Bitcoin’s price experienced a temporary decline, reaching a low of $61,765 before finding support at $63,710. The recent launch of Bitcoin ETFs in Hong Kong did not have a significant impact on the price. Now, let’s explore the current predictions for some popular altcoins and analyze their potential for growth and decline.
TON Coin Price Prediction:
TON Coin, like many other altcoins, failed to break above the 50-day SMA ($5.27) after bouncing off it on April 27. This suggests that investors are quick to sell during minor rallies, reflecting a cautious sentiment. The resistance formed by lower highs in Bitcoin’s price further contributes to the selling pressure among altcoin investors.
If TON Coin fails to surpass $5.7, there is a possibility of a dip towards $4.7 and $4.5, especially if it closes below $5.27. As TON Coin has gained popularity in recent months, bullish investors may seek new opportunities. However, in futures trading, volatility should be approached with caution due to its potential consequences.
Dogecoin (DOGE) Price Prediction:
Three days ago, Dogecoin broke below the symmetrical triangle, indicating bear dominance. The DOGE/USDT pair might retreat to the main support level at $0.12, where bullish investors are likely to enter the market. If it closes below this crucial level, a drop to the long-awaited support level at $0.08 could occur, leading to a prolonged period of price consolidation.
The 20-day EMA ($0.16) and the descending trend line will continue to pose strong resistance for bulls. However, if this resistance is overcome, price targets of $0.23 and $0.27 could come into play once again.
Cardano (ADA) Chart Review:
Tomorrow’s Federal Reserve interest rate decision will serve as a major volatility trigger. The statements made by Powell will significantly shape the path of interest rate reductions for the rest of the year. However, before that, ADA Coin bears have managed to push the price below the crucial support level at $0.46. As of now, ADA Coin is finding buyers at $0.458.
Downward sloping moving averages and a negative region RSI indicate the potential for further selling pressure towards $0.4. On the other hand, if the selling pressure subsides, price targets of $0.52 and $0.58 could be achievable.
Disclaimer:
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own thorough research before making any investment decisions.
