A wave of optimism and bullish sentiment swept through the crypto market recently as the pioneer of digital currencies, Bitcoin, surged past the remarkable milestone of $70,000.
This surge in Bitcoin’s value set a new record and ignited a ripple effect across the entire crypto landscape.
As a result, numerous altcoins are experiencing significant gains, propelled not only by Bitcoin’s upward trajectory but also by many ecosystem-related variables.
Throughout this article, we’ll delve into the factors behind the surge of these top gainers and their next possible price position in the short and long run.
Let’s proceed!
Toncoin (TON) Gains over 24% Following TonRaffles’ Impressive 1-Week Gain
Toncoin (TON) is up by 24.27% to $3.58, and its trading volume is also up by 359.73% to over $355 million in the last 24 hours.
This surge is attributable to Bitcoin’s rally in the last seven days. However, the ecosystem-related variables that could also be contributors to TON’s surge include the dramatic growth of TON projects within The Open League.
According to the project’s handling on the X platform, the projects recorded an impressive one-week gain, with @TonRaffles (RAFF) leading the pack with more than 70% user growth.
It also boasts a 60% increase in total value locked (TVL).
Just 1 week in, and #TON projects in The Open League are seeing impressive growth! 🚀@TonRaffles leads the pack, boasting over 70% user growth and a 60% increase in TVL. TON Foundation will airdrop 1 $TON to every @TonRaffles holder as a reward for the success.
Who’s next? 👀… pic.twitter.com/aUvNnz0HHg
— TON 💎 (@ton_blockchain) March 11, 2024
Furthermore, a snapshot of the TonRaffles holders was captured at 11:57 GMT on March 11, 2024, and all $RAFF holders at the time of the capture would get 1 $TON for the success.
This airdrop announcement has triggered excitement among the Toncoin community, attracting more traders, investors, and enthusiasts to its ecosystem.
This could be the reason behind the trading volume of the $TON recorded on the crypto analytics site Coinmarketcap. Considering the increasing interest of investors toward the asset, it’s likely that TON could be worth $5 in the coming days to weeks.
Toncoin Breaks Out of Historical Resistance Zone – Can This New Support Uphold TON’s Price
In the chart above, TON’s historical resistance level has been at $2.760 since November 23, 2023. However, the March 9, 2024 breakout has turned this resistance level to support, signifying a level where TON’s price could bounce in the long run.
Following this breakout, the coin’s price has kept a bullish momentum, forming two consecutive green candlesticks. This candlestick pattern hints at increased buying pressure, suggesting a further price rally for TON in the coming days.
In addition to the bullish signals, the coin is trading above the 50-day and 200-day Simple Moving Average (SMA), a short and long-term bullish market sentiment.
As such, TON is expected to trail in an overall bullish market trend, recording new higher highs and higher lows in the long run. Furthermore, its Relative Strength Index (RSI) is 83.90, already in the overbought zone (above 70).
Considering this indicator, more BUY orders are expected, driving TON’s price to at least the $4 level. However, since one of the consequences of an overbought market condition is a retracement, traders and investors should have strategic risk management practices in case of a dip. Integrating stop-loss and take-profit levels can be your best bet.
XRP Gains Over 12% Thanks to Deribit’s Launched Option Trading for XRP and MATIC
XRP has surged in value, becoming one of the top gainers today. Its price is $0.7006, with a daily increase of 11.79%. Also, it’s boasting a 246.32% increase in its 24H trading volume, settling at $7.58 billion.
This happened as a major cryptocurrency exchange, Deribit, introduced options trading for XRP and Polygon (MATIC).
Unlike traditional options, these new markets use USD Coin (USDC) for settlements instead of Bitcoin or Ethereum, making it easier for investors to manage their positions. Deribit’s move offers several benefits, like more straightforward profit calculations and less need for hedging with other cryptocurrencies.
Traders seem optimistic about XRP’s future, as initial option trades suggest expectations of its price reaching $0.9 by the end of the month. Moreover, the increased open interest in XRP futures on various exchanges signals growing interest in the altcoin among investors.
Considering the increased confidence of traders and investors in the coin, its market cap is pumping, currently at $38.3 billion, up by 11.55%. With all these combined, XRP could become one of the most considered assets for investment in the long run.
XRP Hovers Above Dynamic Resistance Level – Can the Horizontal Resistance Drive Price Down?
XRP has recorded increased buying pressure in the last 24 hours, evident in the past consecutive green candlesticks on the chart. Its trend in the last week suggests an uptrend, considering the higher highs and higher lows formed on the chart above.
