As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that the surge of the Ice Open Network (ION) this week has piqued my interest. Having closely followed the development of TON‘s blockchain and its evolution into ION, I find it intriguing to see how the ICE token is gaining traction among investors.
This week, the Ice Open Network experienced a sharp increase in value, anticipating its mainnet release, with additional centralized platforms listing it for trading.
ICE token listings
As a researcher, I’ve observed an impressive surge in the value of the Ice Open Network (ICE), which is built on Binance, reaching a peak of $0.0097 – a level not seen since February 24th. Remarkably, this price point represents a staggering 202% rise above its lowest recorded level back in August.
Afterward, it dipped back down to $0.0080, wiping out some of its recent progress for the week as the positive momentum started to dwindle.
As reported by its creators, this token is now available on 22 different trading platforms, among them are LBank, Tapbit, Deepcoin, and Coinstore. Notably, Deepcoin was the latest platform to include it, launching an ICE/USDT pair with a prize pool of $100,000.
🎉 Exciting news! The Ice Open Network’s token, $ICE, is now available on 22 additional trading platforms! This marks a significant achievement for us, and we’re just getting started. Thank you to our amazing community for your unwavering support! Let’s continue this journey together as we embark on the next phase of #IceOpenNetwork. 🚀— Ice Open Network (@ice_blockchain) September 27, 2024
Most of the ION trading was happening on OKX, followed by HTX, Gate.io, and MEXC.
The ION network is a forthcoming platform designed to tackle the main issues of centralization that prevail in today’s digital landscape.
As stated in their whitepaper, it was developed based on the foundation laid by TON‘s blockchain, which has expanded significantly and now ranks among the top chains, holding more than $800 million worth of assets.
It will introduce tools such as decentralized digital identity, social media, storage, databases, and content delivery networks, integrating these features into a single, scalable blockchain infrastructure capable of handling millions of transactions per second.
1) The value of the ION token increased as investor interest surged, with data indicating that it was one of the most sought-after cryptocurrencies on CoinGecko, CoinMarketCap, and CryptoRank this week. In fact, its popularity outpaced established coins such as Sui (SUI), Bitcoin (BTC), and Hamster Kombat. Moreover, ION was the top performer in the BNB Chain over the past seven days.
As an analyst, I anticipate that the primary catalyst driving the momentum of this token lies in its upcoming mainnet launch. The developers have hinted at this happening imminently, and historically, cryptocurrencies tend to gain traction before significant events such as mainnet launches.
Ice Open Network price analysis
In March, April, and August last year, the price of ION token formed a triple-bottom pattern at $0.0031. Later, it surged past its resistance level at $0.0060, which was the highest peak it reached on June 7, as well as the neckline of the triple bottom pattern.
The asset continues to hover over its 50-day moving average, and the Commodity Channel Index shows a decline. Additionally, there are indications of a tiny “shooting star” candlestick formation, which is often seen as a potential reversal cue.
Given the circumstances, it’s probable that the Ice Open Network token may show some price fluctuations in the short term. However, following these temporary changes, there’s a strong possibility that it will continue its upward trend leading up to the mainnet launch.
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2024-09-27 20:09