Notcoin (NOT), Ontology (ONT), Optimism (OP), and Orbs (ORBS) are showing intriguing developments as the broader cryptocurrency market struggles to maintain a bullish trend after Bitcoin dropped below $60k.
Recent updates reveal significant changes in the performance and prospects of these altcoins and this article provides a detailed overview focusing on their current status, recent performance, and future potential.
Notcoin (NOT) holders remain resilient
Despite a challenging month that saw Notcoin (NOT) experience a steep 30% decline majorly due to profit-taking the arrest of Telegram CEO Pavel Durov, holders are showing renewed confidence.
Recent on-chain data shows a 190% increase in holding times, indicating that investors are not ready to give up on the coin.
The increased commitment from holders suggests that a price rebound could be on the horizon, with technical indicators hinting at potential gains of up to 60% if buying pressure continues to rise.
Despite the increased optimism among holders, Notcoin is still trapped in a bear trend. At press time, it was trading at $0.007652 after a 2.2% decline in 24 hours and a 9% decline over the past two weeks.
Ontology (ONT) sees steady progress amid bullish outlook
Ontology (ONT) has been demonstrating a strong bullish momentum of late.
It confirmed its support level at $0.13 on September 11 and is currently progressing towards a crucial target level at $0.34, which is supported by substantial trading volume, signaling strong market interest.
The last rally saw the altcoin register an impressive 430% gain, and there is optimism that it will continue to benefit from a bullish Bitcoin market.
As of now, Ontology is ranked at position 292 in terms of market capitalization, with a current price of $0.1743, up 1.6% over the past 24 hours and up 7% over the past seven days.
According to analysts, Ontology (ONT) could be poised for further growth following its steady performance and positive market trends.
Optimism navigating Challenges and Innovations
Optimism (OP), a leading Layer-2 scaling solution for Ethereum, is under scrutiny as it approaches a significant token unlock event on September 30, 2024.
This unlock will release 24.16 million OP tokens into the market, potentially increasing selling pressure. Historically, such events can lead to bear movements as the market adjusts to the increased token supply.
Despite these potential challenges, Optimism has been performing well, with a 12% gain over the past week. Experts predict a price range of $1.47 to $1.69 by the end of 2024, reflecting a bullish outlook.
The optimism surrounding OP is bolstered by its crucial role in the Ethereum ecosystem, including its use by major projects like Coinbase’s Base and Worldcoin.
Additionally, Optimism’s recent partnership with Succinct Labs, backed by Paradigm, aims to enhance the protocol’s efficiency.
The development of OP Succinct will integrate zero-knowledge (ZK) proofs into the OP Stack, promising faster and more efficient performance compared to traditional optimistic rollups.
Orbs resurging after its recent drop amid new partnerships
Orbs (ORBS) has seen a 4.1% gain over the past week, despite a 17.8% decline over the past 30 days. At the time of writing, Orbs is trading at $0.02334, with a 24-hour range between $0.02292 and $0.02357.
The recent recovery can be attributed to new partnerships and ongoing ecosystem enhancements.
On September 11, Orbs announced that Animoca Brands Japan, a subsidiary of Animoca Brands Corporation Limited, has joined as a guardian of its Layer 3 network.
This partnership involves running a validator node, which will contribute to the network’s stability and security.
Orbs’ guardians are pivotal in supporting the network’s proof-of-stake (PoS) mechanism and Layer 3 technology, offering decentralized backend solutions for DeFi platforms.
With advanced trading order solutions and integration with leading decentralized exchanges (DEXs), Orbs continues to solidify its position in the industry.
The addition of Animoca Brands Japan is expected to further enhance its liquidity solutions and boost its ecosystem’s growth.
The post Crypto market insights: Notcoin (NOT), Ontology (ONT), Optimism (OP), Orbs (ORBS) appeared first on Invezz
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