Bitcoin Recovery at Halt Tumbles Toncoin, XRP by 2-4%

Bitcoin Recovery at Halt Tumbles Toncoin, XRP by 2-4%

The crypto market takes a minor pullback to recuperate the bullish momentum that drove last week’s recovery; time to buy again?

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Last week, the cryptocurrency market experienced a significant inflow, propelling many digital assets into a renewed bullish phase. Bitcoin, the largest cryptocurrency, has spearheaded this upward momentum. Should its BTC price successfully navigate past the critical resistance level at $28,100, it would undeniably serve as a catalyst for further confidence among buyers and potentially pave the way for an extended rally.

Also Read: CoinEx Resumes Withdrawals For Bitcoin, ETH, DOGE, SHIB And Other Crypto

BTC Price Analysis: Will Recovery Extend to $30000

BTC Price AnalysisSource- Tradingview

On September 12th, Bitcoin price bounced back from the dual support established at the $25,000 price point and the 32.8% Fibonacci retracement level. This V-shaped recovery propelled the leading cryptocurrency’s price upwards by an impressive 8.2% in just two weeks, positioning it at a current trading rate of $27,053. 

With sustained buying momentum in its favor, the BTC Price is primed to approach the immediate resistance set at $28,868. Overcoming this threshold would recover half of the losses endured during the correction that started in mid-July, thereby furnishing investors with an opportune moment to jump back into the prevalent bullish trend.

The post-breakout rally could potentially enable crypto holders to reclaim their $30,000 benchmark.

Toncoin Price Analysis: Resistance Breakout Sets Rally to $2.88

Toncoin Price AnalysisSource- Tradingview

In the last couple of months, The Toncoin price has outperformed a majority of major crypto coins. charting a parabolic rise in the daily chart. Amidst this upward trajectory, the coin recently punched through the $2.37 resistance, further bolstering optimism among investors. 

Despite today’s 4% retracement, this pullback could merely be a healthy correction, as the coin appears to be retesting the recently surpassed $2.370 level to confirm it as new support. 

Should the TON price successfully consolidate above this level, it would likely pave the way for buyers to propel the price towards the next targets at $2.65 and then $2.88.

XRP Price Analysis: Will Sideways Trend Prolong?

XRP Price AnalysisSource- Tradingview

For the past month, the XRP price action has primarily oscillated within the confines of a triangle pattern, dictated by two converging trendlines. As the broader crypto market’s recovery pace began to decelerate, the traders encountered a surge in selling pressure around the $0.526 level. 

The daily chart highlights a prominent long-wick rejection candle, forming right at the upper trendline, suggesting an imminent price pullback. This reversal indicates a pullback to $0.48 but possible persistence of the current lateral movement in the forthcoming trading sessions. 

However, for those bullish on XRP, it would be prudent to keep an eye out for a breakout above the triangle’s upper trendline. Such a move could provide the necessary momentum for the altcoin price to challenge and potentially surpass the $0.55 resistance.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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