June 23, 2024

Today’s crypto market outlook is quite conservative, as a slight retracement is observed in the total market cap. Notably, Bitcoin has dropped below the $36,000 price level for the first time since November 10.

This decline is likely due to market cycles, as a retracement phase often follows after a strong accumulation phase. However, BTC still has strong support at $35,000; therefore, it will likely retain its price gains in the coming days. 

Despite the slight dip in the general market, investor sentiments remain bullish, and most altcoins still post impressive figures. Below is a list of the top crypto gainers and exciting details in their ecosystems aiding the price gains. 

Celestia (TIA) – The Modular Consensus and Data Network 

On November 15, at 4:56 a.m. EST, TIA’s price was $6.06, with a 17.45 increase in the past 24 hours. Also, TIA has gained 161.5% in the last seven days, confirming that the ongoing accumulation phase is still ongoing. 

One of the factors driving TIA’s price gains is the utility found in its ecosystem by investors. 

According to gaming developers AltLayer, they are upgrading their roll-up stack Turbo for Autonomous Worlds and on-chain games. These games are on Ethereum L2s using Celestia as their Data Availability (DA) provider. 

Also, the developers stated that Turbo was designed to expand possibilities and player adventures in the gaming ecosystem. Remarkably, Turbo achieves this by providing near-instant transactions and customizable gas fees, among other benefits. 

Further, AltLayer and Celestia have improved Turbo’s capacity to introduce State Stream. This new feature ensures that all states and crucial data remain secure on the Data Availability layer. 

Therefore, Celestia is committed to building a virtually autonomous world that relies on a decentralized blockchain. 

Also, these new features add elastic scaling in gaming. For instance, Turbo enables the game Ottie 2048 to support 1 million active users by scaling on almost 100 rollups globally. 

Meanwhile, it enables a smooth user experience and instant account creation on-chain, eliminating the need to fund wallets and transaction fees. 

Further, with the Blobstream Bridge, data published on Celestia can be breached to Ethereum, enabling data verification and enhanced security. 

These improvements are evident in TIA’s price movement on the daily chart as more investors adopt the tokens. 

TIA Testing The $6.17 Resistance Level: Will It Break Above?

TIA is in an uptrend on the daily chart, forming a second consecutive green candle after bullish price action on November 14. It found support at the $6.01 price level and is attempting a break above the $6.17 price level.

A break above this level will likely send TIA to $6.20 if the buyers sustain their charge. 

Also, TIA is trading above the Parabolic SAR indicator, confirming a bullish trend ahead for the asset. Additionally, the Relative Strength Index (RSI) indicator is in the overbought region above 70 and displays a strong buy sentiment.

The RSI is 88.39, confirming the dominance of TIA’s buyers. Therefore, based on these indicators, TIA will likely break above the $6.17 resistance level in the coming days. 

THORChain (RUNE) – The Top Decentralized Crypto Trading Protocol 

RUNE’s price at 5:38 a.m. EST is $5.67, with a 13.1% increase in its price in the past 24 hours. Also, it is up by 69.7% in the last seven days as investors continue to accumulate the tokens. 

THORChain’s relevance as a liquidity protocol is likely driving its price gains. Since the launch of its Streaming Swaps, it has attracted more users across several blockchain networks. 

According to THORChain developers, now is an ideal time to integrate swap and borrowing on the THORChain network. 

With integrated affiliate fees, major wallets can collect 6-7 figures in monthly revenue while overcoming the price execution of top centralized exchanges. 

Remarkably, with THORChain, there is no need for an account, signup, wrapped assets, or bridges. Also, the cross-chain feature is quite straightforward for users. 

According to the report, THORSwap generated $150,000 in trading fees in November, creating the argument of its superiority to centralized exchanges. Users can select from a wide range of crypto assets on THORSwap, which include BTC and ETH. Consequently, THORSwap recorded $1 billion in swap volume over the past weekend.

This highlights the rising profile and relevance of THORChain in the crypto market. Also, the developers noted that the focus is on security, liquidity, and volume, aiming to aid them in achieving a market cap value of $100 billion. 

These activities are driving RUNE’s price gains on the daily chart.

Remarkably, a progressive price increase is evident on the daily chart as more buyers continue to accumulate RUNE tokens. Therefore, based on RUNE’s rising utility, it will likely record higher highs on the daily chart as it overcomes its resistance levels. 

RUNE Finds Support at $4.78 Will The Uptrend Continue?

RUNE has found critical support at the $4.78 price level, snapping out of the sideways trend that began on November 12. Notably, RUNE has formed a large green candle on the daily chart and is testing the $5.79 resistance level. 

A break above this level will likely support a price increase to $6. However, a retracement for consolidation will occur if there is a rejection at $5.79. Also, a rising Wedge pattern is evident on the daily chart, confirming a progressive increase in RUNE’s price. 

Further, the RSI indicator is in the overbought zone, displaying a value of 84.05 and still rising, confirming bullish dominance. Also, the Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a strong buy signal.

The green Histogram bars also confirm that the buyers are still active in the market. So, RUNE will likely overcome the $5.78 resistance level in the coming days. However, traders must observe the RSI indicator for possible signs of retracement. 

PancakeSwap (CAKE) – A Top Ranking Decentralized Exchange 

CAKE is trading at $2.61 today at 4:45 a.m. EST, with a 15.8% increase in the last 24 hours. Also, CAKE has gained 21.8% in the last seven days, confirming the ongoing accumulation phase.

The recent launch of veCAKE by Butter Finance is likely driving CAKE’s resurgence on the daily chart. 

According to a PancakeSwap user, Chet Mochi, there has been a transition to deflationary CAKE tokenomics in the ecosystem. Notably, veCAKE strengthens the ecosystem by enabling more projects and DAOs to participate and vote. 

