The crypto market is actively recovering from Monday’s shock, leading some to believe this is a good time to buy promising assets.

Altcoin Picks for Optimal Performance Amid Market Jitters

Amidst market fears, the crypto industry recorded over $1 billion of liquidations. It marked the biggest collapse a single day after the FTX scenario in November 2022. Spotting them for stability and growth prospects, the analyst identifies ten altcoins that are safer bets during uncertain market conditions.

Toncoin (TON)

Toncoin is the first choice, given the number of decentralized applications (DApps) built atop the network. These DApps span gaming, social, and DeFi, among others, and have recorded significant user growth over the last six months.

Based on DefiLlama stats, TON blockchain records over four million daily transactions. Latest data shows that it has a total value locked (TVL) above $560 million, a 20% growth since Monday, adding credence to the analyst’s selection.

Read more: 6 Best Toncoin (TON) Wallets in 2024

Solana (SOL)

Solana secures the second place in the list due to its strong performance in 2024. The analyst highlights its key features: high scalability and low transaction fees, making it a compelling choice. Strong interest from developers and institutions also supports SOL’s position as a top-tier altcoin.

Recently, Solana outperformed Ethereum in weekly revenue. More closely, it remains the most preferred blockchain for memecoin traders, which positions SOL for performance. There are also prospects for a Solana ETF, which continues to provide tailwinds for SOL.

Arbitrum (ARB)

Arbitrum is a key player among Ethereum’s Layer-2 (L2) scaling solutions, boasting over 408,000 daily active users. Data shows that its TVL is above $2.5 billion, higher than Polygon (MATIC), Optimism (OP), and other L2s.

After its Kwenta launch and Orbit expansion, Arbitrum delivers a top-tier trading interface and is frequently praised for the best perpetuals user experience in DeFi. This, coupled with the backing of Pantera Capital, positions ARB for good performance, according to Mystery of Crypto.

Ondo Finance (ONDO)

Ondo Finance features on the list of multiple analysts, including AltcoinDaily, with both citing its ability to turn RWAs into digital tokens. 

The network’s strong partnerships with BlackRock and Coinbase Ventures also make strong fundamentals for the project. Moreover, the Pyth Network launched a USDY/USD price feed in collaboration with Ondo Finance, which adds to the list of project fundamentals.

Read more: What is Tokenization on Blockchain?

Near Protocol (NEAR)

According to the analyst, the Near Protocol is known for resilience and innovation. Its developer-friendly platform continues to attract more projects, and it has an $800 million ecosystem fund to seed and support new projects.

It boasts the highest daily active users among L1 scaling solutions, only second to Solana, which positions NEAR to do well in uncertain market times.

Mantra (OM)

Mantra meets the analysts’ bar, given its move to enhance Ethereum functionality and promote accessible financial services. Given the growing interest in real-world asset (RWA) tokenization, it is also positioned for good returns.

The project launched Season 2 of 50,000,000 OM GenDrop, whereas the dYdX ecosystem added OM to its chain, bringing new exciting opportunities. Further, with more than $50 million OM tokens staked, the reduced supply increases the chances of further upside for OM tokens.

EtherFi (ETHFI)

EtherFi is a leading restaking platform running on Ethereum. The project recently released Season 2 claim checker, distributing more than 53 million ETHFI tokens worth approximately $100 million.

Its participation in the rewards model, which promises even more exciting opportunities for users, could drive more interest in the ETHFI token. Moreover, the project also has Cash, a mobile wallet with Visa credit card integration.

Read more: Ethereum Restaking: What Is It And How Does It Work?

Polygon (MATIC)

The Polygon blockchain collaborates with Axie Infnity’s Ronin Network via its Polygon Chain Development Kit. Given its essence as a scaling solution for Ethereum, more than 17,800 DApps are actively running on Polygon. It is popular among DeFi and NFTs projects, with 35 million MATIC tokens allocated for its ecosystem projects.

Render (RNDR)

Render is one of the AI crypto coins with decentralized GPU network services, which makes it essential for gaming and movies. Recent social dominance, active addresses, and whale transaction metrics have been at a six-month peak amid AI hype, making RNDR a potential big shot.

