Cryptocurrency Price Today: Toncoin Surged 10%, While XRP, Solana Sees 2% Drop
As the bullish sentiment around the Bitcoin ETF started to fade, the crypto market witnessed a sudden downturn in a majority of prominent digital coins. The price drop recuperated the bearish momentum in the market indicating the downward trend may continue in the coming days.
As of 6:57 a.m. on Saturday, the global cryptocurrency market capitalization is at $1.04 trillion, projecting a 0.63% drop since yesterday. Moreover, the market has seen a drop in trading volume to 34.28% Billion registering a 9.89% loss in the last 24 hours.
Also Read: BTC Price Prediction: Bitcoin Rejected At $27k, Is $20k Imminent?
Toncoin Price Analysis: Trendline Breakout Sets $TON Rally Beyond $2
Source- Tradingview
The daily time frame chart of the Toncoin price has shown an established downtrend for the last eight months under the influence of a resistance trendline. Amid the downfall, the coin price has reverted from dynamic resistance at least thrice indicating the traders are actively selling on bullish bounces.
On September 1st, the coin price gave a massive breakout from the overhead resistance trendline as a signal of trend reversal. By the press time, the TON price may show a minor pullback to retest the breached trendline before chasing the potential targets of $2, followed by $2.37, or $2.64.
XRP Price Analysis: Range Breakout May Trigger Directional Move
Source- Tradingview
For over two weeks, the XRP price has been trading in a sideways trend resonating between two horizontal levels of $0.556 and $0.487. The coin price rebounded from the aforementioned levels twice indicating the indecisive nature of the market.
With the recent sell-off in several major coins, the XRP price plunged back to its current price of $0.496, hovering above $0.487 support. If the bearish momentum persists, a breakdown from the aforementioned support will drive the prices 12.5% down to a $0.423 low.
Conversely, a breakout from $0.556 will surge the prices to $0.627.
Solana Price Analysis: Wedge Pattern Hints Potential Trend Change
Source- Tradingview
The SOL price in the daily time frame chart shows the formation of a falling wedge pattern. In response to this pattern, the coin price is gradually narrowing between two converging trend lines and has currently fallen to the $19.6 price level.
Until this trendline is intact, the Solana price may continue a downward trend and probability reach the $17 psychological mark.
Anyhow, the potential buyers waiting for an entry opportunity should wait for a bullish breakout from the upper trendline to set a rally back to $30.