Recently, uncertainty and pressure on large volume coins in the cryptocurrency market have attracted attention. While leading assets such as Bitcoin, Ethereum, XRP and Shiba Inu maintain their bearish structures, Toncoin stands out with a strong momentum.
Stuck in the 200-day average in Bitcoin
Although Bitcoin recovered from the March low and rose above the 50- and 100-day averages in a short time, it remained below the 82 thousand dollars level, where the 200-day average passed. While this average is often considered a determinant of long-term market direction, a rejection here was a sign of market weakness.
The fact that the volume remains low despite the increasing price movement and the rising wedge formation is seen on the chart casts a shadow over the sustainability of the rise. Although the RSI indicator is still high, it is not at a level that indicates a strong bullish movement, revealing the loss of power in the market.
Bitcoin’s effort to hold above the 50-day average continues. However, if the ascending trend line breaks, the 100-day average could quickly become a target, which could also pull the altcoin market lower. For the continuation of the rise, the price must rise permanently above the 200-day average and the volume will increase.
Sharp rise in Toncoin, pressure on XRP and ETH
Positively differentiated among large-cap coins, Toncoin quickly and decisively outperformed the 50, 100, and 200-day averages, with significant volume growth and a vertical breakout. In this movement, the influence of powerful institutions or large investors came to the fore rather than individual purchasing demand.
This sudden rise has made the past consolidation range irrelevant. The RSI indicator climbing well above 80 presented an overbought situation that could lead to profit taking or a horizontal course in the short term. The main issue now is whether the price can maintain these new support levels; It is stated that if this region breaks down, the rise may end with a ‘sudden inflation’.
Conversely, XRP and Ethereum are struggling to hold on to their old support points. In its recent bullish efforts, XRP has repeatedly tested the $1.38 horizontal support zone and faced a significant sell-off each time. XRP, which has been below the 50, 100 and 200-day averages for a long time, has failed to permanently regain the short-term averages throughout the year.
It is interpreted that the upward movements in XRP generally turn into distribution, that is, sales pressure, without investors looking for a clear recovery based on volume.
Given the weakness in momentum and lack of volume, hope for a strong recovery is fading. Especially the fact that the RSI remains at a neutral level shows that both buyers and sellers are reluctant. It is emphasized that if the main support zone breaks down, the selling pressure may increase again.
A similar picture draws attention from Ethereum. The last bullish attempt was quickly rejected at upper resistance between the 100- and 200-day averages. Although the price had a bullish momentum for a short time last month, sales accelerated when the resistance in the upper range could not be overcome and it returned to a weak course again.
ETH has retreated to the 50-day average with the recent decline. If it falls clearly below this level, it may be possible to retest the lows seen in March. Therefore, for Ethereum to become structurally stronger again, the descending trend line must be broken and the 100-day average must be converted into support. Currently, such a clear sign has not yet emerged.
Signs of recovery in SHIB are weak
Although Shiba Inu has stabilized above March lows in recent days, the price still appears to be in a downtrend. The fact that the 200-day moving average is clearly downward sloping indicates that the general trend remains weak despite short-term consolidations.
The breakout and volumeless movements experienced after the 50-day average was tested brought distrust to bullish attempts. It is stated that the market needs daily closes above the 50- and 100-day averages for a sustained upward reaction. For now, there is no clear signal that buyers are taking control.
On the positive side, if SHIB can reclaim the $0.00000640-$0.00000660 range, the first strong sign for buyers could emerge. However, the current picture points to an ongoing downward trend rather than a permanent recovery in the short term.
