Altcoin
400% in 30 days – Explaining FRONT’s surge, correction, and what’s next
Posted:
| Last updated: July 31st, 2024
Journalist
- FRONT recorded gains of 400% over the last 30 days
- Profit-taking by whales could put some brakes on this rally
Crypto’s bull market is just getting started, and we have already seen a slew of tokens grabbing participants’ attention with their interesting price trajectories on the charts
A new FRONTier
One such token is Frontier [FRONT] – After a week of impressive gains, the token recorded a sharp correction. According to AMBCrypto’s examination of CoinMarketCap, FRONT hit $3 at 12:40 pm UTC on 17 March – A 24-hour gain of over 40%. However, the rally was cut short by impatient traders who rushed to take profits on their investments. Subsequently, FRONT started retracing and fell to as low as $2.55 at press time.
FRONT is the native token of the Frontier protocol, an aggregation layer that lets users access different decentralized finance (DeFi) applications and services from a single location. Launched in late-2019, FRONT flourished in the 2021 bull market, rising to its peak of $3.79.
Alas, the intensity faded progressively and FRONT plunged to lows in the subsequent bear market years.
Source: CoinMarketCap
Cut to March 2024 and FRONT is pumping again. In fact, the coin has hiked by 5x in value over the past month alone. Such gains rarely miss the hawkish eyes of seasoned players.
Time to lock in gains?
Notably, whale investors were seen moving a big chunk of their FRONT holdings to crypto-exchanges. According to Spot On Chain, for instance, an investor deposited 1.22 million FRONT tokens, worth over $3 million at press time, to Binance. Selling this would fetch the whale a profit of 385% in just two months.
Interestingly, the transfer was done using a wallet which belonged to DWF Labs, a well-known Web3 venture capitalist. DWF Labs had booked profits of over $400k just nine days ago. This has led observers to believe that the latest deposit is also meant to be liquidated.
Read FRONT’s Price Prediction 2024-25
Would you go for it?
FRONT’s daily price chart revealed some interesting findings, as examined by AMBCrypto using Trading View.
The Relative Strength Index (RSI) was in the overbought territory, signaling that further drops may follow. The next move north would depend on how strongly investors accumulate during the dips. Additionally, the Moving Average Convergence Divergence (MACD) indicator was diverging strongly with the signal line – A strong bullish signal.
Source: Trading View
