Nonetheless, Bitcoin price saw a sharp correction in today’s early trading session, hitting a low of $69,192. Price action for the altcoin leader ETH Price is positive, as it is up 2.53% over the past 24 hours.
This indicates a significant rise in holders’ interest in altcoins as the positive outcome of the Ethereum ETF awaiting SEC approval could trigger a move to $4,000 for Ethereum. This could lead to a rally in altcoins.
TON hints at bearish price action:
Despite the heightened price volatility in the cryptocurrency market, TON price has shown weakness, correcting 4.99% with a trading volume of $257.02 million, down 8.12% from the past day. This has caused the altcoin to hover around $6.325.
TON continues to rank among the top 10 cryptocurrencies by market capitalization with a valuation of $21.878 billion.
However, the technical indicator SMA is acting as resistance on the price chart on the 1D timeframe. This indicates an increase in bearish sentiment in the cryptocurrency space and further highlights the negative outlook for this layer 1 coin.
On the other hand, the Relative Strength Index (RSI) failed to break out of the overbought zone, causing it to fall sharply to the midpoint. Moreover, the averages show a neutral trend, indicating uncertainty about the future price action.
Will TON Price Reach $7 This Month?
The approval of an Ethereum ETF could serve as a catalyst for the cryptocurrency space to experience a new round of price increases. Additionally, this could lead the bulls to attempt to test this month’s overhead resistance at $7,250.
Maintaining the price at this level will set the stage for TON token to retest its all-time high of $7,650.
Conversely, a delay in the SEC’s decision could lead to more buying and selling pressure in the market. Thus, a retest of the $5.450 support level in the future.
(Personal opinion, not a recommendation)
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