industry Focus
As a crucial infrastructure player in the AI arena, The Graph is attracting significant attention. Let’s explore the key factors driving its recent gains and examine its future prospects.
Riding the wave of AI enthusiasm, crypto markets are witnessing a surge in investment towards related projects. Advancements in technology and anticipated real-world applications fuel this trend. The Graph directly benefits from this excitement.
Its decentralized indexing protocol offers simplified access to critical blockchain data, essential for AI development and analysis. This unique value proposition resonates with investors seeking exposure to the burgeoning AI sector.
Further boosting this upbeat energy, The Graph has inked collaborations with industry giants like Coinbase and AAVE. Integrating with established platforms attracts larger audiences and drives demand for GRT tokens. These partnerships not only enhance The Graph’s reach but also demonstrate its potential for real-world use cases.
Meanwhile, a tweet from the Graph’s official account on the X platform (previously known as Twitter) highlighted a surge in query volume and advancements in Layer 2 transactions. The network’s reinforced infrastructure, underscored by over 1,500 subgraphs and the roll-out of a new Indexer, has likely reinforced investor optimism. The debut of the New Era Roadmap, along with the implementation of a Free Query Plan, has further strengthened this sentiment.
In the Q4 2023, The Graph ecosystem shipped several critical updates shaping the future of decentralized data, evolving the protocol to serve more data needs and web3 builders in 2024
Here are some key takeaways from the Q4 2023 Participant Update
The Graph Network… pic.twitter.com/jQ7vJaDAOn
— The Graph (@graphprotocol) February 16, 2024
The Graph’s Promising Future
Prominent analysts are offering their insights on GRT’s future potential. Ryan Watkins of Messari, citing the growing demand for decentralized data solutions and The Graph’s strong fundamentals, predicts GRT could reach by the end of 2024. This bullish prediction reflects his confidence in the project’s long-term trajectory.
However, a nuanced picture emerges from technical analysis. The recent surge has pushed GRT/USD into an uptrend on the daily chart, with the 50-day moving average acting as support. This indicator suggests sustained buying pressure and potential for further price appreciation.
Featured image from Adobe Stock, chart from TradingView