Trading: analysis of TON and IOTA crypto

After days of nerve-wracking and apathetic waiting, the price rally brings the prices of major crypto assets, including TON and IOTA, back to mid-September levels.

The overall crypto landscape: TON on the rise, while IOTA disappoints the market

With two days to go until the close, the weekly performance of Bitcoin and Ethereum record the best rise since the first week of September.

The recovery undoes the up-and-down trend of the last month by bringing the monthly performance back to positive as well.

With only a few days to go, the month of October is on its way to closing in the positive by breaking the negative series recorded in August and September.

Leading the rises are Bitcoin and Ethereum stars that are catalyzing traders’ activity. Few among the other blue chips are keeping pace.

Scrolling down the list of the largest capitalized only Cardano (ADA), Solana (SOL) and Polygon (MATIC) manage to gain more than 10% on a weekly basis.

The best is Dogecoin, which with a leap of more than 30% since Monday’s open is back above $0.085, recovering May levels and scoring one of the best performances of the last quarter. With a total capitalization of $11 billion, DOGE enters the top 10 cryptocurrencies once again.

The token based on the popular internet meme “doge” depicting a Shiba Inu dog breed is back in the limelight once again and riding a new double-digit momentum after the official confirmation of Elon Musk‘s acquisition of Twitter’s microblogging platform.

The US-based Canadian magnate was proclaimed “Dogefather” for having repeatedly demonstrated his strong ties to the Dogecoin token, also expressing his interest in Bitcoin and in digital payments integration.

Among the Big names, there is Tron (TRX), the token native to the blockchain developed by the Tron Foundation and launched in 2017, which in the last week is registering an increase in volumes that have again accompanied prices above $0.064. Should current levels remain confirmed until Sunday evening, this would be the highest weekly close since early September.

TONCoin (TON), the token born from the ashes of the original GRAM, devised by the Durov brothers – the creators of Telegram’s messaging app – continues to spark conversations, in recent hours returning to attack the $1 resistance. Level abandoned in early August, which has become important medium- to long-term resistance. Surpassing $2 billion capitalization, the highest level since last May, TON currently rises to 31st position.

Among the former Big names, IOTA (MIOTA) is disappointing, continuing to flirt with its lowest levels since November 2020 in the $0.25 area. Unlike the others, the Iota token registers a loss of more than 10% since its opening on 1 October. With a capitalization of $704 million IOTA currently occupies the 66th position in the rankings.

Analysis of Bitcoin (BTC)

For the first time since 13 September, Bitcoin (BTC) prices revisit $21k, even if only for a few hours during the day on Wednesday, 26 October.

A few hours earlier, the break of the $20,500 mark at the top of the channel put an end to the trading range that for more than a month had seen prices dance between $18k and $20.5k.

Breaking out of the channel caused volumes to leap to the highest levels since the beginning of the month although below the average trading range for the last quarter, and volatility to fly increased by more than 15% on a daily basis.

Closing the weekly candle above $20k will be a confirmation of the technical breakout to prepare for the next leap above 21k in the following days. Otherwise, it would be a false signal and a danger to the sentiment that has returned above 30 points and broken out of the “Extreme Fear” range for the second time since mid-August.

Analysis of Ethereum (ETH)

The break of $1,350 and decisive exit out of the sideways channel triggered a stampede of bearishness. Re-coverages and new buying sent Ethereum (ETH) prices soaring in a matter of hours to the highest levels since 15 September, touching $1,600 for a handful of dollars.

The recent days’ climb has caused volumes to explode, to the highest levels since last June, triggering intraday volatility (+35%) with oscillation peaks not seen since last July 15 when prices, a few hours after touching a double low in the $1k area, put the turbocharger on, doubling in value in less than a month ($2,012 on 14 August).

There is currently a wide margin of safety for ETH until Sunday’s weekly close. Above $1,500, the double-digit weekly performance will be an excellent springboard for a new stretch in the coming days. Any other close above $1,400 will confirm the break of the channel and the beginning – belated – of a new two-month cycle that will accompany us until December.     

 



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