TON and other cryptocurrencies are grappling with a sudden surge in supply as several actors continue to dump their bags as uncertainty in price ravages the entire crypto market.
The global cryptocurrency market cap is down by more than 5% over the last 24 hours. The losses exceeded 8% on the weekly scale as several major assets struggled with reduced volatility. The chart shows that the asset suffered two major declines that resulted in its loss on the weekly scale.
One of the major events was the escalation between Israel and Iran. The other one that caused a massive dip during the previous week is the report of a decrease in net profit from two of the largest financial institutions in the US.
Price of major cryptos shows that the crypto market is yet to recover from the massive corrections it experienced. Will the relief take place this week?
Top Five Cryptocurrencies to Watch
BTC/USD
Bitcoin is yet to show any signs of recovery following its more than 5% decrease during the previous week. The coin saw a more than 4% dump on Friday and a little above the said margin on Saturday as it dropped to a low of $61,308.
Over the last two days, the top coin dropped by more than 5% and has shown no signs of recovery. At the time of writing, it is trading at $62,866. This is more than 12% lower than its March high. Many fault the decline on some factors, including the upcoming halving.
Historically, the week leading up to the halving is filled with huge uncertainty. This week is different as the Moving Average Convergence Divergence is hinting at a further price decline. The 12-day EMA crossed 0 for the first time since February. The Relative Strength also puts the bears at an advantage as it’s currently at 42.
Following these readings, BTC will retrace to test $60k. However, there is a tough support with considerable demand concentration at $60,700. Breaking the mark will result in a dip below $60,000 with sellers eyeing $55,700.
The bulls will look to recover from the previous week’s decline. The $60,700 support may be a launchpad to achieve this. It will look to reclaim $67,500.
ETH/USD
Ether bulls are fighting back as it is recovering from a drop to $3k. Since Saturday, it struggled to hold $3k support as selling pressure mounts. The latest buyback is a bid to see it recover the lost levels from the two-day correction.
During the 14% decline, it dropped to a low of $2,845. However, it bounced back and is exchanging at $3,093. Price trends over the last three days suggest that the bulls rebuilt the $3k support. The asset is edging for a return to $3,100 which may indicate it is seeing a healthy amount of buying volume.
MACD hints at the unsustainability of this trend has the 12-day EMA is showing no signs of halting its downtrend. The Relative Strength Index also failed to react to the most recent buybacks. Currently trending at 40, it shows that the asset is seeing an equal amount of pressure from the bulls and bears.
If ETH closes the current candle as a hammer, this may signify the start of a climb to $3,300. Nonetheless, if this fails to happen, it improves the probability of the asset dropping as low as $2,800.
TON/USD
Toncoin bulls are struggling to keep prices afloat. Price action last week suggested they had considerable success in this bid as the coin registered a new all-time high. As it stands, its latest ATH is $7.25 which it attained on Thursday.
Since the current week started, the asset has struggled to continue its uptrend following its significant dip. However, the asset is succumbing to a greater supply hike. The first attempt at resuming the uptrend on Monday failed as TON retraced after hitting $6.57.
It broke $6 and dropped to a low of $5.92. The Moving Average Convergence Divergence hints at further downtrends. It just had a bearish convergence with the 12-day EMA intercepting the 26-day EMA and going below it. RSI also suggests room for further price declines.
Based on previous price movements, the bulls will attempt to defend $6 as they’ve done in the last three days. However, if the current market trend continues, it will break and TON will retrace as low as $5.26 before it finds the next demand concentration point. If it fails, traders could expect a rebound at $4.70.
On the other hand, the coin may attempt a return to $7 and trade between the mark and $6.