So, veCake creates a positive situation, enabling CAKE accumulators to enjoy exclusive benefits.

Additionally, veCAKE holders will enjoy voting incentives, which will likely drive the adoption of CAKE tokens. However, staked CAKE tokens cannot be converted to CAKE at any time. Liquidity protocol locks CAKE on PCS to obtain veCAKE that remains locked in the staking contract.  

Furthermore, launching the PancakeSwap Gaming Marketplace is a significant step forward in blockchain gaming. The gaming marketplace aims to become the ultimate hub for gamers and developers. It encourages creativity and will feature the first game, Pancake Protectors. 

Also, the ecosystem will have diverse games and a vibrant community to promote the project. Additionally, the CAKE token and NFTs will find application in the gaming ecosystem, thereby boosting their utility and value. 

Furthermore, PancakeSwap developers aim to become a developers’ hub and launchpad for projects. Based on its prospects, it targets at least 1.5 million players a month with opportunities for developers to share ideas. 

Therefore, developers and gamers are invited to join the ecosystem to benefit from PancakeSwap’s dive into GameFi. CAKE shows an impressive price pattern on the daily chart, overcoming the decline to trade above its former resistance level.

CAKE Buyers Building Momentum. Is $2.7 Possible?

CAKE displayed price volatility on the daily chart from November 4, suffering two price dips before a remarkable recovery. It encountered resistance at $2.37 between November 5-6, leading to a downtrend from November 7-9. However, the bulls rallied again from November 10-11 before another decline at the $2.37 resistance level. 

Remarkably, CAKE buyers rallied on November 14, leading to a break above the $2.37 price level today. Today’s candle is testing the $2.64 resistance level, and a close above it will support a rally to $2.7 in the coming days. However, based on past price data, CAKE might face a retracement if the buyers decide to cash in on long positions. 

Meanwhile, the RSI indicator is in the overbought region above 70, displaying a value of 73.68. However, the RSI’s movement in the last few days signals price volatility for the asset. Although the MACD indicator displays a buy signal, the small Histogram bar suggests that the buying pressure is declining. 

Therefore, CAKE will likely rally above the $2.64 support if the bulls prevail before a retracement for consolidation in the coming days. However, traders are advised to apply proper risk management techniques due to the asset’s price volatility. 

Bitcoin ETF Token (BTCETF) – The Bitcoin-Friendly Token For Massive Rewards 

Bitcoin ETF is a new crypto project riding on the present wave of positivity surrounding a possible Bitcoin ETF approval. The approval of an exchange-traded fund (ETF) for Bitcoin may boost its value, rewarding holders and investors. 

Corporations such as BlackRock are leading the drive for an ETF pending approval from the U.S. SEC. The BTCETF token is a cryptocurrency that hopes to ride on the upcoming ETF approval to reward its users. 

Spot Bitcoin ETFs Approval Likely To Increase Investor Interest

According to a report from Coinbase Inc., the eventual approval of spot Bitcoin ETFs in the U.S. will create more opportunities for investors. Notably, the approval will greatly improve the investment process for corporations and money managers.

Therefore, it could enhance crypto market liquidity and drive investor adoption. According to the Head of Institutional Research at Coinbase, David Duong, the approval opens up exciting opportunities in the crypto market. As such, the crypto market value will likely increase by billions or trillions.

BTCETF Presale Progressing Rapidly As Investors Eye ETF Approval 

BTCETF tokens are on presale, with over $600,000 raised a few days after the project began. Each BTCETF token is worth $0.0052 and can be purchased using ETH, USDT, or bank cards. 

Users can complete the purchase by connecting a secure crypto wallet such as Meta Mask or USDT to the presale page. Notably, BTCETF has its total supply capped at 2.1 billion tokens.

Also, it relies on a unique token burn system to control inflation and boost the value of BTCETF. 

According to tokenomics, 40% is dedicated to the presale (840 million, 25% to staking (525 million), and 25% to burning (525 million). Also, 10% is set aside for liquidity (210 million) with an initial market cap value of $12.39 million fixed for BTCETF. 

BTCETF Staking Retains Long-Term Value 

>>>Visit Bitcoin ETF Token Presale<<<

BTCETF supports a novel staking feature common with Ethereum-affiliated projects since it is ERC-20 compliant. As such, users can stake their BTCETF tokens and receive rewards based on the current APY at the time of staking. As of today, November 15, the APY stands at 119 BTCETF tokens per block. 

These rewards will be distributed over five years and calculated based on each user’s stake in the staking pool. Impressively, over 75.62 million tokens have been staked, showing a rising interest in the project from crypto investors. 

Exciting Roadmap Highlights Future Potentials Of the Bitcoin ETF Project

Bitcoin ETF has a catchy roadmap that begins with the ongoing presale. Also, an awareness campaign sensitizes users to accumulate the tokens ahead of the first Bitcoin ETF approval. This stage is also focused on community-building to sustain the project’s long-term success. 

The token burn mechanism will be activated after BTCETF launches on a decentralized exchange. These burns will increase over time with a targeted burn of 25% of the total supply. 

Bitcoin ETF is a project that can potentially be the next 10X or 100X cryptocurrency. However, price volatility and other factors could affect its eventual performance after listing. 

Conclusion 

While the altcoins and NFT market regain momentum, the crypto market seems to have hit a price ceiling. Nevertheless, the accumulation phase will likely resume once investors open new long positions. 

Although the rally began with speculation, notable concepts such as the tokenization of digital assets are adding more utility to the market. But, given that price volatility remains constant in the crypto market, investors must apply proper risk management. 


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