With the expectation of a potential bull run in Q4 2024 for many altcoins, there has been a massive shift in the crypto market. Chinese whales are now shifting their attention from Binance Coin (BNB) and Cardano (ADA) following the recent rate cuts.
The major altcoin on their radar now is the new giant, DTX Exchange. DTX is a new presale token that has garnered the attention of the entire crypto community and now Chinese whales. Analysts forecast the price of DTX Exchange could pump by 10x in the coming weeks.
Binance Coin (BNB) Faces Resistance, Retraces Back To $500 Zone
Following the recent interest rate cuts, Binance Coin (BNB) has shown upward movement on the price chart. Data from CoinMarketCap reveals the value of Binance Coin crypto soared past $600 but faced resistance around the $610 region. The weekly chart shows that Binance Coin price has dropped below the $600 mark. The market cap of the cryptocurrency is also consolidating between $84 billion and $90 billion in the weekly timeframe.
Interestingly, former Binance CEO Changpeng Zhao has been released from US Prison. Going forward, analysts and watchers expect the price of Binance Coin BNB to increase in the coming months. The cryptocurrency is trading above the 50-day SMA ($548.20) and 200-day SMA ($532.34), a sign that bulls are still in control of the market. Analysts forecast the cryptocurrency’s value could pump to $712.50 in the next trading sessions.
Cardano (ADA) Uptrend Suffers Resistance
Like Binance Coin (BNB), Cardano (ADA) also witnessed a sharp increase in price after the interest cut, soaring above the $0.4 mark. Unfortunately, bears kicked back quickly and forced a downtrend to the $0.3 level. Presently, the value of the Cardano coin is consolidating between $0.30 and $0.42. Its market cap is also around the $11-$15 billion mark on the monthly timeframe.
Despite the downturn, Cardano crypto is still bullish. According to TradingView, it is trading above the 50-SMA at $0.354579. One major resistance on its way is the $0.461142. Analysts believe that surpassing this mark will help the Cardano price to stay above the $0.4 region. If this happens, the value of the DeFi coin could pump to $0.505267 in the future.
Chinese Whales Go All in On DTX Exchange (DTX)
While the prices of Binance Coin (BNB) and Cardano have faced corrections, Chinese whales are doubling down on DTX Exchange (DTX). It is a top ICO in the crypto market and has raised over $3.3 million in funding. Market experts forecast the price of DTX Exchange could pump by 10x to $0.6 before the year ends. This prediction has caught the attention of these whales.
Also, the upcoming hybrid trading platform has been a major attraction. DTX Exchange is building a trading platform that mixes the best of centralized and decentralized exchanges. Among its advantages, DTX Exchange mentions low fees, high speed of trading, improved depth of the market, and anonymity because of decentralization.
Also, it has the trading of more than 120,000 digital assets like forex, cryptos, equities, stocks, indices, ETFs, bonds, etc. This connects DTX to the $714.7 trillion OTC derivatives market, giving the platform more room for growth than other crypto exchanges. Also, contrary to most centralized exchanges, DTX Exchange does not require the customers to go through rigorous KYC checks.
Why Chinese Whales Are So Bullish About DTX Exchange Leaving Cardano (ADA) and Binance Coin (BNB) Behind
The recent shift from ADA and BNB to DTX Exchange is a clear signal that the whales are positive on the prospects of the project. Besides, DTX is bridging the gap between TradeFi and DeFi to give investors access to fast trades, high liquidity, leverage, and more tradable assets. Such a move sets DTX Exchange up for growth, making DTX coin the best coin to invest in now.
Learn more:
