Toncoin (TON) Performs Fundamental Breakout, Bitcoin (BTC) Is Above $60,000: What's Next?
U.Today
USA Today – XRP is trending in a symmetrical triangle, a pattern that tends to rise or fall depending on market conditions. At the top of the triangle, XRP is currently facing stiff resistance. Bulls have attempted to push prices higher, but the asset has failed to achieve a significant breakout, suggesting that the bullish momentum may not be strong enough at the moment. Although bearish in the short term, the symmetrical triangle itself indicates a long-term bullish trend. In the triangle, higher highs and lower lows correspond to a constant tug-of-war between bears and bulls. On the other hand, the fact that XRP has been unable to break above the upper trendline suggests that bulls are currently losing the battle. Regardless, the overall forecast for XRP remains cautiously optimistic.
If the asset is able to break above the critical resistance around $0.60, the uptrend is likely to continue. If XRP decisively breaks above this level, the bullish structure will remain intact, potentially leading to a retest of higher targets such as $0.65 and above. If the bears manage to push XRP below the lower boundary of the triangle, the asset could decline and test lower support around $0.52. This could change the short-term market sentiment and refute the bullish thesis. The next few days will be crucial for XRP as traders will await a confirmed breakout or breakdown of this symmetrical triangle pattern. Both scenarios would be driven by an increase in trading volumes, which would indicate which side of the market is in control. The battle between the bulls and bears is still in full swing at the moment, but a major change in direction could be imminent.
Toncoin's comeback
At $5.57 Toncoin broke through above the crucial 200 EMA. This is a significant event for the asset because a break above the 200 EMA is frequently interpreted as a fundamental change in the price trajectory suggesting the possibility of additional upward movement. TON's ability to maintain this rally and overcome more resistance levels especially those found at the 50 and 100 EMA price points is the crucial consideration to be aware of right now.
A more forceful and protracted bullish rally that builds on the present momentum may be possible if those levels are broken. It's crucial to keep in mind that Toncoin has been generally declining for a number of months even with this encouraging breakout. In other words even though the price action lately has been promising the overall downward trend that TON has seen cannot be entirely reversed.
Nevertheless, caution is still recommended. If the 50 or 100 EMA is not broken there may be a retrace that takes the price back to earlier levels of support. However, if the rally persists, TON might be about to enter a recovery phase, especially given the consistent inflows that have been supporting its upward trend.
The $60,000 milestone has been successfully reached by Bitcoin after numerous tries in the past weeks. This barrier has long been seen as psychological and its breach has given rise to renewed optimism about a possible long-term market recovery. But despite the initial enthusiasm, things are not as bullish as they might seem in the bigger picture.