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Cardano (ADA) sees some relief on the charts after a continued struggle, meanwhile whales focus on Tron (TRX) and DTX Exchange to expand gains.
Cardano (ADA) is finally showing some signs of relief through a spike on the daily charts, after a considerably low market performance. Cardano tumbled below forming new lows in 2024, but a recent rebound has occurred, and this is causing a jump in the Cardano momentum.
Institutional investors remain fixated on the coins that are poised to give explosive returns. That is the reason whales are seen collecting Tron (TRX) and DTX Exchange as both these coins are poised to give 100x returns.
Tron’s increased active addresses and daily transactions have garnered whales. While DTX Exchange’s presale performance has become a magnet for institutional investors.
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Cardano rebounded from a yearly low Of $0.3
Cardano tapped a 6% rally on Tuesday, 7 August after struggling for a while. It is currently up by 4% on the 24-hour charts, with the crypto trading at $0.33. It can be said that Cardano is currently riding the wider bullish rally triggered after the market crash.
There are two bullish targets for Cardano at present. The first target would be a 78.6% Fib level ($0.36), which could translate to about 9% gains if hit. Secondly, the retest of the trendline resistance could yield 29% gains from the breaker block.
The RSI (Relative Strength Index) and the CMF (Chaikin Money Flow), however, are showing weak chart readings. This indicates that the buying strength and the capital inflows are still not sufficient. In short, the conservative recovery target for Cardano would be the 78.6% Fib level, unless Bitcoin advances further above $60k.
It can be said that the future of Cardano’s price action is mostly dependent on the broader market conditions. But all things considered, it has managed to soar past its yearly low in this bull run.
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Tron expands influence with increased transactions
TRON displayed major growth in various aspects in the second quarter of 2024. The number of daily transactions increased by 29%, and the number of daily active addresses increased by 31%. The stablecoin market cap on TRON grew by 9%, with USDT on the network reaching $57.1 billion, a 10% rise from the previous quarter.
The market capitalization of Tron in circulation also posted positive growth, marking six consecutive quarters of QoQ gains. At the close of Q2, TRX’s market capitalization stood at $10.9 billion, slightly up from $10.8 billion.
This growth allowed Tron to rise from the 14th to the 10th position among all large-cap cryptocurrencies, excluding stablecoins. Year-to-date, TRX’s market cap is up 14%, aided by its deflationary nature, contributing to a price increase alongside the circulating market cap.
TRON’s Q2 revenue was $117. 5 million, which is 8% less than in Q1. Nevertheless, this still ranked TRON as the third highest in terms of revenue generation for smart contract platforms, behind Ethereum and Solana. Its robust staking system has garnered whales’ attention and made it a top investment choice in this bull run.
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DTX Exchange becomes the best bet for gains
DTX Exchange is set to enrich the market with its advanced technology and performance. DTX’s hybrid model and strong AI technology have emerged as a solution to security and liquidity problems. Plus, DTX Exchange’s record-breaking presale performance has elevated it to the top of the ICO rankings for 2024 and made it a top investment option for the third quarter.
The hybrid DTX platform combines real-time market analytics with quant and algo trading options through its 1000x leverage and advanced automation techniques. This step has created waves in the defi industry. Being the first platform to combine stock and cryptocurrency spot pairs, it has drawn investors from both markets by offering an all-in-one trading environment.
Following a surge in demand worldwide for its gas-free trading, passive income model, and blockchain layer-1 backed security schemas, the project closed the private presale round at $2 million and raised $1.2 million in batch 2 of the public presale.
DTX also gives traders a smooth, contemporary user interface (UI) that allows them to arrange strategies for increased profitability and move between features.
To learn more about DTX, check out the presale, visit the DTX website and join the DTX community.
Read more: DTX Exchange presale takes off with over $1.2m raised while XRP dips and STX rises
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