The crypto market has entered another bearish turmoil despite the latest recovery a few weeks ago. Currently, top altcoins like Binance Coin (BNB) and Shiba Inu (SHIB) are trading in the red region after losing most of their September gains.
Meanwhile, a hybrid exchange, DTX Exchange, has caught the attention of Binance Coin (BNB) and Shiba Inu (SHIB) investors. The exchange has no KYC requests, allowing investors to trade anonymously.
Binance Coin (BNB), the native token of the Binance exchange, has been on a steep decline since reaching an all-time high of $720.67 on June 6th. While bulls have attempted to regain this level in the past months, they have met with strong resistance. In the meantime, the Binance Coin price is consolidating between $475 and $625 on the monthly timeframe.
Its market cap is around the $70-$90 billion mark. Going forward, the sentiment around Binance Coin BNB has turned bullish. The altcoin is now trading above the 50-SMA ($554.57) and 200-SMA ($531.24), a sign bulls have returned to the market. Analysts forecast the process of Binance Coin crypto could soar to $624 in the coming weeks if this bullish momentum remains. On the flip side, selling pressure could lead to a test of the 50-SMA.
Like Binance Coin, Shiba Inu (SHIB) has also suffered some losses. Shiba Inu coin is currently trading below its one-month high of $0.00002 after meeting with selling pressure in this region. Despite the losses, bulls have spearheaded a recovery that has pushed the Shiba Inu price above the 50-SMA ($0.00001492) and 200-SMA ($0.00001822). This is a bullish momentum for the memecoin and could be signaling a potential rally.
However, Shiba Inu (SHIB) has a long way to go to set a new all-time record. It is trading 79% below its peak mark of $0.00008845, reached in 2021. Nevertheless, analysts are optimistic about Shiba Inu crypto. Besides the crypto exchange, Bitstamp had referred to Shiba Inu (SHIB) as a star coin in a recent post. Analysts forecast a price rally to $0.00002665 in the coming weeks.
DTX Exchange (DTX) is shaping up to become one of the best altcoins in 2024, following its 200% price surge in September. This project mainly focuses on creating a new generation trading platform where investors can trade without filling out KYC forms. DTX even recently conducted a testnet where it scored 10,000 in TPS. This is a good record and a major attraction for investors who want to experience fast transactions.
Analysts believe DTX Exchange has the potential to revolutionize the $36.5 billion crypto trading platform market. It offers unique features like access to over 120k asset classes (forex, cryptocurrencies, stocks, ETFs, bonds, etc), wallet trading, non-custodial wallets, etc.. The buyers and the sellers in the platform are fully transparent since they have an on-chain order book.
The ongoing presale is an opportunity for investors to join the project and be part of its growth. DTX Exchange is currently in the third phase of its presale. The price of its native token has increased by about 200% since the start of the cryptocurrency ICO. This means that those who invested early in the project have seen a 200% growth in their investment. Meanwhile, DTX Exchange has raised more than $3.8 million in funding. The project is now aiming for $5 million before the end of October.
DTX Exchange (DTX) has captured the attention of investors with its unique no-KYC approach. Analysts argue this feature could attract a lot of adoption in the coming months, which could affect the price of DTX. Such potential positions it as a good cryptocurrency to buy for potential 10x gains.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.