Bitcoin experienced a temporary dip in price, reaching a low of $61,765 before recovering to $63,710 at the time of writing. The recent launch of Bitcoin ETFs in Hong Kong did not have a significant impact on the price movement. Now, let’s take a look at the current predictions for some popular altcoins and their potential for growth or decline.
TON Coin Price Prediction:
TON Coin, like many other altcoins, recently failed to break above the 50-day SMA ($5.27). This suggests that investors are quick to sell during minor rallies, indicating a bearish sentiment. The formation of lower highs in Bitcoin’s price further reinforces the selling pressure among altcoin investors. If TON Coin fails to surpass $5.7, there is a possibility of a dip towards $4.7 and $4.5, especially if it closes below $5.27. Given its popularity in recent months, bullish investors may seek new opportunities, potentially leading to increased volatility in futures trading.
Dogecoin (DOGE) Price Prediction:
Three days ago, Dogecoin (DOGE) broke below a symmetrical triangle pattern, indicating bearish dominance. The DOGE/USDT pair could retreat to the main support level at $0.12, where bulls are likely to step in. However, if it closes below this crucial level, a drop to the long-watched support level at $0.08 may occur, resulting in a prolonged consolidation period. The 20-day EMA ($0.16) and the descending trend line are currently acting as strong resistance for bulls. Overcoming this resistance could potentially lead to targets of $0.23 and $0.27.
Cardano (ADA) Chart Review:
The upcoming Federal Reserve interest rate decision will be a significant volatility trigger for Cardano (ADA). Powell’s statements during this decision will shape the interest rate reduction path for the year. However, prior to that, ADA Coin experienced a bearish push that broke below the crucial support level at $0.46. As of now, ADA Coin is finding buyers at $0.458. Downward sloping moving averages and a negative region RSI suggest the potential for further selling pressure towards $0.4. On the other hand, if the scenario reverses, targets of $0.52 and $0.58 could be in sight.
Disclaimer:
It is important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research before making any investment decisions.