Activity in the cryptocurrency market has accelerated in recent days. Although Bitcoin rose above the psychological level of 80 thousand dollars for a short time, it could not hold on to this level and declined again. In the latest case, Bitcoin price fell to $79,800, and this decline indicates increased fragility in the technical outlook. On the other hand, Dogecoin attracts attention with its approximately 50 percent rise, while Toncoin faces an important support test at the $ 2 level.
Bitcoin struggles to hold on to critical supports
After its controlled recovery in recent weeks, Bitcoin started to be under pressure again below the $80,000 level. The 200-day moving average, which stands out as one of the most important resistances on the chart, is located around $81,900. Although Bitcoin pushed this level upwards, there was no clear break and sellers were still active.
The recent pullback prompted the price to retest the moving averages at lower levels. The 50- and 100-day averages, located around $74,700 and $76,700, stand out as critical support. Bitcoin’s hold in these regions can be considered as a cooling period after the rise in April-May.
However, breaking these supports increases the possibility of the price falling to 72,500 or 70 thousand dollars. The RSI indicator also retreated from the overbought region after the recent rise, showing that the upward momentum is weakening. However, there is no definitive sign of a complete reversal of the trend.
Bitcoin’s failure to maintain its course above 80 thousand dollars reveals that the defensive position in the market comes to the fore. It is considered that the downward movement may strengthen if the selling pressure continues.
Strong recovery attempt in Dogecoin
Dogecoin has recently stood out among major altcoins and gained nearly 50 percent in value from its bottom in the spring. Currently trading at $0.115, DOGE has broken above some short- and medium-term moving averages, gaining a stronger outlook in the medium term. The price, which formed a base between $0.09-0.10 for a long time on the charts, shows that the outflow from here reduced the selling pressure.
The most important resistance point in the medium term is at the 200-day average of $ 0.124. Although the recent attack indicates that the short-term structure is strengthening, DOGE needs to settle above this resistance in order to talk about a long-term trend transformation. If the price sees a daily close at this level, the old resistance areas of $0.135 and $0.15 may come back to the fore.
Although the RSI indicator is close to the overbought zone, the rise has not yet reached an extreme level. What is most striking is the relative recovery in volume. Especially the fact that the weak horizontal course in March-April has been replaced by a strong upward movement indicates that the current structure is more convincing. As long as DOGE maintains the $0.106-0.100 range, the breakout movement may continue to find support. If it goes below, the exit attempt may be considered unsuccessful.
Volatility increased again in Toncoin
After quickly jumping above $2.50 in early May, Toncoin lost momentum and its price fell to around $2.10. This development caused eyes to turn to the critical $2 support. TON, which rose with high volume at the beginning of the movement, subsequently experienced a weakening in the power of buyers. Still, the price manages to stay above the major moving averages, indicating that the overall recovery is not completely over.
From a technical perspective, the price’s rapid retreat from the recent peak reflects investors’ tendency to take profits. If the price holds in the $2 region, which stands out both psychologically and technically, a new attack to the $2.30-2.50 band may be possible. Otherwise, the risk of a drop to $1.75, where the 200-day average is located, could pose a problem. The next supports on average are located between $ 1.55-1.60.
With the new selling wave, RSI quickly moved out of the overbought region. For now, TON remains above the major averages; However, if the $2 level is broken, the pullback correction atmosphere on the chart may turn into a sharper decline risk.
All eyes are on Toncoin whether it can stay above the $2 support. It is stated that the downward movement may gain momentum in case of a breakout.