Arweave (AR)

Arweave has been demonstrating its strength in the blockchain industry. This network provides permanent data storage, with users leveraging it to store data for a one-time payment. Over one petabyte of data is stored on the Arweave network, which connects individuals needing storage with those with hard drive space.

The project announced a 100% fair launch for its new token with no pre-mine or pre-sales. This, coupled with its recent partnership with InQubeta, a blockchain firm that enhances technology, makes AR a coin to watch.

Mystery of Crypto also highlights Chainlink (LINK) as a potential big shot, citing its launch of a digital assets Sandbox for tokenization trials. Its partnerships with technology giants like Google and Oracle make LINK a good choice.

Nevertheless, traders must not rely solely on analyst predictions. Conducting one’s own research is always advisable.

The post 10 Altcoins Analyst Says Are Safe in Market Jitters appeared first on BeInCrypto.

Many of Binance’s new listings were introduced at high valuations, with reports that leading venture capital firms support the tokens.

Binance 2024 Listings Flop

According to Coin98 Analytics, only Jupiter (JUP) is in the green out of the 30 tokens listed on Binance this year. Surprisingly, most tokens record double-digit losses, with special interest on those with tier-one backers.

Save for JUP, the Fully Diluted Valuation (FDV) metric of all the 29 tokens has dropped significantly. This metric refers to the total market capitalization of an asset if all possible tokens were in circulation.

Tokens with Binance Labs’ backing, including AI, MANTA, AXL, ENA, REZ, BB, and LISTA, are down between 44% and 90%. Others by venture capitalists (VCs) like a16z, Paradigm, Coinbase Ventures, Galaxy, and Pantera Capital are also showing decreases.

Read more: Which Are the Best Altcoins To Invest in May 2024?

However, Vinay, a Web3 developer, poses that looking at independent token performance may be incorrect, citing market changes.

“Here’s a comparison to check the relative performance of Binance listed projects vs ETH & OP (kinda CT darling, one of the major performers from web3 space in growth). vs OP: 9 / 30 are positive, 4 roughly flat. The worst performers are mostly listed in April, market bid was gone by then,” Vinay wrote.

Based on this analogy, nine out of the 30 projects compared have shown positive performance, with only four remaining relatively flat. It suggest that despite the overall market downturn, some projects have managed to maintain stability.

This analysis also shows that the worst performers are predominantly those listed in April, when market sentiment may have shifted.

Researcher Deconstructs VCs Role

Notwithstanding, this report highlights the interest in Binance as an exchange to launch new projects. Possible reasons for this include the trading platform’s dominance and high liquidity. These metrics make it attractive for insiders to exit their investments in these assets.

As BeInCrypto reported in May, Binance was cited by cryptocurrency researcher Flow for providing exit liquidity for VCs.

“If you held a portfolio where you would invest an equal amount at each new Binance listing, you would be down over 18% in the past 6 months,” Flow stated.

Read more: How To Fund Innovation: A Guide to Web3 Grants

Recent research by Haseeb Qureshi, Managing Partner at Dragonfly, provided compelling data showing that one reason tokens dipped, particularly in April, was retail investors raging and exiting on the realization that VCs own most tokens.

“Well, maybe it wasn’t retail investors moving money out of VC tokens and into memes, but here’s a sub-theory: VCs owned too much of these projects, and that’s why retail investors left in anger. They realized (in mid-April?) that these were all scam VC tokens, and the team + VCs owned ~30–50% of the token supply. This must have been the straw that broke the camel’s back,” Qureshi expressed.

Another perspective shared in the research is that the supply of these tokens is too small to allow value discovery.

The post Research: 29 of 30 Tokens Listed on Binance in 2024 Show Major Drops appeared first on BeInCrypto.

Notably, the significant recovery could be linked to significant accumulation by a familiar player. Can this help ONDO sustain the uptrend?

Blackrock Backs Ondo One More Time

According to the blockchain tracker Arkham Intelligence, Blackrock purchased ONDO tokens valued at $5 million on August 5. Before that, the world’s largest asset manager had bought the same cryptocurrency using 3.11 million USDC.

The purchase brings the total number of tokens accumulated to over $10 million within the last six days. If this continues, it could help put upward pressure on ONDO’s price. 

Based on BeInCrypto’s findings, the accumulation remains part of Blackrock’s mission to allow instant settlements of tokenized assets on OUSG, its U.S. treasury-backed token. 

