In a remarkable turn of events this weekend, the cryptocurrency market witnessed a major upswing as Bitcoin soared above $65,000, captivating the attention of traders and enthusiasts alike. However, not all digital assets shared in this bullish wave. Both Toncoin (TON) and Notcoin (NOT) experienced significant setbacks, though signs of recovery are emerging for both tokens. Will they reclaim crucial resistance levels, or will the bearish momentum prevail?
Toncoin (TON) Faces Crucial Crossroads
Toncoin’s price action over the weekend has been turbulent, with a notable drop from recent highs of around $6.8 to a low near $5. The selling pressure has intensified, casting a shadow over the token’s recovery prospects. Despite efforts by bulls to stabilize the price, trading volumes suggest that the momentum might be insufficient for a strong rebound.
The critical support level at the 200-day moving average (MA) of $4.676 is under significant threat. With the on-balance volume (OBV) trending downward, the bears seem to be tightening their grip. A further dip below this support could trigger an additional 15% decline, potentially driving Toncoin below $5. The token had previously demonstrated impressive gains, but recent negative sentiment has led to a 40% retracement from its highs. If the current bearish trend continues, Toncoin may struggle to reclaim its recent highs.
Notcoin (NOT) Shows Signs of Recovery Amidst Bearish Pressure
In contrast, Notcoin‘s price trajectory diverged sharply from the broader market trend. Over the weekend, Notcoin experienced a substantial pullback, with bearish forces asserting dominance. The price has been fluctuating within a decisive triangular pattern, with recent bearish action intensifying as it approaches the pattern’s apex.
Despite the current downturn, there are indications that Notcoin might be poised for a rebound. The MACD has recently undergone a bearish crossover, signaling potential for further declines. However, the OBV appears to be stabilizing, hinting at possible bullish momentum. The support level at $0.00957 remains robust, providing a potential base for recovery. If Notcoin can hold above this support and break out from its triangular pattern, it may regain its footing and challenge resistance around $0.15.
Also Read: Pepe Coin (PEPE) Shows Potential for 10x Growth, Mimicking Bitcoin’s Early 2023 Surge
As Bitcoin continues its bullish trajectory, the fate of Toncoin and Notcoin remains uncertain. For Toncoin, the next few hours are critical; a slip below the key support could lead to further declines. Conversely, Notcoin’s potential for a bullish breakout hinges on maintaining support and overcoming current bearish pressures.
Traders and investors should closely monitor these developments, as the outcome for both tokens will hinge on their ability to navigate through these pivotal market conditions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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