Price analysis
Toncoin Price Breaks Down Below Major Support; Another Sell-Off Ahead?
Published
2 months agoon
By
adminToncoin price fell by 2% to $5.8 as the cryptocurrency market experienced a fresh wave of selling over the weekend. Leading cryptocurrencies, Bitcoin and Ethereum, slipped below $60,000 and $2,700, respectively, driven by escalating geopolitical tensions in the Middle East. Amid this ongoing correction, TON’s sustained position below the breakdown point of a bearish pattern indicates a potential decline ahead.
Also Read: Will Bitcoin Price Bottom at $50k Amid Growing Speculation of Fed Rate Cut?
Toncoin Price Poised For Prolong Downfall
The Toncoin price shows the formation of a well-known reversal pattern called head and shoulder in the daily chart. This setup consists of three peaks, with the middle peak (the head) being the highest and the two outside peaks (shoulders) being close in height and lower than the head.
Amid the pattern formation and market correction, the altcoin price plunged from $8.17 to $6.107, registering a loss of 26%, while the market cap fell to $14.9 Billion. The declining price gave a decisive breakdown from the neckline support at $6.5, accelerating the market selling pressure.
The Average Directional Index (ADX) slope spike to 30% indicates the strength in current correction and sellers dominance over this asset.
The derivative market data for Toncoin reveals an Open Interest (OI)-Weighted Funding Rate at -0.31. This negative rate indicates that short sellers are currently paying to maintain their positions, suggesting a strong bearish sentiment and expectations of further price declines.
The potential downside target for the head and shoulders pattern is typically calculated by measuring the vertical distance from the top of the head to the neckline and extending it downward from the breakdown point. With this projection, Toncoin’s price is expected to decline by an additional 24% to potentially find support at the May 2024 projected low of $4.6.
Also Read: Riot Exec Reveals How Bitcoin Strategic Reserve Can Aid US Economy
Moreover, the Total Value Locked (TVL) in the Toncoin network has suddenly dropped from $760 to $676, registering a loss of 11%. This decline in TVL indicates a substantial reduction in liquidity and possibly diminishing investor confidence, which could exacerbate the bearish outlook.
On the contrary note, the falling Toncoin price could witness a renewed demand pressure at $5.56, coinciding with the 200-day Exponential Moving Average (EMA) slope. The potential rebound weakened the bearish and bolstered Toncoin price to surpass $7 after a 16% jump.
Frequently Asked Questions (FAQs)
The Open Interest (OI)-Weighted Funding Rate in derivatives trading measures the cost paid by traders to keep leveraged positions open overnight. A negative rate, such as -0.31, typically indicates that short positions are predominant.
Total Value Locked (TVL) is a metric used in the cryptocurrency market to measure the total value of crypto assets deposited in a decentralized finance (DeFi) protocol. It is often used as an indicator of the health and growth of a DeFi network.
The Average Directional Index (ADX) is a technical analysis indicator used to quantify the strength of a trend.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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doge
If This Pattern Holds Dogecoin Price Could Target $0.20; Analysts Predict
Published
5 mins agoon
October 6, 2024By
adminOn a low-volatility Sunday, the Dogecoin price jumped 1.13%, trading at $0.11. This bullish reversal can be attributed to DOGE’s significant breakout from a descending triangle pattern, signaling a major trend reversal. Will the renewed bullish momentum invalidate the mounting selling pressure from the ongoing geopolitical tensions between Israel and Iran?
Dogecoin Price Targets $0.20 If This Pattern Holds Analysts Forecast
According to the renowned analyst Ali Martinez, the Dogecoin price prediction has developed a well-known descending triangle pattern in weekly charts. Theoretically, this chart often drives a steady downtrend within a downsloping trendline and a flat support.
However, a recent breakdown from the pattern’s overhead trendline invalidates the bearish outlook and signals DOGE’s potential for renewed rally.
The cryptocurrency has shown a repetitive pattern reminiscent of past market behavior: a breakout from a multi-year descending triangle, followed by a notable 200% surge and a subsequent 60% retracement.
Following a significant 65% correction in Dogecoin price gave a decisive breakout from the triangle’s upper trendline. Maintaining this upward momentum could signal the beginning of a bullish trend for DOGE, with targets exceeding $0.20.
History often repeats itself, and #Dogecoin might be doing just that.
A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run.
After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V
— Ali (@ali_charts) October 6, 2024
According to Intotheblock data, DOGE had recently reclaimed a substantial supply of 43.72 billion coins held across 124.48K addresses when the price breached $0.108. Now in profit, these coins can act as sustainable support and reduce the selling pressure from profitable traders.
For a detailed analysis, check out the article on Top Meme Coins.