Again, the coin’s Moving Average Convergence Divergence (MACD) indicator is above the signal line, indicating a bullish momentum supporting XRP’s price today. Also, bold green bars were formed on the histogram bars, confirming that the bulls had been strengthened; thus, upward movement was expected in the long run.
While XRP looks bullish in the short and long term, it’s advisable to work with adequate risk management strategies to be safe. In the chart above, XRP has a horizontal resistance of $0.74, which could trigger a price dip or halt the rally.
At this point, a dip could commence to the downside, and therefore, using the stop-loss and take-profit risk management practice could be your best bet. Your stop-loss and take-profit levels should be realistic to avoid over-risking your capital.
IOTA (IOTA) – The Distributed Ledger Technology
IOTA shows impressive gains of 4.8% on its price today to trade at $0.37. While its gains in the past week are modest, it has recorded a 47.6% gain in the past month.
One of the factors driving IOTA’s price gains is Real-World Applications (RWAs) built on the IOTA network.
According to the developer, Benjamin Bonisch, IOTA, at the end of 2020, began to build a smart traffic sensor and a gateway box for communication. Currently, this project has been completed and will be industrialized until 2026. Such developments will attract more investors to IOTA, which will likely aid its price gains.
🌐 Real-world applications developing on #IOTA & @shimmernet in one thread. It’s great to see so many projects that can help change the world. We can’t wait to see where they will all lead @BenBoenisch 👀 ! https://t.co/sL65lkoHwp
— IOTA (@iota) March 11, 2024
Additionally, there is an ongoing pre-vote phase for the Governance votes in March 2024, while the vote counting will begin officially on March 18. This participation in on-chain governance will likely attract more investors to the ecosystem.
IOTA Facing Resistance at $0.38: Will It Break Above?
IOTA has found support at $0.35, which served as an ideal entry point for buyers, forcing a rally to test the $0.38 resistance level. After forming three consecutive green candles, IOTA has a red candle today with a long upper wick. This suggests that some buyers are exiting long positions to make a profit.
Nevertheless, the Parabolic SAR indicator still suggests that IOTA will continue on its rally. IOTA trades close to the upper Bollinger Band (BB), indicating intense bullish pressure.
Also, the RSI indicator is in the overbought region above 70, with a value of 73.72. Therefore, IOTA will likely break above $0.38 in the coming days to reclaim the $0.4 price level.
Scotty AI (SCOTTY) – The Dog-Themed Memecoin with A Difference
Visit Scotty AI Presale
Scotty AI is a new memecoin project built on the Ethereum blockchain that captures the legend of a dog named Scotty the AI. The dog character is a Scottish Terrier that is energetic and highly intelligent. So, Scotty, the Ai is determined to combat other projects, such as Floki and Shiba Inu, that have enjoyed massive success.
Notably, using an advanced AI system, the platform is loaded with utility in the form of Artificial Intelligence, Blockchain, and crypto advancements. Also, this AI technology makes transactions on the blockchain easy and secure, as Scotty processes large amounts of data in mere seconds.
According to the whitepaper, Scotty is the Guardian of the crypto universe and hopes to become a trusted figure in the crypto community. Furthermore, Scotty AI hopes to encourage community engagement and achieve widespread adoption and recognition of its token $SCOTTY.
SCOTTY Presale Update
Scotty presale is ongoing, with over $7.7 million raised, confirming the high demand for the tokens. According to the developers, Scotty AI is nearly ending its presale and racing to a $100 million market cap.
So, early investors will likely benefit from the current support and possible price increase for $SCOTTY after its launch in the present market conditions.
Why Scotty AI Could Be the Next Crypto Gem?
Scotty has a unique appearance with jet-black fur that embodies the memecoin culture. Also, its advanced AI abilities position Scotty AI for the future as Artificial Intelligence gains more relevance. Also, it is fast, secure, and highly scalable, with fraud detection protecting users from scams.
Additionally, Scotty AI is built on the Ethereum blockchain, which supports staking for extra rewards. Scotty AI had its supply capped at 1.74 million tokens, with 50% dedicated to the presale. Furthermore, the remaining 50% will go to staking, development, exchange, and marketing.
Overall, SCOTTY could become the next hot crypto prospect. However, we encourage investors to research before investing since cryptocurrencies are volatile.
Verdict
The global crypto market cap is fast approaching the $3 trillion mark, confirming a massive inflow from investors. Even though most traders wait for the upcoming CPI data, it will likely not negatively affect prices due to Bitcoin’s resurgence.
However, despite the positive trend in the market, we still advise investors to apply a cautious approach, such as using a stop-loss technique, since cryptocurrencies are volatile.
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