U.Today – Trading volume has seen a huge spike that not many expected as market sentiment remains stagnant. However, numerous altcoins have seen inflows from larger institutional investors, and the improving market sentiment is a great sign.
Increased trading volume can infer increased interest and activity in the Bitcoin market. Significant price changes, whether up or down, are usually preceded by higher volumes. Increased trading volume in this case indicates that there may be a resurgence of interest and scope for Bitcoin price movement.
The return of institutional investor confidence may be one of the main reasons for this surge in trading volume. Major market participants have made considerable investments in several altcoins in recent weeks.
This influx of capital has likely contributed to creating a positive atmosphere that has also permeated Bitcoin trading. Moreover, a possible bullish trend is also supported by Bitcoin’s technical indicators, at the moment. As it moves out of the oversold zone, the relative strength index, or RSI, is starting to recover.
Keep pushing
Ethereum has crossed the $3,000 threshold again and could finally regain the confidence needed for the rally to continue. However, there is one problem: the important resistance level of the EMA 200.
The market is feeling more optimistic now that it has broken above $3,000. Ethereum may be showing signs of renewed confidence from buyers if it manages to break through this psychological barrier. However, this confidence is not unshakable, particularly given the looming resistance of the 200-day EMA.
A popular technical indicator, the 200 EMA, frequently serves as a strong resistance or support level. At this point, Ethereum’s trajectory could either rise sharply or reverse completely. The current state of Ethereum is influenced by several factors. Firstly, there is a slow but steady improvement in the overall market sentiment. Ethereum’s price action has been positively impacted by the recent surge in Bitcoin volume and institutional interest in altcoins.
Due to its wide range of applications and vibrant developer community, Ethereum remains a valuable asset for institutional investors, who are diversifying their holdings. On-chain metrics also point to a cautiously optimistic mixed picture.
It seems that selling pressure may be easing as Ethereum’s Relative Strength Index (RSI) has left the oversold zone. The market remains cautious, although buyers are entering the market, as seen by the lack of a noticeable increase in trading volume. The broader macroeconomic environment is another important factor to consider.
Toncoin is heading towards recovery
Toncoin whales are driving the asset forward, creating significant buying support for the asset. After the most recent correction, whales are accumulating cheap TON available on the market. Here is the breakdown of what is happening under the hood.
According to recent data, there has been a noticeable increase in the number of large Toncoin transactions. The number of large transactions has increased over the past week, suggesting increased activity among top holders. Notably, nine large transactions have occurred in the past 24 hours, totaling 359,000 TON.
Whale activity has increased, indicating that investors are very optimistic about the future of Toncoin. The total transaction volume of TON has shown notable fluctuations in terms of volume. On July 6, 2024, the seven-day high was 962,000 TON, and on July 7, 2024, the low was 52,000 TON. This variation suggests that whales are buying more tokens during price dips, likely in the hope that the price will rise in the future. The underlying whale activity has been reflected in the price movement of Toncoin.
Price resilience is demonstrated by its ability to bounce back from recent lows and hold a position above important support levels. As they show important support and resistance levels, the 50-day EMA and the 100-day EMA are important indicators to pay attention to. After recently hitting a low of around $7.09, TON is currently trading at around $7.28.
This article was originally published on U.Today
