- The wider crypto market recovered on Aug. 29.
- Small-cap tokens like PAAL, XDC, TON, ELON, and BOND rose, but most failed to maintain the rally.
- However, bearish pressure ended the rally for some of the tokens.
NEW DELHI (CoinChapter.com) — The cryptocurrency markets recovered on Aug. 29, with the overall crypto market cap gaining nearly 5% in the past 24 hours. Several smaller market-cap crypto tokens registered impressive gains, such as PAAL, XDC, TON, ELON, and BOND.
One reason for the rally could be the Grayscale Bitcoin Trust (GBTC) winning its lawsuit against the United States Securities and Exchange Commission (SEC). However, it’s important to note that this victory does not guarantee an immediate listing of Grayscale’s spot Bitcoin ETF.
Bitcoin (BTC) price responded by spiking 8.6% to break above $28,000 for the first time since Aug. 17’s market crash. Ethereum (ETH) price also broke above $1,700 after plunging below the price level following the market crash.
However, the smaller cap tokens gained the most from the influx of buyers.
1. PAAL Price Continues Its Aug Rally
PAAL AI is an advanced AI and machine-learning-based chatbot that helps users streamline tasks like natural language understanding, image recognition, decision-making, etc.
Usually, such tasks require human intellect. PAAL AI’s native token, PAAL, incentivizes holders with profit sharing and token buybacks.
PAAL token price had a very bullish August, rising nearly 524% from the month’s low of $0.00707. However, the AI crypto token price pulled back by nearly 14% from Aug. 19’s monthly high of $0.04416. The PAAL crypto token price spiked by 20% on Aug. 29.
Traders started booking profits on Aug. 30, pulling back the crypto AI price by over 3.6% to reach $0.0383 at the time of writing.
2. XDC Price Rally Fails To Move Above Key Resistance
XDC Network’s XDC token price spiked over 25% to reach a daily high near $0.0674 on Aug. 29. The rally helped the crypto token break out of a nearly 25-day-long downtrend. However, the XDC price failed to move above the resistance near $0.0666 despite the uptrend.
The $0.0666 resistance has rebuffed XDC price’s uptrend since early Jan. 2022. XDC price broke above the immediate resistance on Aug. 2 but could hold above the price level for nine days before dropping below it on Aug. 10 (orange circles).
However, if XDC price breaks above the immediate $0.0666 resistance, the crypto token could find the impetus needed to target the resistance near $0.0812, a jump of nearly 29% from current price levels.
On the other hand, if the rally fails, the XDC price might drop to the 50-day EMA (purple wave) support near $0.054. Moreover, failure of immediate support might force the XDC Network crypto token price to test the 200-day EMA (green wave) support near $0.0425 before recovering.
The relative strength index for XDC remained neutral, scoring 56.16 on the daily charts.
3. TON Price Continues Its Bullrun
Toncoin (TON) is the native crypto token of the Open Network, a scalable, decentralized, open Internet platform. The Telegram team developed the blockchain platform before withdrawing from the project due to legal issues with the US Securities and Exchange Commission.
TON price started rallying after the Aug. 17 crypto market crash. The crypto token price spiked by 37% since Aug. 19, reaching a daily high near $1.74 on Aug. 30. Toncoin price rose 4.3% from Aug. 30’s daily low, but bears pared some gains.
Moreover, the rally helped the Toncoin price flip a resistance that rebuffed the crypto token’s upside movement four times since June 2023 (orange circles). The TON price bull run also helped the token reach its highest since June 2023.
However, long upper wicks on the recent daily candles indicate bears are selling aggressively to halt the crypto token’s bull run. TON’s overbought relative strength index, with a score of 76.07 on the daily charts, adds to the bearish pressure against the token.
Oversold RSI levels have historically preceded bearish reversals or consolidation phases following a bull run for assets. As such, traders often consider the occurrence a bearish cue. Should the rally stall, the TON price could drop to the 200-day EMA (green wave) support near $1.65.
Failure of the immediate support level could force the TON crypto price to test the 100-day EMA (blue wave) support near $1.5.
Bulls would try hard to defend the $1.5 support, which the Toncoin price recently flipped, and breaching below the level could mar investor confidence and increase the selling pressure.
Conversely, an uptrend would likely see TON’s price reach the resistance near $1.85. Moreover, breaking and consolidating above the immediate resistance could help the Toncoin crypto price rise to the resistance near $2.06, a support level for the token between Jan and May 2023.
4. ELON Price Fails To Move Above Trendline Resistance
Meme token Dogelon Mars (ELON) price has been in a downtrend after reaching its 2023 high on Feb. 17 earlier this year. The meme crypto price rallied with the wider crypto market on Aug. 29, rallying nearly 25% to reach a daily high near $0.000000166 before sell-offs pared some gains.
The sell-off continued on Aug. 30, but the bulls aggressively defended the lower price levels, evident from the long wicks on both sides of the day’s price candle. ELON price rally stuttered after failing to break above a multi-month descending trendline resistance.
ELON price would need to break above the trendline resistance before facing the 100-day EMA (blue wave) resistance near $0.000000175. Moreover, breaking above the immediate resistance could help the meme crypto price target the 200-day EMA (green wave) resistance near $0.00000022.
On the other hand, if the bears manage to halt the uptrend, ELON price might drop to the 50-day EMA (purple wave) support near $0.000000147. Should the meme crypto token breach the immediate support level, ELON price might test the support near $0.000000117 before recovering.
The RSI for ELON remained neutral, with a reading of 65.89 on the daily charts.
5. BOND Price Near Lowest Levels In Over A Year
BOND is the native crypto token of BarnBridge, a DeFi protocol that helps users hedge against yield sensitivity and price volatility. The crypto token’s price rallied nearly 12.5% on Aug. 29 to reach a daily high near $2.34 before bears pared most of the gains, and BOND’s price ended the day with only 3.27% gains.
BOND price has been downtrend since late Jan 2023, forming lower highs. The downside movement forced the crypto token price to its lowest since May 2022.
The crypto token continued gaining on Aug. 30, rising 4.2% to a daily high near $2.226. Yet, BOND’s price continued to trade below its June 2022 low of $2.233.
If the rally continues, the BOND price could rise to the resistance near $2.27, which previously acted as a support level for the token between June 2022 and August 2023.
Moreover, breaking and consolidating above the immediate resistance might help the BarnBridge crypto token price target the 20-day EMA (red wave) resistance near $2.42.
Conversely, if the bearish pressure increases, the BOND price could drop to the support near $2.12. Failure of the immediate support could push the BOND price to test the support near $1.96 before recovering.
The RSI for BOND remained neutral, with a score of 33.8 on the daily charts.