#write2earn #Altcoin Highlights: $INJ and $TON Shine Amidst Market Uncertainty
Tuesday witnesses a sea of red among most altcoins as the market eagerly anticipates the release of CPI data later today. However, amidst this cautious atmosphere, two standout altcoins, Injective Protocol (INJ) and Toncoin (TON), stand resilient, continuing their upward trajectory.
Market Holds Breath for CPI Data
With Bitcoin (BTC) trading flat and the majority of altcoins experiencing losses, the crypto market appears on edge ahead of the CPI data release scheduled for later today—mirroring the apprehension seen in traditional finance indices like the S&P and the Nasdaq.
Yet, amidst the prevailing sea of red, two shining stars emerge in the form of INJ and TON. Both of these altcoins are displaying positive movements on Tuesday, indicating potential as early movers once the market sentiment shifts back into bullish territory.
INJ Reaches Upper Range
Injective Protocol's (INJ) price has recently returned to the upper limit of a range it has inhabited since December last year. The question now looms whether INJ can breach this barrier and initiate the next leg up in its price trajectory. According to the fibonacci extension, the next target after a breakout would be $64.
TON Offers Ideal Entry Points
Toncoin (TON) finds itself in the realm of price discovery. Following a recent surge to just below $4, the price may be retracing towards $3.29 or finding strong support at the 0.618 fibonacci level around $2.90.
Zooming out to the daily timeframe, significant confluence is observed at both the 0.382 and 0.618 fibonacci levels. Previous resistance levels from price wicks in May and December 2022 align precisely with these fibonacci levels. Entry opportunities at either of these levels could prove advantageous, with $2.90 being the safer choice.