Read more: What Are Tokenized Real-World Assets (RWA)?

Apart from the buying pressure recently experienced, activity on Ondo’s blockchain has been blistering. According to IntoTheBlock, active addresses on the network surged by 101% in the last seven days.

New addresses jumped by 44%, while zero-balance increased by 70% within the same period. The surge in all three metrics indicates that user engagement is clearly present. 

This is also true for both new participants making their first successful ONDO transaction and those joining the network who have yet to adopt the token. Typically, when a project experiences such hikes, it suggests that the price of the native token may gain from it. 

Therefore, if activity on Ondo’s network continues to surge, the cryptocurrency’s value may rise well above $0.72 in the coming days.

ONDO Price Prediction: First Target Aimed at $0.87

ONDO’s recent price increase means it is now 51.48% away from reaching its all-time high of $1.48. This rebound also seems to have presented a buy signal for the token. 

If validated, Ondo could be looking at erasing the 38% decline it encountered since August 1 to reach $0.87.

From the chart below, this price is where the 38.2% Fibonacci retracement lies. However, as a golden rule, any crypto that wants to sustain its uptrend must hold on to the 38.2% Fib level. 

If this happens with the cryptocurrency, the underlying strength of the previous bounce will be termed strong, possibly helping the price reach $1.10, where the 61.8% golden ratio is. 

Read more: How To Invest in Real-World Crypto Assets (RWA)?

On the contrary, if ONDO fails to reach a swing high, this prediction could be invalidated. In the event that this happens, the token could approach a swing low of $0.50.

The post $10 Million Institutional ONDO Purchase Stirs Hopes of $1 Return appeared first on BeInCrypto.

Specifically, he points to the drastic decline of the Aevo token, which fell from a high of nearly $4 in March 2024 to a current value of $0.434. This represents a dramatic 90% drop in value in just five months.

Aevo Announces Buyback to Create Long-Term Value For Token Holders

Xu’s criticism extends beyond market fluctuations to address crypto exchanges’ ethical responsibilities.

In an X (Twitter) post, Xu questioned the motives behind crypto exchanges listing new tokens. He argued that these actions often lead to rapid sell-offs, primarily benefiting initial holders and disadvantaging the broader user base.

“Since there is no supervision on listing and reducing holdings for the time being, how can we protect this market? This is something that the entire industry should reflect on,” Star Xu said.

Read more: 12 Best Altcoin Exchanges for Crypto Trading in August 2024

Echoing Xu’s concerns, prominent crypto investor RamenPanda noted a shift in how project developers approach token sales. In earlier times, founders invested deeply in their own cryptocurrencies. However, today’s developers frequently use tokens merely as tools to raise and cash out USD.

“Tokens themselves have become an intermediate tool for cashing out US dollars. These project developers don’t even believe in Bitcoin, let alone their own tokens,” RamenPanda criticized altcoin developers.

Moreover, in response to these issues, the Aevo team has implemented a token buyback strategy to stabilize its price. In July, they purchased 1 million AEVO at an average price of $0.446.

“We will commit to buybacks of at least 1 million AEVO every month from July to December. With the supply of AEVO almost fully vested and the start of buybacks, we believe this is a good starting point to create long-term value for AEVO token holders,” the team announced.

Nevertheless, Aevo is not the only token facing these challenges. Recent data from the Dune dashboard, VC Printer, indicates that several altcoins are under similar pressures. For instance, venture capitalists (VCs) holding Ethena (ENA) are sitting on an unrealized profit of 73X, posing a significant risk of market impact if these profits are realized.

Additionally, token-unlocking events contribute to market pressures. Wormhole’s upcoming release of 600 million W tokens, constituting 33% of its circulating supply, is expected to introduce a substantial selling force into the market.

Read more: How To Fund Innovation: A Guide to Web3 Grants

Similarly, last week AltLayer unlocked over $100 million worth of ALT tokens. These tokens make up around 42% of its supply. If the stakeholders sell their tokens in the open market, it could ignite pressure, impacting price.

The post Aevo Token’s 90% Decline Sparks Critique From OKX Founder Star Xu  appeared first on BeInCrypto.

As time passes, indicators show that TIA may extend its losses as it approaches a crucial point. Here’s what to expect.

