1. In just a short span, Toncoin experienced a steep 20% decrease in value, causing a substantial setback within the market. Before this decline, Pavel Durov, the affluent creator of Telegram and a key player in Toncoin, was detained. Although Durov’s apprehension took many outside the digital assets sector by surprise, the cryptocurrency community is keeping an especially close eye on TON‘s developments.
Currently, the cost of TON is about $5.60, which represents a drop from its recent peak near $7.00 within this month. The significant wave of selling activity triggered by Durov’s detention notice has intensified the steep decrease in its worth.
momentarily, the cryptocurrency tried to stabilize near $600, but its value continued to drop due to the breaking of the support level. Currently, technical signs point towards a potentially precarious state for TON.
In simpler terms, the significant lines of resistance often used by traders, known as the 200-day and 50-day moving averages, have been breached by the cryptocurrency. This indicates that TON might face additional downward pressure before finding any solid support to stabilize.
The significant surge in trading activity during the sell-off seems to indicate that intense selling, not a lack of enthusiasm for buying, might have been the main reason behind the market’s drop.
It seems that numerous investors chose to offload their assets, likely due to fears that the price could plummet even more. Despite the challenge of predicting TON‘s imminent trajectory, the cryptocurrency requires positive advancements to regain investor confidence.
Bitcoin failed to reach $70,000
Recently, Bitcoin has encountered considerable resistance as it neared the $70,000 mark. Despite optimistic predictions among traders and investors based on past bullish trends, Bitcoin has yet to surpass this critical psychological barrier, leading to a substantial drop in its price.
The challenges that cryptocurrencies encounter are underscored by their recent price trends, specifically Bitcoin’s performance over the past few days. After reaching a high of $64,600, Bitcoin’s steady climb began to slow down, with its current value hovering around $63,951. As Bitcoin neared the psychologically significant level of $70,000 – a point that has served both as a goal and an obstacle in recent times – this downturn suggests that traders are hesitant about making further purchases.
Several factors might be hindering Bitcoin’s progression towards $70,000. Notably, understanding the psychological impact of this round figure is crucial. Since traders often anticipate a decline or adjustment, they tend to put sell orders at such points, thereby increasing resistance.
It seems like a flurry of sell-offs might have started due to the inability to surpass this hurdle, which intensified the downward trend. Additional proof that Bitcoin is facing substantial opposition can be seen through technical markers. The 200-day moving average is becoming increasingly difficult to breach as the price approaches the upper limits of a long-standing trading channel.
It’s possible that Bitcoin experienced too much buying during its recent rise, based on the relative strength index (RSI). This could lead to a normal period of decline as demand decreases. As Bitcoin is currently trading slightly below $70,000, investors will likely focus on whether it can regain its pace and break above this significant level again.
Ethereum in difficult position
At the moment, Ethereum is finding it tough to surpass a significant barrier. Presently valued around $2,750, this digital currency is engaged in a struggle at the 26-day exponential moving average. The fact that Ethereum is having trouble breaching this level implies that there could be more consolidation or potentially even a market reversal ahead.
Despite Ethereum having bounced back from its lower prices, recent trading patterns hint that it lacks the impetus to surpass $2,750 and potentially target $3,000.
“One of Ethereum’s major issues lies in its network usage, which remains relatively low despite the recent price recovery. This underutilization might contribute to a lack of buying pressure needed to drive up the price.”
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2024-08-26 03:46