Bitcoin (BTC)
Bitcoin is a decentralized digital currency that facilitates peer-to-peer transactions without the need for a central authority. It uses blockchain technology to ensure security and transparency.
The price of Bitcoin has been experiencing a correction, with a drop from $73,808 to $65,067 in just two weeks. This represents an 11.8% pullback and the price is currently seeking support at the 38.2% Fibonacci retracement level, indicating a healthy retracement phase.
The market capitalization of Bitcoin is around $1.27 trillion, with a 24-hour trading volume of $23.25 billion. The renewed interest in BTC ETFs could potentially boost the price and generate recovery sentiment in the market.
- A breakout from the overhead trend could lead to a rally towards $69,000 and then $73,800.
Dogecoin (DOGE)
Originally created as a joke in 2013, Dogecoin has gained popularity and now has a dedicated community. It features the Shiba Inu from the โDogeโ meme as its mascot.
The current price of Dogecoin is $0.17, with a 6.5% gain in the last 24 hours. It has a market capitalization of around $24.7 billion and a trading volume of $2.94 billion.
An analysis of the daily chart shows that Dogecoinโs price correction is forming a pennant pattern within two converging trendlines. This bullish continuation pattern suggests potential for recovery sentiment among traders and could lead to an upside breakout from the triangle.
- A successful breakout could push the price above $0.2 and potentially reach $0.26.
- A breakdown below the lower trendline may extend the downward trend to $0.105.
Toncoin (TON)
Toncoin, also known as The Open Network, is a multi-blockchain platform that was originally initiated by the creators of Telegram Messenger. It aims to provide fast and secure transactions, decentralized storage, anonymous network capabilities, and a payment system.
Despite the current market correction, Toncoin has shown significant growth this week, rallying from $3.3 to $4.8, representing a 45.8% increase. This has boosted its market capitalization to $16.8 billion and positioned it as the 11th-largest cryptocurrency.
The current resistance at $5.14 suggests that Toncoin may retest the $4.6 level as potential support. If this breakout is sustained, it could push the price towards targets of $5.6 and $6.6.
Takeaway
The crypto market is currently experiencing a bearish trend, driven by a correction in Bitcoin. However, there are signs of potential recovery as Bitcoin finds support at the key level of $60,000. It is important for potential buyers to wait for confirmation of recovery, as rising withdrawals from Spot ETFs continue to contribute to the overall decline in the market.
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