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Trader Joe’s (JOE) price actions in the last month have raised eyebrows in the crypto market, creating mixed feelings among traders and investors. From August 1 to August 15, the coin ranged between $0.29 and $0.3.
However, after the overall crypto market slump, it maintained the $0.2 level from August 16. At 5:51 am EST today, September 1, JOE jumped back to its $0.3 mark, trading at $0.3249 with an 11.5% increase.
This dramatic price movement suggests the coin has rebounded from its short-term fall, projecting more rallies in the coming days.
JOE Records Significant Gains at Strategic Time Frames – More Gains Ahead?
Coingecko data revealed that JOE has gained massively in the short and long term. According to Coingecko, the coin gained approximately 45% in the past year, with a 2% 30-day increase and over 32% 14-day price gain.
Also, its rally throughout the past seven days resulted in a 43.2% price increase to its current level. Its 24-hour trading volume has also increased by 603% to over $193 million.
Speculations are rising that these consecutive gains could continue as new achievements are unlocked, projecting a 27% surge in the first week of September.
The Partnership between JOE and Altitude DeFi Holds Potential Benefits
A tweet by JOE’s team, @TraderJoe_XYZ, revealed a partnership between the platform and Altitude DeFi.
A secure, seamless, and interconnected landscape is what we all want to experience in #DeFi.
Thankfully, our new partners at @AltitudeDeFi have set their ambitions high to deliver just that. However, scaling the pinnacles to new heights is a journey that takes time. 🏔️⛏️
— Trader Joe – Live on Mainnet (@traderjoe_xyz) August 31, 2023
According to the tweet, this collaboration is focused on DeFi (Decentralized Finance) and its expansion onto the Avalanche blockchain.
Trader Joe and Altitude DeFi have joined forces to create a more secure, seamless, and interconnected DeFi landscape. This implies that they are collaborating to enhance the DeFi experience for users.
The tweet mentions that Trader Joe’s recently launched on the Avalanche blockchain. This move is significant because Trader Joe’s services, including decentralized trading and liquidity provision, are now available on Avalanche and other blockchain platforms.
Also, the tweet mentions the introduction of a new token called $ALTD. This token is likely associated with Altitude DeFi and is now available for trading and liquidity provision through Trader Joe’s platform on Avalanche.
The partnership comes with benefits for users. It mentions that liquidity providers who offer the $ALTD/USDC trading pair will receive double rewards. This can be an attractive incentive for liquidity providers, who can earn more for participating in this pool.
Given the partnership’s aim to improve the DeFi landscape, making it more secure and interconnected for users, the associated ecosystems will likely gain popularity and increased utility over time.
Although the tweet did not involve the JOE’s token, the excitement surrounding the platform due to this partnership can attract popularity, more partnerships, platform utility, and, as a result, value appreciation for the token.
JOE’s Availability on KRW Market Could Support Its Future Growth
The tweet from Bithumb on August 31, 2023, announces the listing of $JOE on its KRW market. This means the crypto can now be traded on Bithumb’s platform using the South Korean Won (KRW) as the trading pair.
— Bithumb (@BithumbOfficial) August 31, 2023
The tweet mentions that Trader Joe’s supported market on Bithumb is the KRW market, and its supported network is Avalanche (AVAX-C). This indicates that $JOE trading pairs on Bithumb are likely paired with KRW, and the underlying blockchain for $JOE is Avalanche (AVAX-C).
It’s also mentioned that deposits via other networks will not be supported, so users should use the specified network (Avalanche) for deposits.
Starting August 31, 2023, users can deposit, trade, and withdraw $JOE on Bithumb’s platform. This marks the official start of trading for $JOE on Bithumb.
The standard price for $JOE in the KRW market on Bithumb is 313.1 South Korean Won (KRW). It provides users with a reference price for trading and valuation. This listing provides more liquidity and trading options for $JOE holders and traders on Bithumb’s platform.
Overbought JOE Breaks Above Short-Term Moving Average – Uptrend to Continue or Price Correction?
The green candle stick formation shows the continuation of yesterday’s high BUY trades. This suggests that Trader Joe’s (JOE) could rally, possibly hitting $0.35 before the weekend.
Also, the coin has broken above its 50-day Simple Moving Average (SMA), indicating a short-term bullish trend. This supports the price gain signal on the green candles.
JOE’s Moving Average Convergence/Divergence (MACD) indicator is above the signal line and has green bold histogram bars. This shows the strong bullish momentum backing its potential rally. As such, JOE could touch $0.33 or higher today.
While the market is bullish in the short-term, JOE’s overall trend is bearish since the 200-day SMA is still above its price, suggesting potential sheds in the coming weeks.
Also, the Relative Strength Index (RSI) at 66.10 is flattening, suggesting the incoming balance between the BUY and SELL trades.
If buyers surpass the sellers, the RSI will increase, triggering a price rally to the overbought zone (above 70). But, if the sellers increase, it will plunge, suggesting potential price correction due to the overbought market condition.
JOE Maintains an Upward Trajectory – Can It Breakout at $0.353 Resistance?
JOE has a resistance level of $0.353 and support at $0.252, signifying critical points in its trading journey. If the coin’s price nears the resistance level, it may encounter selling interest, potentially leading to a price stall or reversal.
On the other hand, if the price approaches the support at $0.252, it could find support from buyers, potentially leading to a price bounce.
The outcome depends on market dynamics, news, and sentiment. Breaking resistance could signal a bullish trend, while breaching support may suggest a bearish trend.
Traders often use these levels to make informed decisions, managing risk by placing stop-loss orders below support and take-profit orders near resistance levels.
In anticipation of JOE’s surge, traders can grab these revolutionary meme coins, like Sonik (SONIK), with promising price outlooks.
Why Consider Sonik as Suitable Alternative to Trader Joe’s?
Sonik (SONIK) is a new meme coin in the crypto space. Individuals interested in a highly speculative and potentially high-reward investment may consider this asset an alternative to Trader Joe’s (JEO).
Sonik is positioned as a meme coin focusing on speed and staking, which may appeal to traders looking for short-term gains and high-risk opportunities.
However, it’s essential to recognize that meme coins often lack substantial utility beyond trading and speculation and can be extremely volatile.
Investors should conduct thorough research and due diligence before considering this option.
SONIK Smashes New Milestone on The First Day of the New Month
Sonik (SONIK) has bagged another milestone today, September 1, 2023, boasting over $950,000 in its presale fundraising campaign.
As “Super-Fast,” as the project claims, it’s likely to hit its initial valuation of $2,098,547 quickly.
Another day, another milestone smashed! 💥
— SONIK COIN (@Sonikcoin) September 1, 2023
Notably, the presale countdown indicates three days left before SONIK lists, a short span for Sonik to showcase its speedy nature. Sonik’s could make waves across the cryptocurrency market, with investors flooding the project due to fear of missing out (FOMO).
The token is still available at $0.000014, purchasable with USDT and ETH. Interested investors should log in to the Sonik Coin website and purchase the tokens before the presale winds down.
Wall Street Memes – Next Big Crypto
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