Key Notes

Key Notes:

Crypto exchange Binance’s TST token skyrocket 14% in the past day but failed to retain prices above $0.20.The altcoin has formed a double bottom on the 4-hour chart which suggests a retest of $0.20-0.22 in the near future.

TST token TST $0.12 24h volatility: 46.4% Market cap: $111.88 M Vol. 24h: $406.74 M , a cryptocurrency created by the test team of leading crypto exchange Binance for educational purposes, has skyrocketed 14% in the past 24 hours, claiming a daily high of $0.2028. However, since then, the digital asset has retraced to the $0.1929 price level as the TST token’s trading volume dropped 15.40% to $471.97 million, CoinMarketCap data shows.

The altcoin’s price surge has attracted the criticism of the crypto market participants, with many alleging manipulation. Even former chief executive and co-founder Changpeng Zhao accepted that his crypto exchange’s listing process is flawed. Some critics have made fun of TST token’s existence, many questioning if even the perpetual funds with 50x leverage are also safe.

On the other hand, analysts on the social media platform X (formerly Twitter) emphasized a double bottom formed by the TST token price action on the 4-hour chart. This bullish reversal pattern typically appears after a downtrend, indicating that selling pressure may be exhausting and a potential shift toward an uptrend could be on the horizon.

Photo: Analyst / X

As clear from the chart above, TST has formed two rounded troughs, which are characteristic of a double bottom formation. Also, the second low is slightly higher than the first, a sign that selling momentum is weakening.

Notably, the breakout level (neckline) appears to be around $0.20–$0.22, and a strong close above this zone would indicate a trend shift toward bullish momentum. Based on this chart structure, an initial bullish target of $0.25–$0.30 may be reasonable. If TST/USDT fails to break the neckline and drops below the second low, it could invalidate the double bottom and continue downward.

The Relative Strength Index (RSI) for the TST price action reads a value of 61.71, which means that on the hourly chart, the bulls are in control. The buying pressure for the altcoin is very high, and the gradient of the RSI line suggests that the cryptocurrency could soon witness overbought levels, which could be an optimum time for potential sales.

Photo: TradingView

The MACD indicator remains bullish for the TST token with the MACD line (blue) traversing above the signal line (red). The MACD histogram is also green after the recent bullish crossover, and the intensity of the histogram’s bars is increasing, highlighting the bearish grip on the market.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn

Marco T. Lanz on X