Celestia Holders May Need to Deal With Another Decline

An evaluation of the daily chart reveals that the Relative Strength Index (RSI) reading is 38.86. The RSI is a technical indicator that measures the speed and price changes of a cryptocurrency. Furthermore, the oscillator determines if an asset is overbought or oversold.

When the reading is 70.00 or above, the asset is overbought. But a reading at 30.00 or below points to an oversold condition. Therefore, the RSI decline on Celestia’s chart indicates that the token could be heading toward the oversold zone.

If the momentum reading continues to slide, TIA’s price may also continue to fall. If that happens, the cryptocurrency’s value may drop below $5.

Read More: Top 9 Safest Crypto Exchanges in 2024

Consequently, the current state of the cryptocurrency has driven traders in the derivatives market to hold positions supporting a bearish bias. The Funding Rate, as shown by on-chain data, reveals this.

The Funding Rate represents the difference between a cryptocurrency’s contract price and the spot price. A positive value indicates bullish expectations from traders, while a negative reading indicates that the perpetual price trades lower than the spot price, suggesting a bearish bias.

At press time, TIA’s Funding Rate is in the negative territory, reinforcing the notion that market participants do not anticipate a price bounce. 

However, this was the case for most of last month, reflecting the doubt the broader market has around TIAA in the short term.

TIA Price Prediction: Will Liquidity Rise Spark a Bounce?

As of this writing, TIA has been trading within a descending triangle since July 22. In this pattern, the price keeps hitting lower highs while the flat support line consolidates around the same area. 

Typically, this pattern is bearish, and if the token lacks buying power, another breakdown may occur.  Additionally, the Fibonacci Retracement indicator gives an idea of levels where the price may go next as each ratio identifies support and resistance zones.

The most important Fib ratios include 23.6%, 38.2%, 61.8% and 78.6%. From the chart below, TIA’s price has dropped below the 23.6% nominal pullback. Should selling pressure increase, the value of TIA may drop to $4.13.

Read More: Which Are the Best Altcoins To Invest in August 2024?

However, the Money Flow Index (MFI) shows that the Celestia token is starting to experience a rise in liquidity. If this continues, TIA’s price may rebound to $5.98, and the bearish thesis will be invalidated

The post Celestia (TIA) Price Nears Oversold Region Following 12% Price Decline appeared first on BeInCrypto.

In March, the token reached a yearly high of $0.040. But revisiting the region could be a difficult task, and here is why.

Zilliqa Bears Maintain Control Despite Rising Attention

As of this writing, ZIL’s price is $0.016. On the daily chart, it trades below the 20 EMA.  EMA stands for Exponential Moving Average and is a technical indicator that tracks price changes of an asset within a set period.

In simple terms, when a cryptocurrency’s price is above the EMA, the trend is bullish. Conversely, if the price falls below the EMA, the trend is bearish. The ZIL/USD chart shows that the price remained above the 20 EMA until July 30.

The position at the time improved the hopes of recovery. Since it is now below it, that hope may have been shattered as ZIL may continue to trend downwards.

Read more: Zilliqa (ZIL) Staking: A Step-by-Step Guide for Beginners

Despite the decline, Zilliqa’s social dominance has spiked. The social dominance metric compares the rate of discussions around a cryptocurrency to that of other projects. 

A rise in social dominance means that crypto is getting a good dose of media coverage. On the other hand, a decline implies that other cryptocurrencies are getting more recognition.

Therefore, ZIL’s current condition aligns with an increase in messages and posts related to it. While ZIL may be receiving a relatively good level of market attention, this does not validate a price increase.

ZIL Price Prediction: Further Correction Ahead

Further assessment of ZIL’s price action shows that the token may experience consolidation over time. One of the grounds for this thesis is the Awesome Oscillator (AO). The AO compares the long and short-term price movement of a cryptocurrency to determine momentum.

When the indicator is above the midpoint, it means that momentum is increasing upwards. However, if the reading is in the red region, it suggests increasing downward momentum. The latter is the case with ZIL, especially with the appearance of a red histogram bar.

In addition, ZIL may struggle to exit the downturn. If selling pressure increases, the price may drop to $0.015. Failure to defend this point could force a correction to $0.012, especially if Bitcoin’s (BTC) price continues to fall.

