NOT and TON emerge as top gainers, gear for double-digit rally
- Notcoin and Toncoin extend gains as crypto market recovers from last week’s crash.
- NOT gains 10% eyes double-digit price rally, emerges as top gainer.
- Toncoin rallies post Binance Launchpool listing, rallies 11% on Wednesday.
Notcoin (NOT), a play-to-earn token integrated into the TON ecosystem, extended gains by 10% on Wednesday. Toncoin (TON) trades at $7.116 at the time of writing.
The two tokens are rallying on August 14, riding on these market-moving developments:
NOT recently launched a story-driven Telegram game in collaboration with TON’s social projects team. The game, Lost Dogs, builds on Notcoin’s play-to-earn gaming success.
Toncoin was listed on Binance Launchpool, driving TON price higher on August 14.
The two tokens rank among trending coins per TheCoinDetective’s tracker.
NOT and TON extend gains, further rally anticipated
NOT is currently in a multi-month downward trend. The token is likely to extend gains after rallying to a peak of $0.0129 on Wednesday. The $0.01362 target for NOT is 10% away from the current price.
The Moving Average Convergence Divergence (MACD) indicator shows a crossover of the MACD line and signal line, a bullish sign for NOT. There is underlying positive momentum in NOT’s price trend, which has the potential to score double-digit gains.
NOT/USDT 4-hour chart
NOT could find support in the Fair Value Gap (FVG) between $0.01135 and $0.01217 in the event of a correction in the asset.
Elsewhere, TON can extend gains by 12.46% and hit its target of $8 if the token continues trending higher. On Wednesday, TON trades at $7.124, following the token’s listing on Binance’s Launchpool. Typically, a listing on one of the largest crypto exchanges like Binance catalyzes gains in an asset, also known as the “Binance effect.”
TON could find support at the upper boundary of the imbalance zone at $6.083.
The Relative Strength Index (RSI) reads 58.20, signaling positive momentum in TON’s price trend.
TON/USDT daily chart
Looking down, TON could sweep liquidity in the Fair Value Gap (FVG) between $5.825 and $6.083.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