DOGE Price Hints 10.5% Drop Before Next Leap
Amid recent market correction, the Dogecoin price shows a notable pullback from $0.132 to $0.1— a 21% loss. The ongoing geopolitical tensions between Israel and Iran have further intensified selling pressure,
With sustained selling, the DOGE price could plunge 10.5% to seek support from a new emerging support trendline at $0.1. Should this support hold, buyers may push the price above the $0.13 peak, signaling a potential trend reversal.
On the contrary, if selling plunged below the support trendline, the Dogecoin price correction to $0.08.
Frequently Asked Questions (FAQs)
Analysts predict that if the current descending triangle pattern holds, Dogecoin’s price could target $0.20
The ongoing geopolitical tensions between Israel and Iran have intensified selling pressure, contributing to a notable pullback in Dogecoin’s price from $0.132 to $0.1
The $0.10 level, supported by an ascending trendline and the lower band of the Bollinger Bands, creates a strong accumulation zone
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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cryptocurrency
Top cryptocurrencies to watch this week
Published
2 hours agoon
October 6, 2024By
adminThe global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.
While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.
Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:
HMSTR collapses 18%
Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.
Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.
For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.
These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.
SUI demonstrates resilience
Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.
However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.
SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support.
With SUI trading below the upper band, the price could stabilize above the $1.62 support.
Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.
FTT bucks the trend
FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.
On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day.
Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains.
As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.
Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.
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ETH
Ethereum Price $3K Rally at Risk as ETH Turns Inflationary Post-Dencun
Published
3 hours agoon
October 6, 2024By
adminThe Ethereum price surged 1.03% during the low-volatility Sunday trading session to currently trade at $2,438.The upswing market is a recovery from weekday selling pressure fueled by a war-like situation between Israel and Iran. Will the correction trend extend as ETH L1 fees record an all-time low, promoting a reverse from the prior deflationary trend?
$3K Ethereum Price Rally at Stake as Post-Dencun Inflation
Following the Dencun upgrade, Ethereum’s Layer 1 (L1) fees have witnessed a declining trend to hit an all-time low in mid-2024. The Intotheblock analytics shows the implementation of EIP-4844 has plunged the cost of Layer 2 (L2) transactions by 10x.
The sharp decline in L1 fees reflects the continuous growth of L2 solutions like Optimism and Arbitrum, which offer faster and more cost-effective transactions. While this move has bolstered Ethereum’s scalability, it has unintended consequences.
As fewer fees are being burned, the supply of ETH has entered an inflationary phase, reversing its prior deflationary trend. If crypto buyers struggle to demand pressure corresponding to the addition of supply, the Ethereum price prediction will witness temporary pullbacks and volatility.
Post-Dencun, Ethereum Mainnet fees hit an all-time low as L2 transactions surged. EIP-4844 slashed L2 costs by 10x, driving record activity.
But with fewer fees burned, $ETH has turned inflationary, reversing its recent deflationary trend. pic.twitter.com/W3p0xuKRXe
— IntoTheBlock (@intotheblock) October 6, 2024
In addition, the renowned crypto analyst Ali Martinez highlights a notable decline in Ethereum large holders with over 10,000 ETH balances. Since July, the whale holding has plunged 7%, indicating that smart money traders are mainly exiting in anticipation of price correction.
The number of #Ethereum whales holding over 10,000 $ETH has decreased by over 7% since July! pic.twitter.com/rRnIDVj2VO
— Ali (@ali_charts) October 5, 2024
ETH Price Hints Major Breakout From Triangle
Over the past two months, the ETH price has shown a sideways trend above $2,200 support. This consolidation in the daily transient Chart shows the price actively resonates between two converging trends and indicates a symmetrical triangle pattern formation. Theoretically, this chart pattern guides a temporary lateral move for prevailing trends to gain momentum.
As the crypto market experienced ease from geopolitical tension in the Middle East, the Ethereum price rebounded from $2,308 to $2,440, accounting for a 5.7% jump.
If the sellers breached the pattern’s lower trendline at $2,200, the bearish momentum would accelerate and drive ETH Crash below the $2,000 level, thus delaying the $3K rally.
The coin price below the 50-and-200-day Exponential moving average supports the bearish narrative.
However, if buyers manage to replenish bullish momentum, the Ethereum price could jump 9% before challenging the triangle resistance. A potential breakout would bolster buyers for the $3,000 target.
Frequently Asked Questions (FAQs)
Ethereum’s $3K rally is at risk due to the shift from a deflationary to an inflationary phase following the Dencun upgrade
The current consolidation in Ethereum price shows a symmetrical triangle pattern, indicating a temporary lateral move as prevailing trends gain momentum
The Dencun upgrade resulted in a decline in Ethereum’s Layer 1 (L1) fees and a significant reduction in fee burns, causing Ethereum’s supply to enter an inflationary phase
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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