Ethereum
XRP Loses 7%, Here’s How Ethereum (ETH) Will Move Now, Toncoin (TON) Loses Crucial Support at $7
Arman Shirinyan
The market entered a retracement mode as many assets failed to easily break their first resistance
Read U.TODAY on
Google News
XRP is currently correcting, with its price seeing a 7% drop in the last 24 hours, potentially pushing the market into its first major correction. However, this could be temporary and things could turn bullish again in a few days.
The 50-day moving average is the first major support level for XRP. If XRP stays above this barrier, it could stabilize and even rise again. As a psychological barrier for traders, this level has historically served as a basis for price rebounds. The support level at $0.50 is followed by the 100-day moving average. In the past, during downtrends, it has provided strong support. XRP falls below $0.55, this level can serve as a safety net to stop further losses.
Traders frequently watch these levels for buying opportunities, which could contribute to a price reversal. Recovery from a drop below the 200 EMA level may indicate a long-term bearish trend for XRP. Holding this level is critical to XRP’s bullish outlook as it is considered a long-term trend indicator.
Ethereum can’t break it
Ethereum failed to break the 50 EMA resistance level and is currently sliding below the moving average. Unfortunately, failure to break through will lead us to a drop below $3,300. There are a few levels that traders should watch out for.
Ethereum Bitcoin price encountered significant resistance in its latest attempt to break above the 50-day moving average, suggesting bearish momentum may be developing. A key technical indicator, the 50-day moving average frequently acts as a support or resistance level. Failure of an asset to break above this level can signal weakening bullish sentiment and potential losses.
The 50 EMA has consistently demonstrated its ability to predict market trends. Ethereum frequently retraces its losses when it is unable to break above this level. This pattern implies that there could be more selling pressure in the market in the short term.
It is essential to avoid a fall below the $3,000 barrier. Ethereum The price could experience panic selling if it falls below this barrier, which would accelerate the decline. It has historically served as both support and resistance.
The $3,200 level represents another crucial support level. This threshold has already been tested several times and has often served as a buffer against further declines. Ethereum must stay at this level in order to stabilize and avoid a more severe correction. The 200 EMA acts as a longer-term support at around $3,200. This is why long-term investors should keep an eye on this level, as a drop below it could signal a longer bearish phase.
Toncoin does not attract bulls
Toncoin’s success was huge during the market downturn, but as soon as the majority of digital assets declined, TONNE quickly lost most of its momentum and even fell below the crucial 50 EMA support.
Some investors have viewed Toncoin as a possible hedge against the broader cryptocurrency market, despite its recent performance. Largely due to its integration into the Telegram ecosystem, the strength of this thesis lies in its foundation.
One of the main advantages of Toncoin is its integration with Telegram. Telegram gives TON an existing audience and the potential for widespread adoption thanks to its huge user base. TON may be more resilient than other cryptocurrencies because of this fundamental strength, especially during times of market turbulence.
In times of market turbulence, investors often look for investments that offer some degree of stability. Toncoin’s ability to function as a more stable investment was demonstrated by Toncoin’s performance during the market crisis.
TON is not completely immune to larger market movements, however, as the recent drop below the 50 EMA support level shows. The support of a major platform like Telegram and Toncoin’s strong technological foundation contribute to its growing popularity.
Investors looking for long-term stability rather than short-term gains may be attracted to this strength. The theory is that despite the challenges facing the broader market, Toncoin’s strong fundamentals will allow it to weather the storms better than its competitors.
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.