Toncoin is probably the biggest dark horse the cryptocurrency market has ever seen. The asset has shown enormous growth since the beginning of the year and still maintains an unbreakable uptrend despite Bitcoin's drop below $58,000.
Toncoin has increased steadily since the beginning of 2024. The cryptocurrency has drawn attention from the market due to its remarkable performance. It runs on the Telegram Open Network (TON).
Major cryptocurrencies like Bitcoin and Ethereum are currently experiencing a general bear market, but Toncoin has shown a strong upward trajectory and has remained resilient. Toncoin has continuously traded above its major moving averages, according to the provided chart.
Moving averages over 50, 100 and 200 days all exhibit a distinct upward trend. This suggests that Toncoin has a lot of buyers and stable support levels. Additionally, Ton's relative strength index is within a healthy range, indicating that it is not overbought and still has room to grow.
A notable feature of Toncoin's performance is its ability to withstand downturns in the market as a whole. Toncoin's price has been rising, while Bitcoin and other cryptocurrencies have experienced price declines. Many things contribute to this resilience, such as the active development of the TON ecosystem and, more importantly, the Telegram ecosystem that backs TON up.
Shiba Inu heading toward problems
Shiba Inu has no support levels beneath it, with its price most likely heading toward the next logical threshold below $0.00001. Unfortunately, it is unlikely things are going to change in the foreseeable future, and we are likely to see SHIB below that critical level for the first time in months.
Major cryptocurrencies like Ethereum and Bitcoin have seen sharp declines, and the overall cryptocurrency market has been extremely volatile. Meme coin Shiba Inu is no exception. Strong support levels are lacking below the current price, which suggests a high probability of a further decline.
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SHIB is trading below its major moving averages, which include the 50-day (blue line), 100-day and 200-day moving averages, according to the chart provided. This points to a downward trend. Indicating that there has been intense selling pressure, the RSI is likewise in the oversold area. In order to identify a reversal point, SHIB must create a new support level. A critical psychological threshold, the $0.00001 level may serve as a level of support if buying interest increases.
However, it appears inevitable that the market will break below this level without strong bullish momentum or encouraging catalysts. Because of the general bearish trend on the cryptocurrency, market investor sentiment toward Shiba Inu has been largely negative.
As long as there are no obvious bullish catalysts, traders will probably stay scared. The asset was a hazardous wager for quick profits, but things have changed and SHIB does not offer the same reward for the risk an investor takes.
Solana's fundamental reversal
Solana has hit a crucial price level, reflected in the 200 EMA level at approximately $135. However, it is important to consider the broader context. The asset has successfully gained some momentum in the last two days, but since May, SOL has been gradually losing its value.
The chart shows that Solana managed to bounce off the 200-day EMA, a critical support level that often acts as a turning point for assets. The recent upward movement in SOL's price suggests that there might be a shift in market sentiment. The trading volume has also seen an uptick, indicating increased investor interest.
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Despite the recent positive movement, it is essential to recognize that Solana has been on a downtrend since May. The Relative Strength Index on the chart indicates that Solana was in oversold territory, which often precedes a price reversal. The bounce from the 200 EMA combined with the RSI's movement suggests that there might be further upside potential. However, the overall market trend and external factors must be considered.
While the recent bounce is a positive sign, Solana needs to maintain its momentum and break through key resistance levels to confirm a trend reversal. The next significant resistance levels are around the 50-day EMA and 100-day EMA, which are currently above the price. If Solana can sustain its upward movement and break through these levels, it could signal a more substantial recovery.