After the disruption linked with the yen carry trade, certain alternative coins (altcoins) have experienced significant growth. Specifically, Binance Coin ($BNB), Toncoin ($TON), and Avalanche ($AVAX) are currently surging strongly. Will this upward trend continue for these coins?
All depends on Bitcoin
In recent days, some alternative cryptocurrencies like $BNB, $TON, and $AVAX have experienced significant increases, climbing by double digits. If Bitcoin, the leading cryptocurrency, maintains its upward trend, these altcoins might continue to mirror this performance, possibly even exceeding it.
$BNB holding critical support
As a researcher studying cryptocurrency market trends, I’ve noticed an impressive 30% surge in Binance Coin ($BNB) since the recent Japan crash. This rally has translated into a significant $120 increase in its price. Notably, this growth has positioned $BNB squarely within its bull flag/triangle pattern yet again.
$TON rallies out of double bottom
In recent times, Toncoin ($TON) has been the star performer, outshining other cryptocurrencies. The sudden drop in value due to the Japan incident resulted in a decrease of approximately 30% within just a few days. Interestingly, this dip facilitated the formation of a double bottom structure for $TON. Since then, Toncoin’s price has not only recovered but has actually surpassed its value prior to the crash.
Additionally, it’s worth noting that $TON has surpassed its previous downtrend, penetrated the barrier at $6.62, and is currently engaged in a struggle with resistance at $6.90. With favorable conditions now in its favor, anticipate the price of $TON to revisit its peak values and potentially exceed them.
$AVAX bulls have much work to do
In contrast to Binance Coin ($BNB) and Theta Fuel ($TON), Avalanche ($AVAX) hasn’t seen the same level of price growth over the past few months. However, it has managed to increase by more than 20% within the same recent timeframe.
Presently, AVAX is encountering a significant horizontal barrier that has served both as resistance and support since April 2021. If AVAX manages to surpass and sustain this level, it would significantly impact its price performance in the remaining stages of the current crypto bull market.
To summarize, AVAX has experienced a significant drop of 69% compared to Bitcoin this year, while BNB and TON have shown growth with BNB increasing by 28% and TON rising an impressive 150%. This contrasts sharply with the performance of AVAX.
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2024-08-14 18:22