Introduction
Bitcoin has been range trading for the past week, with prices hovering between $9,100 and $9,500. Volatility has subsided, and the cryptocurrency seems to be consolidating before its next move. However, the question is, will other cryptocurrencies follow Bitcoin’s lead and break out of their ranges?
TON
Telegram Open Network (TON) is a blockchain project developed by Telegram, the popular messaging app. TON’s native token, GRAM, was set to launch in October 2019 but was delayed due to regulatory issues. However, the project is still alive, and the team is working on launching it as soon as possible.
TON’s price has been range trading between $0.20 and $0.30 since May 2020. It remains to be seen whether TON will break out of this range and start its journey towards its previous all-time high of $5.90.
Link
Chainlink (LINK) is a decentralized oracle network that facilitates smart contracts. LINK’s price has been range trading between $7.50 and $9.50 since early June. However, the cryptocurrency has been making steady gains over the past year, and its market capitalization has grown to over $3 billion.
Chainlink’s technology is being used by several blockchain projects, including Polkadot and Synthetix. If these projects continue to gain traction, it could have a positive impact on LINK’s price.
MKR
Maker (MKR) is a decentralized finance (DeFi) platform that allows users to create stablecoins using collateralized debt positions (CDPs). MKR’s price has been range trading between $400 and $500 since early May.
Maker is one of the most well-known projects in the DeFi space, and its stablecoin DAI has seen significant adoption. If the DeFi space continues to grow, it could have a positive impact on MKR’s price.
XTZ
Tezos (XTZ) is a blockchain platform that uses a proof-of-stake (PoS) consensus algorithm. XTZ’s price has been range trading between $2.50 and $3.50 since early June.
Tezos has been making significant strides in the blockchain space, with several high-profile partnerships and the launch of its own DeFi platform. If Tezos continues to gain traction, it could have a positive impact on its price.
Related:AI Smart Contracts Flawed, Fail Under Attack: Certik Study
Conclusion
Bitcoin, TON, Link, MKR, and XTZ are currently range trading as volatility subsides. It remains to be seen whether these cryptocurrencies will follow Bitcoin’s lead and break out of their ranges. However, if the cryptocurrency market continues to grow and blockchain adoption increases, it could have a positive impact on these cryptocurrencies’ prices.
