Bitcoin prices fluctuate, but there are always altcoins experiencing double-digit growth. While most of the market endures a harsh winter, small groups create their own summer. This has been observed even on the toughest days of bear markets.
MLN Coin Analysis
Bitcoin‘s price is looking for lower lows below $63,000, while MLN Coin’s price enjoys a 44% increase, continuing the day at $30.86. At the time of writing, it is the altcoin with the highest gains on Binance‘s USD pair.
However, the long upper wick in the daily candle suggests investors should be cautious. On October 23, 2022, the price tested the peak of $35.7 and faced intense selling pressure. Another important detail is the frequency of such upper wicks in the daily chart.
In short, it seems more sensible to sell MLN Coin at the current price rather than buy. Rapid profit-taking could potentially drive the price to dip to $20.7 and $17.7 after closing below $27.
Shiba Inu (SHIB) Analysis
Bulls can’t keep the price above the $0.000029 breakout zone, and combined with BTC‘s negativity, this doesn’t bode well for Shiba Coin. The RSI and flattening 20-day EMA reflect the supply-demand balance, but this is likely to deteriorate soon.
If the $0.000029 resistance zone is breached, we may see the price move towards the strong resistance areas of $0.000035 and $0.000039. Conversely, $0.000023 is a significant support area. Closures below this could lead to a drop to $0.000018.
With about 1.5 hours left to the daily close, Bitcoin’s price does not look promising, finding buyers at $62,700.
TON Coin Analysis
The Telegram-backed altcoin has experienced a very visible rise in terms of news flow. Bulls are struggling to push Toncoin above $4.6, but the long upper wick in the last daily candle reflects the impulse to take profits.
The rising 20-day EMA ($3.54) and the RSI in the overbought zone suggest a possibility of another attempt. If resistance is broken, a target of $5.64 could be in sight, while a reversal could see a drop to $3.54.