Read more: Zilliqa (ZIL) Price Prediction 2024/2025/2030

However, the token may evade reaching these targets if buying pressure increases. Should that be the case, ZIL’s price may drop to $0.17.

The post Zilliqa (ZIL) Struggles Continue as Price Dips Below Critical Zone appeared first on BeInCrypto.

MNT, its native cryptocurrency, has also outperformed tokens from other blockchains in the same category. However, this analysis focuses on a recent change.

Fall in Mantle TVL Drives Ripple Effects on the Network

According to DeFiLlama, Mantle’s Total Value Locked (TVL) reached an all-time high of $636.50 million on July 24. TVL, as it is commonly called, measures the value of assets locked or staked in a protocol.

The higher the TVL, the more trustworthy a network is perceived to yield gains. However, if the TVL decreases, it implies that market participants are withdrawing previously-locked tokens. 

Seven days after reaching the peak, Mantle’s TVL has decreased to 589.13 million. The decrease highlights the growing prevalence of lower benefits and proceeds on the lending, staking, and cross-chain protocols developed under Mantle.

Read more: What Is Mantle Network? A Guide to Ethereum’s Layer 2 Solution

The decrease also seems to have affected MNT’s price. Some days ago, the cryptocurrency’s price climbed by double digits. But afterward, profit-taking tanked the upswing. Since then, MNT has struggled to rebound, as it trades at $0.75 at press time.

Additionally, data from IntoTheBlock indicates that Mantle network activity has faced challenges in recovering. To gain a clearer understanding of the network’s activity, BeInCrypto examines the condition of active and new addresses.

In simple terms, active addresses estimate the number of users on a blockchain. If the number increases, it implies that there is a lot of interaction with the native token, and this could be bullish for the price. A decline in the metric implies otherwise.

New addresses, on the other hand, track the number of first-time transactions on the blockchain. As a measure of traction, an uptick in the number suggests increased adoption, while a downturn implies decreased demand. 

As shown above, active, new, and zero-balance addresses on Mantle have all declined in the last seven days, reflecting a drop in interaction with the MNT token. Should this continue, MNT’s price may find it challenging to rebound from its recent lows.

MNT Price Prediction: Downward Pressure Lingers

Based on the daily chart, the Moving Average Convergence Divergence (MACD) has dropped into negative territory. The MACD is a technical indicator that uses correspondence between two Exponential Moving Averages (EMAs) to determine momentum and price trends.

From the chart below, the 26-day EMA (orange) is above the 12-day (EMA), suggesting sellers’ dominance and a bearish momentum. If the shorter EMA is above the longer one, then the trend would have been bullish.

If the trend continues, MNT may not escape another drop and the Fibonacci retracement series gives an idea of the levels the token may reach. Should selling pressure increase, MNT’s price may decrease to $0.70 — where the 23.6% Fib level lies.

Read more: Layer-2 Crypto Projects for 2024: The Top Picks

However, a surge in buying pressure, combined with increased network activity, may invalidate the thesis. If this happens, MNT may bounce to $0.83 or as high as $0.89.

The post Ethereum L2 Mantle (MNT) TVL Drops After Hitting All-Time High: Price Impact appeared first on BeInCrypto.

In August 2024, investors will watch which cryptocurrencies perform well and, most importantly, which can hit new All-Time Highs (ATH). This analysis focuses on the top four cryptos with such potential.

MANTRA (OM)

If MANTRA’s (OM) stunning 1,956% increase this year is something to consider, then it may soon become a household name in the crypto market. In the last 30 days, OM, which is the token of the security-first layer01 blockchain, focusing on the tokenization of Real World Assets (RWA), has increased by 50.15%

This stunning move makes it the best-performing crypto in July. For August, the MANTRA token could continue the run and probably surpass its all-time high. OM’s all-time high is $1.42, which it reached on June 22.

Its current price of $1.17 means it only needs an approximately 18% increase to surpass it. According to on-chain data, OM may be able to achieve it in August 2024 due to the influx of institutional giants accumulating the token.

Based on IntoTheBlock’s data, the number of addresses hodling 1 million to 10 million OM has climbed by significant figures in the last 30 days. 

Read More: Top 9 Safest Crypto Exchanges in 2024

This proves the increasing demand for the MANTRA blockchain’s native token. If sustained in August, OM’s price may revisit its all-time high and probably inch closer to $2.

