U.Today – After its recent decline, a recovery may be imminent, despite the pessimism surrounding the asset. After its peak of almost $100,000, Bitcoin suffered a correction, falling to the support level of $90,000. Technical indicators and historical trends suggest that this level could be the beginning of another leg up. Bitcoin's recent moves have created a strong pullback within an otherwise solid uptrend on the chart.
The Relative Strength Index (RSI) indicates a cooldown from overbought levels, while the 50-day moving average continues to rise sharply. This easing of purchasing pressure could provide the necessary foundation for renewed bullish sentiment. Bitcoin needs to maintain its position at the current support levels, which are between $87,000 and $90,000, to try to reach the six-figure milestone again.
If these levels do not hold, additional bearish pressure may occur, possibly testing the $76,000 range. But the high trading volume of the rally suggests that there is a lot of interest in the market and that buyers could return soon. It will take a combination of persistent buying pressure and market catalysts, such as institutional inflows or advantageous macroeconomic conditions, to break above $100,000.
On the other hand, Bitcoin's long-term trajectory remains firmly upward, driven by strong fundamentals such as growing institutional adoption and declining currency supply. At the moment, everyone is watching to see if Bitcoin can maintain its momentum and defend important support zones.
hits the resistance
By breaking through the $3,430 resistance level, which has been a crucial barrier in recent months, Ethereum (ETH) has achieved a major milestone. Because it represented the neckline of the previous double top formation, a bearish chart pattern that could have precipitated a significant correction, this price point was crucial.
Beyond simply being a technical move, the break above $3,430 signifies a change in market mood. This level has historically served as a technical and psychological barrier, and previous attempts to break it were met with intense selling pressure.
Ethereum has refuted the bearish overtones of the double top pattern by crossing this barrier, paving the way for additional upward momentum. Ethereum has shown strong bullish signals on the chart. Long-term buying pressure is indicated by rising moving averages, especially the 50-day and 100-day EMAs. The Relative Strength Index (RSI) is also still in bullish territory, indicating that further gains are possible before the asset becomes overbought.
The next significant resistance level for Ethereum is between $3,800 and $4,000, if it can hold above $3,430. If ETH passes this test and consolidates above these levels, it may re-reach its previous all-time highs and spark a new market rally.
But traders should be careful. If $3,430 does not hold, the market may retest the support levels of $3,100 or even $2,850. It will be crucial to monitor volume trends because declining momentum could be a sign of lack of buyer commitment.
Toncoin explodes
With a remarkable 19% gain in just one week, Toncoin has recently skyrocketed in the cryptocurrency market. Given its previous inability to capitalize on the broader bull market, this performance is noteworthy. TON is currently trading at $6.28, making it the best-performing cryptocurrency in the top 15.
The chart indicates a strong bullish trend, with a notable break above the 50, 100 and 200 EMA levels. Noticeably increasing momentum is indicated by TON's recovery above these important moving averages. Furthermore, the high volume accompanying this price movement suggests that investors are becoming more interested, which could sustain the rally.
The next resistance level to watch if TON continues its upward trajectory is around $7.50, a previous high from earlier this year. In the coming weeks, breaking this level could pave the way towards $8.00 or even $8.50. If selling pressure increases, there may be a pullback to retest the support at $6.00 or the 200 EMA near $5.50.
Overall, Toncoin's recent rise demonstrates its tenacity and may pave the way for future gains. For investors to confirm a sustained uptrend, they should wait for a clear move above $7.50.
This article was originally published on U.Today.
