Ethereum
Ethereum’s Biggest Win This Summer, Cardano (ADA) Expected Not to Surpass $0.40, Toncoin (TON) Expected to Climb Again Towards $8
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Ethereum probably made its biggest gain this summer. The asset has gained more than 10% since hitting the bottom, which propelled it above the 200 EMA threshold.
Ethereum’s price action over the past few days has been astounding. After a difficult period of downward movement, Ethereum has started to move higher after finding support at $2,800. ETH is currently trading at around $3,179, indicating a notable recovery. Ethereum has broken above the 200-point exponential moving average on the daily chart, a crucial sign for long-term trends.
Ethereum/USD Chart by TradingView
Strong bullish indicators show that Ethereum Ethereum could be preparing for a longer-term uptrend, as evidenced by the recent move above the 200 EMA, which currently sits at $3,086.88. Additionally, the chart indicates that Ethereum is currently trading above the 50 EMA ($3,278) and is approaching the 100 EMA ($3,321). Ethereum could pave the way for a rally towards $3,500 and beyond if it manages to break these levels.
The bullish sentiment is reinforced by the recent increase in trading volume, which suggests that investor confidence is increasing. As it moves out of the oversold zone and shows further upside potential, the Relative Strength Index (RSI) is currently at 44. This momentum, which suggests that the recent gains may not be a passing trend but rather part of a longer recovery phase, is encouraging for Ethereum holders.
Cardano’s Questionable Strength
Cardan has broken through the 26 EMA resistance level and is currently trading above this line. However, things are not looking as good as they might seem for ADA; unfortunately, the downtrend might be too strong.
The daily chart of ADA indicates that the price has broken above the 26-day exponential moving average and is currently trading at $0.4. This move indicates a short-term bullish trend, but ADA It might be difficult to maintain this momentum for a number of reasons.
For a long-term bullish trend to be confirmed, the price must break and stay above these levels. This could be a tough task for Cardano given the state of the market and the significant downtrend compared to the previous months.
With the asset not in the oversold zone, there is potential for further downside, according to the Relative Strength Index (RSI), which is currently at 52. The overall market sentiment is another source of concern. The overall cryptocurrency market is still under heavy selling pressure, although Cardano has shown some resilience.
The return of Toncoin
Toncoin could climb to $8 when the cryptocurrency reaches the 50-day moving average, which should become the basis for a reversal. However, there is still a possibility of a new breakout.
According to the daily chart of Toncoin, its current trading price is $7.10. A possible support level was indicated by the price’s recent bounce off the 50-day exponential moving average. If TON can hold this support, this bounce suggests that it may be preparing for a move towards the $8 mark.
In the past, the 50 EMA has been a key indicator of Toncoin price movement. When TON has maintained a position above this level in the past, it frequently triggers notable upward moves. There could be a rally towards $8 if TONNE is able to reach a threshold above 50 EMA.
Although trading volume has remained relatively constant, a noticeable uptick could give a spike the momentum it needs. Furthermore, at 51.79 on the Relative Strength Index (RSI), the asset is neither overbought nor oversold. If buying pressure intensifies, there could be room for further upside, based on this neutral RSI level.
About the Author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.