Alright, let's figure out why the price of Tree (#TREE) has risen in the last 24 hours. First, let's look at the news. Binance announced the launch of perpetual contracts on TREE with a prize pool of $750,000 and an airdrop of 12.5 million TREE. This is an important event, as Binance is one of the largest cryptocurrency exchanges, and such listings usually increase the liquidity and recognition of the token. The timing coincides with the price increase, making it a primary factor.
There was also news about the listing on Coinbase. Appearance on Coinbase adds trust and simplifies access to the token, which may increase demand. The well-known 'Coinbase effect' often leads to a price increase after listing. This is another significant factor influencing the price increase.
From a technical standpoint, the price is above the 30-day moving average (SMA), indicating a bullish trend. The relative strength index (RSI) at 43.02 suggests that the token is not yet overbought, and there is potential for further growth. However, the negative MACD histogram hints at possible short-term corrections.
Market sentiment shows that the cryptocurrency market is in a phase of 'greed', which stimulates speculative trading. At the same time, Bitcoin's dominance is increasing, which sometimes leads to an outflow of funds from altcoins, but news about listings and activity around TREE seems to offset this effect.
Additionally, the trading challenge on Binance with a prize pool of 1.5 million TREE may stimulate trading volumes, as users participate to earn rewards. High volume usually supports price growth. Airdrop and staking incentives mentioned in other articles also contribute to increased buying activity.
It is important to check whether the price movement is solely related to TREE or if it is part of a broader market trend. The total market capitalization of the cryptocurrency market has decreased slightly (-0.94% in 24 hours), so the increase in TREE is more specific to this token. The 43.75% increase in TREE trading volume over the day confirms heightened interest in the coin.
In conclusion, the main drivers of growth are listings on Binance and Coinbase, related incentives, and technical indicators supporting bullish sentiment. However, it is worth considering mixed technical signals and the possibility of profit-taking after a sharp rise.