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The volatility in the price of Bitcoin (BTC) is shaking the altcoins, and at the time of writing, the price is just below the $26,800 support. Recent news has increased volatility to some extent. However, a few hours ago, Ark Invest took a step that will support optimism once again. The ETF issuer company, which updated its application for a Spot Bitcoin ETF, is implementing the feedback received from the SEC. This means that approval is getting closer.
Dogecoin (DOGE) Comments
With geopolitical risks, rising oil prices, and the Fed considering further tightening, we can return to DOGE predictions since we have good news. Despite the BTC price shaken by miner sales today, the king of cryptocurrencies is trying to reclaim the $26,800 support. The daily close will be crucial for altcoins as well.
It was expected that Dogecoin would lose the $0.06 support on October 9th. Miner sales reached a massive scale. The relaxation in demand on the futures side opened the door to losing support. However, the October 9th candle shows that the $0.055 support was strongly defended. If BTC also starts to recover above $27,200, it can quickly target $0.06.
If they fail to do so, the bears will try to break the $0.055 support. If there are closings below it, a drop to the $0.05 support is possible. It is expected that this support will be defended by aggressive buyers, but the situation of BTC will also be decisive here.
TON Coin (TON) Comments
While BTC and most altcoins cannot rise as expected, TON Coin has shown positive divergence in the process. The altcoin backed by Telegram has strongly felt the power of the social media giant. Speaking of price, bulls were unable to keep TON Coin above $2.06 on October 7th. This indicates significant profit-taking in rallies.
A small positive development in favor of the bulls is that the TON/USDT pair has managed to stay above the 50-day SMA ($1.96). If the price is going to recover, we may see a move to $2.18 and $2.32.
However, in the opposite scenario, a movement towards $1.6 and then deeper lows may begin. Bitcoin is currently targeting a recovery of $26,800, increasing the likelihood of a rebound.
