The global crypto market remains relatively unchanged today, October 6. However, some cryptocurrencies, such as TON, AVAX, and ADA, recorded gains in the past 24 hours.
One factor that often influences crypto prices is the Fear and Greed Index, which is neutral today. However, the neutral indicator implies that prices can move either way.
On the negative side, THORChain moved into maintenance mode after concerns about the potential movement of illicit funds using THORSwap. This event highlights the risks of trading crypto and the need for proper evaluation.
A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal…
— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 6, 2023
Nevertheless, the top gainers seem unfazed by negative sentiments and benefit from ecosystem developments.
Toncoin (TON) – The Decentralized L1 Crypto Blockchain
TON trades at $2.1 on October 6, at 5:57 am EST. Also, it has gained 3.1% in the last 24 hours despite a 5.7% decline in the past seven days. Notably, after Toncoin’s integration with Telegram, other developments have followed.
According to a blog post, in Q3, 2023, TON Grants have been awarded to five new projects.
Q3 2023 #TON Grants have been awarded to 5 new projects!
From transforming survey marketplaces to providing seamless wallet-app communications, these projects are adding significant value and innovation to the TON Ecosystem. 💎
— TON 💎 (@ton_blockchain) October 6, 2023
These projects include the following:
- QSTN: This project focuses on the survey market, aiming to develop a Web3 platform on the TON network. Notably, QSTN aims to create surveys with rewards for participants while maintaining privacy using zero-knowledge technology.
- Ton.app: This is a leading marketplace for TON apps and hopes to offer multilingual support. This app will likely drive global expansion on the TON network.
- Tonkey: This project is a modern multi-signature wallet with a user-friendly interface. After a successful audit, it will be critical for future TON Grants and Bounties programs.
- TON Connect 2.0: Based on the description, this project is a communication protocol between wallets and apps in the TON ecosystem.
- TON Tracker: This project tracks key performance metrics on TON dApps across various sectors. These sectors include NFT, DeFi, and GameFi.
These projects are the beneficiaries of the TON grants and will likely boost the ecosystem. Consequently, the announcement is driving TON gains today. TON shows signs of a potential recovery on the daily chart despite the presence of sellers.
TON Testing $2.1 Resistance Will this Crypto Break Above This Point?
TON is in an uptrend on the daily chart, forming a second consecutive green candle after its October 4 slump. TON has exceeded its $1.9 support, rallying to the $2.1 resistance level.
The ongoing rally suggests the token will likely build on its gains in the coming days. Also, TON is approaching the Median band of the Donchian Channel (DC), indicating a surge in buying pressure.
Moreover, the Relative Strength Index (RSI) value is 53.6, rising from the neutral zone to the overbought region. If the RSI moves to 60, buyers will dominate the market. Given the prevailing momentum, it will likely break the $2.2 resistance to record more gains in the coming days.
Avalanche (AVAX) – The Ethereum Rival
AAVE’s price at 8:46 am EST is $10.61, with a 6.8% increase in the last 24 hours. Notably, its price has gained 14.3% in the last seven days. Avalanche continues to enjoy adoption with Blockticity, the new member of the ecosystem.
With big plans for expanding certifications to consumer electronics, apparel, agriculture, and more, the platform wisely chose Avalanche to achieve scale.
— Avalanche 🔺 (@avax) October 5, 2023
Blockticity is a startup that hopes to provide a lasting solution to the $4.5 trillion valued goods with fraudulent paperwork in the supply chain. Blockticity has minted certifications for its first $274 million products on Avalanche.
After a third-party partner’s testing, Blockticity will print a QR code on products.
Furthermore, this QR code links to a Certificate of Analysis (CoA) minted as an Avalanche NFT. The added utility boosts the value of Avalanche and will likely influence AVAX’s price in the coming days. AVAX is in an uptrend on the daily chart as buyers enter an aggressive accumulation phase.
AVAX Buyers Enter Aggressive Accumulation Phase
AVAX has found support at $9.24 from October 1, leading to an uptrend for the asset. Based on the buyers’ pressure, it has broken above the $10.4 resistance level. Today’s closing price will serve as a confirmation of AVAX’s next price moves.
Furthermore, its RSI indicator value is 68.6, close to the overbought region above 70. Based on AVAX’s price momentum, the buyers will likely rally to the overbought zone. The Moving Average Convergence/Divergence (MACD) indicator also displays a strong buy signal.
