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Toncoin (TON) to Hit $8 If This Happens, Shiba Inu (SHIB) Is Anemic: Is It Good or Bad Thing? Bitcoin (BTC) at Pivotal Moment Reaching $63,000

Tue, 2/07/2024 – 0:30

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Contents

  • Shiba Inu remains anemic
  • Bitcoin on its way up

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Despite the marketwide bear trend, Toncoin looks unphased and just moves upward like it did a few weeks ago, despite the major shift. Thanks to a strong ecosystem, TON is unlikely to feel the pressure coming from Ethereum, Bitcoin and other “legacy” cryptocurrencies.

One of the biggest messaging services in the world, Telegram, provides strong support for Toncoin’s robust ecosystem, which is what gives it its resilience. With a strong foundation provided by this integration, TON is sure to grow and be adopted over time.

TONUSDT
TON/USDT Chart by TradingView

Compared to many other cryptocurrencies, Toncoin is able to handle market fluctuations better thanks to the strength of its ecosystem. Technically speaking, TON is looking good. TON is presently trading at about $7.69, according to the price chart continuing to rise steadily in spite of general market declines. This upward momentum is supported by important moving averages.

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A persistently bullish trend is suggested by the well-aligned 50, 100 and 200-day EMAs. Toncoin needs to maintain its current momentum and overcome the immediate resistance level at $7.81 in order to reach the $8 mark. The price would move closer to $8 and higher if TON could close above this mark, indicating a strong bullish trend and probably drawing more buying interest.

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This optimistic view is supported by volume analysis. Trading volumes have been steadily rising, a sign of high market participation and interest. Given that it indicates traders and investors’ faith in TON’s potential this increasing volume is essential to maintaining upward price movements.

At present, the neutral zone is represented by the Relative Strength Index (RSI), which is approximately 57. This implies that before reaching overbought conditions, TON has room to rise substantially. Although overbought conditions would be indicated by an increase in the RSI above 70, TON may continue its upward trend for the time being.

Shiba Inu remains anemic

Shiba Inu’s volatility practically disappeared as the asset is trading at around $0,000017 for the last few days. The lack of volatility is tied to the global de-risking of the market, investor outflow and the overall state of the crypto industry. Most likey, things will not turn around until the summer is over. 

SHIB’s current weak state is indicative of larger market trends characterized by strong risk aversion. Because of the uncertainty in the economy, investors are withdrawing money from riskier assets like cryptocurrencies in search of safer havens.

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SHIB’s trading volumes have drastically dropped, suggesting less buying and selling activity, which is indicative of this cautious approach. Technically speaking, SHIB is having difficulty moving outside of its present range. 

SHIB is currently going through a phase of consolidation that has two drawbacks. If prices remain stable it could mean that SHIB has discovered a solid level of support that will stop further drops. Given that long-term holders are still devoted to the asset and there is not much selling pressure, this could be a sign of strength.

Bitcoin on its way up

Bitcoin broke above $63,000 for the first time since plummeting toward $58,000. Such a tendency is an extremely positive development for the asset, and it will more likely push the reversal forward.

SHIB’s current weak state is indicative of larger market trends, characterized by strong risk aversion. Because of the uncertainty in the economy, investors are withdrawing money from riskier assets like cryptocurrencies in search of safer havens.

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SHIB’s trading volumes have dramatically dropped, suggesting less buying and selling activity, which is indicative of this cautious approach. Technically speaking, SHIB is having trouble moving outside of its present range. SHIB must overcome the 50-day, 100-day and 200-day EMAs as resistance levels in order to indicate any possible upward movement. 

Although SHIB is not overbought or oversold, the RSI is still in the lower neutral zone around 34, indicating that there is not enough momentum for a big price shift. SHIB’s current consolidation phase can be viewed as a two-edged sword. On the one hand, price stability could mean that SHIB has discovered a solid level of support that is halting further drops.

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