Arman Shirinyan
Market has entered retrace mode as numerous assets could not break their first resistance with ease
XRP is in the process of correction as its price printed a 7% drop in the last 24 hours, potentially pushing the market to its first major correction. However, it 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 remains above this barrier, it may level off and even rise once more. As a psychological barrier for traders, this level has historically served as a foundation 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 solid support. If XRP drops below $0.55, this level may act as a safety net to stop further losses.
Traders frequently scan these levels for opportunities to buy, which could aid in a price reversal. Recovering from a drop below the 200 EMA level may indicate a longer-term bearish trend for XRP. Sustaining this level is critical to XRP’s bullish outlook, as it is regarded as a long-term trend indicator.
Ethereum can’t break it
Ethereum could not break the 50 EMA resistance level and is currently sliding below the moving average. Unfortunately, the lack of a breakthrough will lead us to a drop below $3,300. There are a few levels for traders to watch.
Ethereum encountered significant resistance during its most recent attempt to breach the 50 EMA, suggesting that bearish momentum may be developing. A critical technical indicator, the 50 EMA frequently acts as a level of support or resistance. The failure of an asset to cross this threshold may signal waning 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 rise above this level. This pattern implies that there may be more selling pressure on the market in the near term.
It is critical to avoid a drop below the $3,000 barrier. Ethereum may experience panic selling if it drops below that barrier, which would accelerate the decline. It has historically served as both support and resistance.
The amount of $3,200 represents yet another crucial support level. This threshold has previously been tested several times and has frequently served as a buffer against additional declines. Ethereum must stay at this level in order to stabilize and prevent a more severe correction. The 200 EMA acts as a longer-term support at around $3,200. That is why long-term investors need to keep an eye on this level, as a decline below it might signal a longer bearish phase.
Toncoin does not attract bulls
Toncoin’s success was enormous during the market downturn, but as soon as the majority of digital assets retraced, TON quickly lost most of its momentum and even dropped below the crucial 50 EMA support.
Certain investors have perceived Toncoin as a possible hedge against the larger cryptocurrency market, notwithstanding its recent performance. Due in large part to its integration with the Telegram ecosystem, this thesis’s strength lies in its foundation.
One of the main benefits of Toncoin is its integration with Telegram. Telegram offers TON an audience that is already there and the chance to be widely adopted thanks to its enormous user base. TON may be more resilient than other cryptocurrencies due to this fundamental strength, particularly in times of market turbulence.
In times of market turbulence, investors frequently seek investments that offer some degree of stability. Its ability to function as a more stable investment was demonstrated by Toncoin’s performance during the market slump.
TON is not totally immune to larger market movements, though, as seen by the most recent decline below the 50 EMA support level. The support of a significant platform such as Telegram, and Toncoin’s strong technological base, contribute to its increasing popularity.
Investors seeking long-term stability over short-term gains may be drawn to this strength. The theory is that despite difficulties facing the market as a whole, Toncoin’s strong fundamentals will enable it to weather storms better than its competitors.
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