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Toncoin Looks Unphased by Marketwide Bear Trend, Shiba Inu Remains Anemic

2024-07-02 13:26:48843browse

Despite the marketwide bear trend, Toncoin looks unphased and just moves upward like it did a few weeks ago, despite the major shift.

Toncoin Looks Unphased by Marketwide Bear Trend, Shiba Inu Remains Anemic

Toncoin continues to defy the marketwide bear trend, exhibiting an impressive resilience that sets it apart from "legacy" cryptocurrencies like Bitcoin and Ethereum.

Boasting a robust ecosystem that includes Telegram, one of the world's largest messaging services, TON is well-positioned to withstand the downturn and emerge stronger over time.

Priced at around $7.69, Toncoin is displaying a remarkable ability to maintain its upward momentum, despite the general market declines. Key moving averages are providing strong support to this bullish trend.

The 50-, 100- and 200-day EMAs are persistently bullish, indicating a strong buying pressure and suggesting that Toncoin is likely to continue rising.

To reach the $8 mark, Toncoin needs to maintain its current momentum and overcome the immediate resistance level at $7.81. If TON manages to close above this level, the price would be moving closer to $8 and higher, signaling a strong bullish trend and likely attracting more buying interest.

Volume analysis adds further credence to this optimistic outlook, as trading volumes have been steadily increasing, indicating high market participation and interest in the asset.

In particular, this rising volume is crucial to sustaining the upward price movements, given that it signifies traders' and investors' faith in TON's potential.

The Relative Strength Index (RSI) is currently in the neutral zone at around 57, suggesting that Toncoin has more room to rise significantly before reaching overbought conditions.

While an RSI increase above 70 would indicate overbought conditions, TON can likely continue its upward trend for now.

Shiba Inu remains flat in price, lackingluster trading activity

Shiba Inu's volatility has practically vanished as the asset continues to trade around $0.000017 over the last few days with minimal price shifts.

This lack of volatility is largely tied to the global de-risking of the market, which is seeing investor outflow and impacting SHIB's performance. Most likey, things will not turn around until the summer is over.

The current weak state of SHIB is also indicative of larger market trends, characterized by strong risk aversion.

Due to the uncertainty in the economy, investors are withdrawing money from riskier assets like cryptocurrencies in search of safer havens.

Shiba Inu's trading volumes have drastically dropped, suggesting less buying and selling activity, which is indicative of this cautious approach.

Technically speaking, SHIB is having difficulty moving outside of its present range. Two moving averages and a Fibonacci level are acting as resistance, preventing SHIB from continuing its upward price movement.

SHIB is currently going through a phase of consolidation that has two drawbacks. If prices remain stable it could mean that SHIB has discovered a solid level of support that will stop further drops.

Given that long-term holders are still devoted to the asset and there is not much selling pressure, this could be a sign of strength.

Bitcoin on its way up, breaking above $63,000 after a brief consolidation phase

Bitcoin has finally managed to break above the $63,000 level for the first time since plummeting toward $58,000 a few weeks ago. Such a tendency is an extremely positive development for the asset, and it will more likely push the reversal forward.

After encountering strong resistance at $63,000 during the previous bull market, Bitcoin is now attempting to rally once more and establish a new all-time high.

If BTC manages to rally past this level, which also coincides with the 50-day moving average, it will be signaling a bullish continuation pattern that could lead to further gains.

Bitcoin is currently trading at around $63,163, up 0.36% over the last 24 hours and 3.3% over the last seven days. The world's largest cryptocurrency has a total market capitalization of $1.2 trillion.

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