Even as Bitcoin struggles to find its footing below $63,000, certain alternative cryptocurrencies (altcoins) are witnessing substantial growth. The resilience of these altcoins has become particularly noticeable during the market’s downturn, with some projects managing to create their own favorable conditions amidst general bearish trends. These occurrences are apparent even on the days when the broader market is hardest hit.
MLN Coin Experiences Significant Surge
MLN Coin has seen a remarkable 44% increase in its value, reaching a high of $30.86. This makes it the top gainer in Binance‘s USD pairings at the moment. Investors, however, are urged to exercise caution given the long upper wick on the daily candlestick chart, which signals a possible reversal. On October 23, 2022, MLN Coin reached a peak of $35.7 before encountering substantial sell-offs. The chart’s repeated long upper wicks are a warning sign that the current prices may be more attractive for selling than buying, with a potential retracement to $20.7 or even $17.7 should it drop below $27.
Shiba Inu (SHIB) Faces Resistance
As for Shiba Inu (SHIB), its inability to maintain its ground above the $0.000029 breakout level, coupled with negative trends in Bitcoin’s price, casts doubt on its short-term prospects. The Relative Strength Index (RSI) and a flattening 20-day Exponential Moving Average (EMA) indicate a balanced market for now, but this may change unfavorably soon. Breaking past the $0.000029 resistance could propel SHIB toward $0.000035 or $0.000039, while a fall below the $0.000023 support could lead to a decline to $0.000018. With Bitcoin wavering and buyers stepping in at $62,700, the outlook remains uncertain.
TON Coin Struggles Amidst Profit-Taking
Telegram’s TON Coin shows significant news-driven momentum and is trying to breach the $4.6 resistance. Despite a strong push from bulls, the presence of a long upper wick on the recent daily candle suggests that profit-taking may dampen the rally. The RSI is in the overbought territory and the 20-day EMA is on an upward trajectory, hinting at another potential push to overcome resistance. If successful, TON Coin could aim for a target of $5.64, but a downward correction could bring the price back to $3.54.