TON quickly recovered from its decline, prints a green candle at the time of writing. The asset joined the broader crypto market as it saw a slight decrease.
The market is recovering from a massive decline it experienced last week. News of Russia’s threatening new escalation hit the crypto market harder than many anticipated. Russian President Vladimir Putin announced the declaration of war on the Russian people with no notable speculation on the actor behind the declaration.
Fears reached a new peak with rumors of an abrupt US President Biden’s return to the White House. Many speculate that Putin’s declaration may be related to the unscheduled return. Citizens fear further escalation that may directly affect the United States.
Macroeconomics played a huge role in starting the downtrends. Jerome Powell announced a 25-basis-point cut in the interest rate. Many argued that the cut was lower than expected. The Feds announced that the US economy risks further inflation in January.
The global cryptocurrency market cap shows how huge of an impact it took. Valuations dropped from $3.35 trillion on $3.15 trillion on Friday. The fear and greed index hits its lowest in almost thirty days as fear spreads through the market.
Most altcoins felt the news impact was significantly declining. Let’s see how they performed.
AVAX/USD
The AVAX/USD pair briefly touched the upper SMA of the Bollinger bands on Dec. 12 and has since been in a downtrend. A few days ago, it dropped below the middle band and slipped below the lower SMA on Thursday. The pair sank further on Friday, hitting a low of $33.
The asset has significantly recovered since the massive decline. Currently trading at $39, it continues upward from a low of $37 a few hours ago. AVAX remains closer to the lower bollinger band. It will look to reclaim the middle band at $46.
The moving average convergence divergence shows slight signs of an impending breakout. Its 12-day EMA is on the uptrend, as trading conditions favor the bulls. Following a positive interception, the asset may be on the verge of another massive bullish round.
Nonetheless, the pair may hover around $40 before another significant move. It failed to break due to notable selling congestion during the previous intraday session, and the same trend is currently in play.
LINK/USD
Chainlink had a massive surge on Monday, surging from $22 to a high of $24.9. It faced strong rejections to its bid at $25. Nonetheless, the 11% surge ended abruptly a few hours ago. The asset trades at $24.4 at the time of writing after slipping to a low of $23.5.
The LINK/USD pair is currently exchanging closer to the middle SMA. It has significantly recovered after slipping to the lower band a few days ago. The bollinger band widening size suggests growing volatility and the asset may be gearing up for further price increases.
MACD prints positive signals, showing the 12-day EMA halting its downtrend. However, the pair risks further declines as the highlighted metric has not started its uptrend. Nonetheless, the relative strength index climbs as buying pressure outweighs selling.
TON/USD
The TON/USD pair is on its third day of significant gains. It edged closer to $6 but faced massive rejection at $5.63. The pair continued its climb after it dipped below the bollinger band on Friday. It nears full recovery as prices edged closer to the middle band.
The TON/USD climbed higher a few hours ago as it edged closer to $5.80. Indicators like the moving average convergence divergence hint at further surges as the 12-day EMA halts its downtrend. The metric rises due to growing bullish pressure.
Nonetheless, the pair remains a few cents from the middle bollinger band—the metric points to TON/USD breaking above the $6 barrier.
SHIB/USD
Shiba Inu surged higher, hitting a high of $0.000023. MACD hints at the possibility of further increases as the 12-day EMA trends parallel after a five-day descent—the metric points to growing bullish sentiment as selling pressure significantly reduced.
The relative strength index shares the same sentiment, surging from 36 the previous day to 42 at the time of writing. Fibonacci retracement levels point to an ongoing price struggle below the 50% mark. The bears stage selling congestion at this mark, resulting in notable resistance.
Nonetheless, the SHIB/USD pair may flip the highlighted mark. The next notable price mark may be the 38% fib level.
SUI/USD
Trading above the middle bollinger band, the SUI/USD will look to flip the upper SMA. The upper band, present at $5, guarantees a retest of this critical level. It trades at $4.65 after hitting a low of $4.45. Nonetheless, RSI remains above 50 amidst the significant selling pressure it experienced last week. Currently at 58, it shows the bulls edging and soaking up the excess supply.
MACD is slightly positive, as its histogram shows a slight decrease in length. This indicates the closing gap between the 12-day and 26-day EMA. Although not significant, the growing bullish conditions hint at a possible positive divergence.
XLM/USD
XLM is having one of its most significant surges over the last fourteen days. The latest hike follows the more than 4% increase it had during the previous intraday session. It may flip the $0.40 mark in the coming hour as it trades at $0.39.
MACD supports this claim as the 12-day EMA closes the gap between it and the 26-day EMA. The metric is on the uptrend and may intercept, leading to a bullish divergence. The event may signal further increases, resulting in the XLM/USD pair retesting the $0.42 resistance.
The relative strength index shows notable buying pressure, having surged from 41 to 50 within three days. This week, the asset will look to reclaim the 38% Fib level.