Solana (SOL)

A few days back, Solana (SOL) hit a new yearly high in terms of open interest. Around the same period, active addresses on the network reached their highest level in almost three years.

These occurrences suggested that SOL’s price could soon reach a new ATH. On July 29, SOL hit $194.40. However, calls for a return above $200 did not materialize as the upswing was rejected.

At $183.41, Solana is 29.60% down from its ATH. If the token performs a little better than it did in July, it could hit a new all-time high. One of the reasons for this prediction is its dominance over Ethereum (ETH). At one point in July, SOL’s price outperformed ETH by 42.50%, reinforcing its status as the major leader of this cycle. 

For instance, when the month began, 1 SOL equaled 0.040 ETH. But at press time, it is now 0.050 ETH. If this dominance continues and SOL breaks above $200, it could be the catalyst that helps it surpass $260 and eventually leads it to new all-time highs. 

Toncoin (TON)

Despite facing crucial resistance, Toncoin is one of the cryptos that can reach a new ATH in August 2024. As of this writing, TON trades at $6.78, and like OM, the token is 17% down from its peak.

From a technical perspective, TON seems to have experienced seller exhaustion and is slowly climbing the charts. The Relative Strength Index (RSI) also supports this prediction, as the token seems to be building up bullish momentum.

If sustained, the price of TON may surpass the $7.45 resistance and revisit $8.33. Once this happens, it could be relatively easy to approach a higher value that becomes the new all-time high.

However, if bulls struggle to break the resistance, TON’s potential for a new ATH could be invalidated.

Jupiter (JUP)

JUP is the utility token of Jupiter Exchange, a decentralized exchange aggregator built on Solana. Its inclusion in this list has solid backing, as BeInCrypto previously reported that the project plans to reduce the toen supply by 30%.

Reducing supply is usually good for the price in the crypto market, and this was evident in JUP’s rally when the development became public. However, this proposal is subject to voting, and the outcome is expected in the first week of August 2024.

By the look of things, the Jupiter community may give the go-ahead, especially as the RSI has jumped significantly. This means that momentum and sentiment around crypto are positive.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

JUP’s all-time high was $2.04 in January. As of this writing, it trades at $1.08, but in the first quarter, the token experienced a series of 100% increases within a short period. Therefore, if the project reduces supply, a similar thing could happen, leading it to reach a new all-time high of $2.16.

The post 4 Cryptos That Could Hit New All-Time Highs in August 2024 appeared first on BeInCrypto.

At press time, ICP trades at $9.03. However, holding on to the $9 region in the coming days may be a herculean task, and here is why.

Warning Signs for Bullish Internet Computer Investors

One indicator that has been crucial to ICP’s price increase is the Money Flow Index (MFI). The MFI is a technical oscillator that employs volume and price to measure trading pressure. If the reading increases, it means buying pressure is rising; and when it drops, selling volume is dominant

However, the same indicator also detects overbought and oversold conditions. Ratings at 80.00 or above indicate that an asset is overbought, while those at 20.00 or below indicate that it is oversold.

On the daily Internet Computer chart, the token was overbought on July 21, and after the price increase on July 26, it reached the same condition. Consequently, this led to a price retracement, and as more money flows out of the ICP market, the price may continue to drop.

Read More: Internet Computer (ICP) Coin Explainer for Beginners

Seven days ago, BeIncrypto reported that the correlation between ICP and Bitcoin (BTC) is key. The current price trend shows that the correspondence still stands, as the BTC price has also dropped. 

Despite the bearish bias, on-chain data from Santiment shows that the sentiment around cryptocurrency is not pessimistic. The Weighted Sentiment, which measures the comments online about a project, shows proof of this. 

Three days ago, the Weighted Sentiment reading was in negative territory, indicating a gloomy broader market outlook. But at press time, it is in the positive zone, suggesting that ICP holders are getting confident about the token’s short-term potential.

However, sentiment alone won’t trigger a price increase for the token. Hence, it is necessary to analyze ICP’s short-term potential from a technical point of view.

ICP Price Prediction: Will Bulls Hold the Line or Face Defeat?

The daily ICP/USD chart shows that the cryptocurrency formed a rounded bottom between June 16 and July 18. The rounded bottom pattern implies a shift in trend from bearish to bullish.

