After days of worrying and apathetic waiting, the price rally has sent the prices of the most important cryptocurrencies, including TON and IOTA, back to mid-September levels.
Cryptocurrency landscape: TON up, IOTA disappointing the market
After two days of closing, the weekly performance of both Bitcoin and Ethereum posted the best increase since the first week of September.
The recovery cancels the trend between ups and downs in the past month, which brings back the monthly performance to positive as well.
A few days after the end, October begins to close on a positive note, interrupting the negative series recorded in August and September.
The rally was driven by Bitcoin and Ethereum stars spurring operator activity. They are few among others blue chip to keep up.
Scrolling through the list of major venture capital firms, only Cardano (ADA), Solana (SOL), and Polygon (MATIC) managed to turn a profit. Over 10% on a weekly basis.
The best is Dogecoin with a leap more than 30% Since the opening on Monday, it has moved back above $0.085, regaining May levels and representing one of the best performances in the last quarter. With a total capitalization of $11 billion, DOGE is once again in the top 10 digital currencies.
The token based on the popular “doge” internet meme representing a Shiba Inu dog is back in the spotlight once again and is driving new double-digit momentum after the official confirmation of the acquisition. Elon Musk From the Twitter micro-blogging platform.
The US-naturalized Canadian entrepreneur has declared himself the “Dogefather” as he has repeatedly demonstrated his strong ties to the Dogecoin token, and has also expressed interest in bitcoin and digital payments integration.
Among the Bigs, stands out Tron (TRX), the native token of the blockchain developed by the Tron Foundation launched in 2017, which in the past week has recorded an increase in volumes that once again accompanied bids. Above 0.064 USD. If current levels hold through Sunday evening, it would be the highest weekly close since early September.
TONCoin (TON), the token born from the ashes of the original GRAM, created by Durov, the creators of the Telegram messaging app, continues to speak, in the past few hours it has returned to attack the resistance of the one dollar. The level was abandoned at the beginning of August, which has become an important medium-term resistance in the long term. TON’s capitalization has surpassed $2 billion, the highest level since last May, and is currently rising to the 31st position.
Among the previous big disappointments is IOTA (MIOTA), which continues to deal with its lowest levels since November 2020 in the $0.25 region. Unlike other tokens, the Iota token has recorded a loss of more than 10% since its opening on Oct. 1. With a capitalization of $704 million, IOTA currently ranks 66th in the ranking.
Bitcoin (BTC) Analysis
For the first time since last September 13, prices Bitcoin (BTC) They’re reviewing $21K, albeit for a few hours on Wednesday, October 26th.
A few hours earlier, the break of $20,500 at the top of the channel put an end to the trading range that for more than a month saw prices rally between $18k and $20.5k.
The exit from the channel caused trading volumes to reach their highest levels since the beginning of the month even if they were below average trading in the last quarter, and volatility grew by more than 15% on a daily basis.
A close of the weekly candlestick above 20k will be confirmation of the technical break to prepare for the next jump above 21k in the following days. On the contrary, it would be a false signal and a risk for the sentiment to return above 30 pips and outside the “extreme fear” range for the second time since mid-August.
Ethereum (ETH) analysis
The breach of $1350 and the decisive exit from the sideways channel sent the bears into a rally. New covers and purchases caused prices to skyrocket within a few hours Ethereum (ETH) at the highest level since September 15, Almost $1,600 for a few bucks.
The rally in the past few days has exploded trading volumes, to their highest levels since last June, unleashing intraday volatility (+35%) with a peak of volatility not recorded since last July 15th when quotes, a few hours after touching a minimum multiplier in the region of $1k, turbocharged, doubled its value in less than a month ($2,012 on August 14th).
There is currently a large margin of safety for ETH until the weekly close on Sunday. Above $1,500, the double-digit weekly performance will be an excellent starting point for a fresh extension in the coming days. Every other close above 1400 USD will confirm the channel break and the late start of a new bi-monthly cycle that will accompany us until December.