There have been important developments based on technical analysis in the cryptocurrency market recently. In particular, the fact that Bitcoin (BTC) could not overcome the resistance level around $ 82,000 was a remarkable situation in terms of the general market structure. Despite this, quite dynamic price movements are observed in leading altcoins, especially Toncoin (TON) and Zcash (ZEC).
Bitcoin’s Resilience and Structural Situation
Bitcoin regained its 50- and 100-day moving averages, which were important a few weeks ago. Although the price is stuck near $82,000, ‘higher lows’ continue to form on the chart since the beginning of April. This indicates that the structure is still in an upward trend in general.
Still, the limited volume increase as the price attempts to surpass $82,000 weakens the upward momentum. The RSI (relative strength index) is also in the region below 60, which means it presents a cautious picture, far from overly optimistic. This generally indicates that a solid market needs a consolidation phase before moving on.
Technical comments emphasize that as long as the $78,000-79,000 band continues to be maintained as the critical level in Bitcoin price, the upward momentum may continue.
Resurgence in XRP and SHIB
After the ongoing pressure on the XRP price since March, the upward break of the falling resistance line was an important development in terms of technical outlook. With this move, the price rose above the short-term moving averages; There was a noticeable increase in trading volume and the RSI approached the bullish zone.
The biggest obstacle ahead is the resistance point around $1.50. XRP is trying to turn this level into a support zone by rising above the 50 and 100-day moving averages. If the price persists above this zone, the main resistance, the 200-day moving average ($1.70-1.72), can be targeted.
Shiba Inu, on the other hand, draws attention with steadily rising bottoms since March. Unlike previous sudden outbursts, a healthier and more sustainable picture has come to the fore in the current chart. The most critical level, the 100-day average ($0.00000645), is being directly tested. It is stated that if this resistance remains above, a more comprehensive recovery may be possible for SHIB.
Harsh Movements in TON and ZEC
Toncoin has achieved one of the most remarkable rises in the market in recent days. With the strength it received from the Telegram ecosystem, it rose from $ 1.30 to almost $ 3 in a few days. With this rise, it surpassed all major moving averages. However, profit taking at $2.90 led the price to quickly stabilize in the $2.30-2.50 band.
Widening candles and long wicks in this region indicate high volatility and investors’ tendency to realize profits. However, the fact that it remains above the 200-day average in the retreat towards $ 1.80-2.00 stands out as a sign that the long-term structure is still strong.
Zcash has become one of the fastest rising coins of recent days. After breaking the resistance at $350, the price climbed almost vertically to a peak of $650. However, a sharp correction followed to the $500-520 band.
Following the voluminous buying wave seen in recent days, it was observed that buyers above ZEC lost strength and strong selling pressure came into play.
ZEC is still trading above the main moving averages. The upward bend seen in the 200-day average indicates that the long-term decline may come to an end in technical terms. However, it should not be forgotten that “vertical” increases may lead to harsh corrections when the appetite in the market decreases.
