The current crypto market is turning into a nice shade of green. However, one of the big surprises so far, is that older or legacy coins are becoming sexy again. So, the question arises, which legacy coins are pumping? Why are they pumping, and will they continue to pump?
I’m going to look into these legacy coins and find an answer for you. Today I look at BNB ($BNB) and Tron ($TRX). You can also check yesterday’s video on $XRP. Here we explained why XRP pumped 400% in the last 30 days and what it will do next.
Why Are Legacy Coins Pumping Now?
There’s not one single reason, but there are various reasons why $BNB and $TRX are pumping. So, let’s take a closer look at this.
Talking about $BNB, the coin touched a new all-time high yesterday. It touched $771.60 by pumping over 20% in a couple of hours.
A year ago, $BNB dropped to $200 amid the SEC scrutiny. Look at it now, picking a new high. This is the power of holding legacy coins. They always come back and come back stronger.
But the question remains, will this rally continue? I have 3 strong reasons to believe that it will.
Reason 1$BNB, hit a TA milestone, in the form of a golden cross. Its 50-day SMA crossed above the 200-day SMA.
Reason 2 It also broke out of an inverse head and shoulders pattern, which indicates a shift from a downtrend to an uptrend
Reason #3 Binance saw a serious increase in derivative data trading volume. This also helped to move the price. It indicates that more people are coming back into crypto.
All this tends to predict an end to a bearish pattern, so we might see it rally ahead. Will it cross the $1000 price point? We will find out in the next section.
New ATH for Tron ($TRX)
With Tron ($TRX), we also welcome a new ATH. This is currently at 43 cents. Only a month ago, it was 16 cents. It surged over 100% during the last 24 hours. No other top 10 token did this.
Tron’s controversial founder, Justin Sun, joined the WLFI or World Liberty Financial as an advisor on 26th November. WLFI is Donald Trump’s DeFi venture. Sun invested $30 million into this. Could this have led to the rally?
Exciting Announcement!
We’re honored to welcome @justinsuntron as an advisor to World Liberty Financial (WLFI)!
Now, the logical question is if they can pump any further. Let’s look at BNB first. The psychological barrier would be $800 for $BNB. After that, it’s all uncharted territory. $BNB will be on a discovery path. From here, $1,000 seems to be the next logical step.
However, some analytics are targeting a slightly higher price. How about $1,630 for $BNB, as projected by Ali Charts. Don’t forget, we’re in a bull market, almost anything is possible, so early in the game.
So, what’s up with Tron ($TRX)? It almost doubled its market cap in a single day. From $20 billion on 3rd December to $35 billion right now. $1 seems realistic at the moment. So, that’s another 2.5x from here.
Will We See More Legacy Coins Pumping Hard? If Yes, Which Ones?
Legacy coins offer stability. That’s what seems to attract current crypto investors.
Most of them already have a high coin circulation. So, there are no more unlocks or very few. The newer coins still have this inflation.
The OG crypto traders and institutions value their proven track record.
Most money may be with the Gen X and Gen Y investors. However, they are also more cautious and prefer well-known projects.
Rekindled interests of retail also plays a role. If they were around during the last cycle, they may opt for familiar projects.
There’s a big difference between a legacy coin that already survived at least one bull and bear cycle, and a pumpfun coin. These can go to zero in no time.
So, having said that, here are some legacy coins that haven’t pumped yet. We will talk about these in our upcoming videos. So don’t forget to subscribe.
Ethereum ($ETH)
Avalanche ($AVAX)
Toncoin ($TON)
Polkadot ($DOT)
Near Protocol ($NEAR)
Chiliz ($CHZ)
Cronos ($CRO)
So, plenty of coins to keep an eye out for.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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Exciting Announcement!
(@justinsuntron) December 3, 2024
