Bitcoin‘s price saw a sharp decline following the announcement of President Biden testing positive for COVID-19. The cryptocurrency was trading at $64,400 but dipped to $63,854 within 24 hours. This sudden drop came shortly after U.S. markets had closed, suggesting that Bitcoin may have used the news as a pretext for the decline. However, it’s notable that BTC wasn’t significantly impacted at the exact time the news was released.
Why Did TON Coin Gain Attention?
TON Coin has emerged as one of the standout altcoins in 2024, often mentioned alongside NOT Coin. Significant partnerships, especially with Tether, have bolstered its long-term stability. Nevertheless, concerns remain due to a large portion of its supply being concentrated in a few addresses.
The price action for TON Coin has also been volatile. After reaching $7.43 on July 15, it failed to break through the $7.72 resistance. A failure to maintain the support at SMA50 ($7.32) could lead to a dip to $6.77, potentially completing a double top formation. Conversely, a breakout above $7.72 could target the main resistance at $8.29.
What’s Next for ADA Coin?
ADA Coin’s price is showing resilience, supported by a positive RSI, and hovering above moving averages. The coin could retest the $0.51 resistance level. Surpassing the $0.45 resistance is crucial to break out of the long-standing range between $0.32 and $0.45.
The $0.4 support remains key to ADA’s price stability. A move above $0.45 could potentially set the stage for a more significant price surge, freeing the coin from its tedious trading range.
AVAX Price Insights
Despite a temporary recovery in BTC, excitement has waned for AVAX. The cryptocurrency faces a significant resistance at $29. Should the bulls prevail, upward movements to $34 and $37 could be expected. However, the SMA20 support at $26.84 is critical. Losing this support may bring targets of $21.8 and $19 into play, keeping AVAX stuck between $21.8 and $29.
Shiba Coin Prospects
Shiba Coin has long targeted the $0.000020 mark, experiencing quick profit-taking at this level. Investors who capitalized on price dips have not missed selling opportunities. A break above this key resistance could push SHIBA to $0.000026. The crucial support to watch here is the SMA20 at $0.000017.
Key Takeaways
- Bitcoin’s price is sensitive to major news events, such as President Biden’s COVID test results.
- TON Coin remains a standout altcoin, but concentrated supply poses risks.
- ADA Coin needs to break the $0.45 resistance for a significant price surge.
- AVAX faces critical support and resistance levels affecting its price movement.
- Shiba Coin aims to surpass $0.000020 for further gains.
In summary, the cryptocurrency market remains highly volatile, influenced by both external news and internal technical factors. Investors should closely monitor support and resistance levels to make informed trading decisions.