Also, this signal is confirmed by the green Histogram bars, suggesting that the buyers are still in an accumulation phase. AVAX will likely continue on its uptrend in the coming days till it enters the overbought region.
Cardano (ADA) – The General Purpose Blockchain
ADA’s price at 8:47 am EST is $0.26, with slight gains under 1% recorded in the last 24 hours. Also, its seven-day gains are modest at 4.1%. One of the factors driving ADA’s slight gains is anticipation of the upcoming Cardano Summit.
🗳️ Vote Now!
📣 The nominees for the Cardano Summit Awards are in and it’s time for YOU to decide the winners! 🏆
📲 Vote for your favorites by using the Cardano Ballot App.https://t.co/v8qcFU4N6M
— Cardano Foundation (@Cardano_CF) October 4, 2023
This event will take place between November 2-4 in Dubai. According to the announcement, the Summit will feature conferences where new projects will be unveiled. Also, there will be exclusive events such as the Dubai desert experience, Gala Awards Dinner, and sightseeing.
Remarkably, partners such as CoinDesk Studios have come forward to partner with Cardano to ensure the success of the event. Also, there will be several masterclasses for attendees in Dubai to expand their knowledge and build their blockchain skills.
Cardano community members can vote for their favorite projects or individuals to win awards at the Summit. Meanwhile, on October 4, the Cardano Foundation announced its partnership with Veritree. This partnership resulted in the planting and verification of the one-millionth tree in the Cardano forest.
The tree planting project confirms the Cardano Foundation’s commitment to eco-friendly environmental solutions. These factors likely boost the project’s social sentiment, which could increase network activity and subsequently push ADA’s price.
ADA Approaching The $0.27 Resistance Level as Buyers Claim Control, What Next?
ADA is trading in an uptrend on the daily chart, forming a second consecutive green candle. Also, ADA found support at $0.26, leading to a price increase for the asset.
It approaches the $0.27 resistance level, confirming buyers’ dominance. Notably, a break above this level could trigger more rallies.
Furthermore, the Parabolic SAR indicator is below the candles, expressing a bullish sentiment for ADA. Also, the RSI shows a value of 58.3, rising to approach the overbought zone above 70. Expect the uptrend to continue in the coming days if ADA overcomes the $0.27 resistance level.
Meme Kombat (MK) – The Utility Ecosystem For Rewards
Meme Kombat is a crypto gaming platform that creates exciting battles for its users using popular meme characters.
— Meme Kombat (@Meme_Kombat) October 5, 2023
Also, Meme provides its users with earning opportunities through betting and staking for passive income. According to tokenomics, 30% of the total supply of 12 million MK tokens is reserved for staking and battle rewards.
MK Presales Advancing Rapidly Amid Rising Popularity
MK is the utility token that powers the Meme Kombat ecosystem and is on presale. With over $332,000 raised out of its goal of $1 million in a short while, investor interest is rising rapidly. Furthermore, each MK token is worth $2.667 at this presale stage.
With its value already above $1 and a limited supply of 12 million tokens, Meme Kombat will likely surge after listing. Users can purchase MK tokens with ETH or USDT by connecting a secure crypto wallet to the official page.
Staking And Betting Adds Value To Meme Kombat Ecosystem
MK supports staking immediately after purchase for its users. Users earn extra rewards on staked tokens distributed after the presales. Also, these rewards are distributed based on the APY at the time and the user’s percentage in the staking pool.
After the presales, staked tokens must be re-staked to qualify for rewards. Also, staking will continue after the presales with a minimum lock period of 14 days. Meanwhile, betting is another earning opportunity in the Meme Kombat ecosystem.
Users can bet on several battle modes to earn exciting rewards, including MK tokens. Interestingly, several betting options are available to players, such as Player vs. player betting. Whatever option is chosen, the user receives rewards for correctly predicting a battle’s outcome.
Meme Kombat relies on Artificial Intelligence to update its betting live feeds so users do not miss out on any action. Visit the official site to find out more about this exciting crypto project.
Cryptocurrencies in the last quarter of 2023 have found some price stability. Notably, the top gainers benefit from progressive developments within their ecosystem and positive investor sentiment. However, volatility is a constant factor in the crypto market due to news and other negative events.
Based on the rapid growth of the crypto sector, investors continue to adopt new tokens, hoping for profit. Furthermore, presale tokens offer exciting opportunities to join a project ahead of a price surge. Nevertheless, proper research and risk management are handy tools for a successful crypto investor.