This technical pattern is one reason ICP climbed to 10.95 on July 22. However, the token has now erased a chunk of those gains. From the chart below, bulls attempt to prevent ICP from dropping below $9.

However, the Cumulative Volume Delta (CVD) is negative. When the CVD is positive, the buying pressure in the spot market exceeds the selling pressure. Since it is negative, it means that sellers are in control, and ICP risks falling.

Read More: Internet Computer (ICP) Price Prediction 2023/2025/2030

Should buyers fail to stop the capitulation, ICP may not be able to resist the downside. If this happens, the price drop below the key support spotted around $8.45. However, if buying pressure increases, ICP could pump into the overhead resistance at $10.28. 

The post Internet Computer (ICP) Price Risks Dropping Below Key Support Amid Bullish Sentiment appeared first on BeInCrypto.

While Binance Labs provides extensive mentorship and resources, it is crucial to note that participation in the incubation program does not necessarily imply direct investment from Binance. This mentorship aims to cultivate early-stage projects through a specialized curriculum and comprehensive resources across the Binance ecosystem.

4 Projects That Will Receive Mentorship From Binance

Among the selected projects, Astherus, a liquidity hub for staked assets, stands out despite a modest X (Twitter) presence of fewer than 6,000 followers. Positioned as the largest derivatives project on the BNB chain, Astherus boasts a total value locked of $81.79 million, according to data from DeFiLlama.

In an interview with BeInCrypto, Dust, the founder of Astherus, shared how the team plans to make the most out of the Binance Labs Season 7 Incubation Program.

“The team is very proud to be selected for Binance Labs Incubation Season 7. This is industry recognition of our purpose — to impart more use cases to staked assets. The program will open access to vital guidance for Astherus’ vision and more partnerships across the Binance and BNB Chain ecosystems,” Dust told BeInCrypto.

Read more: How To Fund Innovation: A Guide to Web3 Grants

Next in line is Cycle Network, which delivers a technological framework aimed at enhancing blockchain interoperability. It provides a bridgeless, aggregate liquidity network compatible with various blockchain layers, including Layer-1s, Layer-2s, Ethereum Virtual Machines (EVMs), and non-EVMs.

Cycle Network, with around 127,000 followers on X, has made a strong entrance with PiggyBank, attracting 300,000 users.

“Despite being the safest algorithms, decentralized mechanisms have not seen widespread adoption due to the complex operations required in Web3. Realizing this, we found ourselves working towards the principles of chain abstraction even before the term was officially coined,” Cycle Network explained.

The third project, Dill, is heralded by Binance Labs as the most scalable data availability initiative. Boasting around 41,000 followers, Dill has successfully closed its pre-seed and founders’ investment round. This round was led by Find Satoshi Ventures and saw participation from several prominent figures in the crypto industry.

However, Dill has not shared information about the valuation or other financial terms of the investment round.

Finally, EigenExplorer, a native DeFi protocol on EigenLayer, rounds out the list. However, the project has the least X presence, with just 840 followers. In fact, it debuted on X in April 2024 and has around 33 posts.

Read more: What Is EigenLayer?

Investors, however, should tread cautiously. While brimming with potential, these new crypto projects are fraught with risks. This includes market volatility, security issues, and possible market manipulation.

To address these concerns, Binance Labs is emphasizing security, transparency, regulatory compliance, and corporate governance.

“Binance Labs is dedicated to empowering early-stage projects and driving the growth of the Web3 ecosystems. Our goal is to invest in the most capable and forward-thinking founders and projects that are driving innovation or meaningful use cases, further adoption, and building the future of Web3. This season’s curriculum features weekly sessions covering critical startup principles including Web3 security, compliance best practices, a deep dive into the legal and regulatory landscape, and more,” Binance spokesperson told BeInCrypto.

The post Binance Extends Mentorship to 4 New Altcoin Projects appeared first on BeInCrypto.

Trading at $6.79 at press time, this analysis proves that the token may not be out of the woods just yet. Here are the reasons.

Whales Dump Toncoin, Raising Market Concerns

The major rationale behind Toncoin’s potential decline is the action of whales. Whales are entities or individuals that hold a large amount of a cryptocurrency’s circulating supply. Because of this, their actions and inactions influence prices.

