For cryptocurrency investors, the relatively calm weekend resulted in sideways and downward movements in altcoins. Investors are feeling demoralized, but it should not be overlooked that many cryptocurrencies have reached bottom supports. Typically, after such downturns, interim rises occur. Historical data also confirms that the recent losses are not very surprising.
Bitcoin (BTC)
Since June 13, we have seen continuous and rapid exits in the spot Bitcoin ETF channel. Analyst Willy Woo says weak miners continue to be sidelined after the halving event. According to him, the hashrate will return once these sales and device shutdowns are completed. The price is also expected to recover with the miner processing power.
BTC lost the $64,602 support on June 21, but bears could not see the desired bottoms due to lower-level purchases. Moving averages can be reclaimed. If such a reversal happens, bulls need to gain momentum towards $70,000 and make new attempts between $72,000 and $73,777. Perhaps we are in the last consolidation period before surpassing the all-time high price.
In the opposite scenario, the decline will continue to $60,000. This could have devastating results for altcoins. It is significant that bears aiming for closures below $63,379 have not succeeded for now.
TON Coin Price Prediction
One of the popular altcoins of recent times, along with NOT Coin, has made quite an impact. Pantera’s announcement to increase TON Coin investments was also significant. The $7.67 resistance is a key area for a rise here. If there are closures above it, we could see the rally continue up to $8.29.
If the price falls and we see closures below $6.6, the head and shoulders pattern will be completed. This would signal larger losses for TON Coin. If the negative scenario occurs, sales could continue down to $4.91.
In the four-hour chart, bears trying to pull the price below the uptrend line multiple times could not initiate a downward move. We might see strong sales between $7.67 and $8.29. This indicates that the $10 target is challenging. There is also a risk of a drop to $6.6 in the four-hour chart.
