Altcoins
Why Notcoin, ZkSync and Toncoin could decline this week?
Major crypto tokens continue to trade under bearish influence with the market leader, Bitcoin Price recording a low of $62,128.03 with a 3.13% drop in valuation. This highlights increased selling-on-buying pressure in the cryptocurrency market.
Additionally, top altcoins have seen a similar trend by registering significant corrections in their respective portfolios. Additionally, tokens such as Toncoin, Notcoin, and ZkSync each recorded a correction of 4.85%, 14%, and 11.01% over the past day.
With currency market sentiment, will the altcoin make a comeback this week or plunge towards its crucial support levels? Dive in because in this article we have collected in-depth market sentiments and price analysis for Toncoin (TON). Bitcoin (NOT) and ZkSync (ZK) tokens for this week.
Toncoin price forms a channel pattern:
THE Price in TON has been trading under positive influence since early May, indicating strong bullish sentiment for the altcoin. Additionally, with a valuation of 16.39% over the past month, Toncoin has formed an ascending channel pattern and continues to trade there.
However, over the past week, the altcoin failed to surpass its important resistance level of $7,680, leading to a slowdown in price action.
TradingView: TON/USDT
The Moving Average Convergence Divergence (MACD) displays a steady red histogram, indicating weak buying and selling pressure for TON coin price. Additionally, the averages show a steady downward trend, highlighting the uncertainty over the future price action of the altcoin.
On the other hand, the 50-day EMA consistently supports the price chart on the 1D timeframe, highlighting mixed sentiments for the market. Toncoin Price in the cryptocurrency market.
If the market pushes the Toncoin crypto price above the $7,680 resistance level, the bulls will continue to gain momentum and attempt to test a new all-time high (ATH) this week. Conversely, if the bears dominate the bulls, TON price will plunge towards its support trendline.
NOT Price registers a bearish reversal:
Although Toncoin recorded bullish sentiment, the Notcoin price continues to trade on a bearish note recording a correction of 12.41% over the past day and 26.88% over the past week. Additionally, the altcoin formed a descending channel pattern, suggesting a negative outlook.
TradingView: PAS/USDT
The simple moving average (SMA) recorded a negative crossover on a 4-hour time frame, suggesting weak bullish sentiment for Notcoin price in the crypto space.
Additionally, the technical indicator RSI failed to rise above its midpoint, leading it into a sharp fall towards the oversold range. Additionally, the average shows a bearish convergence, which suggests that NOT coin price will continue to lose value in the coming times.
If the bulls regain momentum, the Notcoin token will regain momentum and head towards its resistance level of $0.01830 with a breakout setup. However, if the bears continue to dominate the market, the NOT cryptocurrency will fall towards its crucial support level of $0.00925.
zkSync (ZK) Price Analysis:
ZkSync is a trustless Layer 2 (L2) protocol for low-cost, scalable payments on Ethereum. Built on zkRollup technology with the main goal of increasing Ethereum’s throughput and retaining its core values.
TradingView: ZK/USDT
The ZK token has seen increased selling pressure, with over 45% of the airdropped supply having been claimed. Reportedly, over 3.65 million tokens from over 695,000 eligible users have been rewarded with zkSync Era or zkSync Lite.
The MACD displayed an ascending red histogram with its averages showing bearish convergence on the 4H time frame. This highlights the increased negative influence of zkSync crypto on the market.
If the market pushes zkSync price above the $0.168 resistance level, the bulls will regain momentum and prepare to test its higher resistance level of $0.2050. Negatively, if the bears continue to dominate the bulls, ZK coin price will plunge towards its low of $0.1325.