According to IntoTheBlock, TON Large Holders’ Netflow has decreased by a whopping 97.05% in the last seven days. 

This is in contrast to the large inflows some weeks back. Netflow is the difference between the large inflow and outflow. If the ratio is positive, it means whales have accumulated more than they have sold.

However, a negative ratio implies otherwise, which is true with TON. Furthermore, a careful examination shows that whales sold 1.4 million TON tokens between July 21 and 28. If this continues, the price of TON may erase some of its recent mild gains.

Read More: What Are Telegram Bot Coins?

As a result of TON’s price bounce, the ratio of daily on-chain transactions in profit to loss reached its highest level since July 19. This metric shows whether token holders are realizing losses or profits. When it is negative, there are more realized losses than gains.

In Toncoin’s situation, the price increase has led to a rise in profit-taking. However, profit-taking usually leads to a decline, especially if the selling pressure increases. Therefore, if the ratio of on-chain transactions in profits to loss rises, TON’s uptrend could be halted.

TON Price Prediction: The Bounce Is Not Strong Enough

According to the daily chart, Toncoin’s price increase is not backed by vital indicators. For example, the Awesome Oscillator (AO) is negative. The AO measures market momentum and determines early changes in a cryptocurrency’s price.

When the AO is positive, momentum increases upward. However, if the indicator’s reading is negative, as it is with TON, momentum decreases. Another oscillator with a similar bearish bias is the Moving Average Convergence Divergence (MACD).

At press time, the MACD is down in the red region, reinforcing the possibility of a downtrend. If this continues, the price of TON may fall to $6.57. However, if selling pressure increases, the value could drop to $6.02.

Read More: 6 Best Toncoin (TON) Wallets in 2024

But if whales begin to accumulate more TON in contrast to what is currently happening, the value could rebound. If this were true, Toncoin’s price could jump to $6.90 and eventually reach $7.18.

The post Toncoin (TON) Whales Withdraw Millions of Tokens in 7 Days, Hinting at Price Decline appeared first on BeInCrypto.

One of the criteria for the altcoin season was the approval of the spot Ethereum ETFs. Now that it has happened, altcoins have remained mute. Will this remain the case going forward?

Altcoin Season Continues to Show Why It May Not Come Soon

Altcoins appeared to have resumed their uptrend sometime ago. However, that widespread climb did not last. Altcoin Season Index, at that time, had a reading of 33. 

To validate the season, the index has to reach 75, implying that at least 75% of the top 50 non-Bitcoin (BTC) cryptos are outperforming the number one coin.

At press time, the index is 18, a rating it last reached on June 20 and before that — November 2023. This decline implies that altcoin has found it challenging to perform better than BTC, which has been able to reclaim $70,000 lately.

Read More: What Is Altcoin Season? A Comprehensive Guide

This decline could be attributed to the lack of investor interest in several altcoins. If interest continues to wane, then demand may be difficult to find. In turn, this could cause prices to keep swinging sideways or lower while the altcoin season fades.

Despite the underwhelming conditions of these cryptos, some market participants believe that the season will appear. One of those confidence about it is Ty Blackard, co-founder of Magnify Labs, a decentralized credits market.

Do Altcoins Still Need Ethereum’s Firepower?

According to Blackcard, the market will move to the altcoin season once ETH surpasses its all-time high.

The market is about to pivot into gas token/altcoin season as $ETH crosses over ATH. Memecoins will still be around, of course, but the narratives and meta will shift to tokens with more “utility” or “fundamentals. Blackard stated.

However, a thorough examination of the altcoin market shows that, with or without ETH, altcoin season can come to pass. This is the inference BeInCrypto got after examining the TOTAL2 and TOTAL3.

TOTAL2 is the total market cap of the 125 altcoins excluding BTC. TOTAL3, on the other hand, is the market cap of altcoins excluding ETH, as well as BTC. From the image below, we observe that the trend of both market caps is similar.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Therefore, Ethereum’s price may not matter in the grand scheme of things for the altcoin seasons as it did in 2021. However, there is a chance for altcoin prices to pump if capital gained from BTC flows into the sector. If this happens, then the chances of the season this cycle will increase.

The post Altcoin Season Could Be at Risk, According to Latest Data appeared first on BeInCrypto.