The Crypto Market Sentiment
As the bullish sentiment around the Bitcoin ETF started to fade, the crypto market witnessed a sudden downturn in a majority of prominent digital coins. The price drop recuperated the bearish momentum in the market indicating the downward trend may continue in the coming days.
Market Statistics
As of 6:57 a.m. on Saturday, the global cryptocurrency market capitalization is at $1.04 trillion, projecting a 0.63% drop since yesterday. Moreover, the market has seen a drop in trading volume to 34.28% Billion registering a 9.89% loss in the last 24 hours.
Toncoin Price Analysis: Trendline Breakout
The daily time frame chart of the Toncoin price has shown an established downtrend for the last eight months under the influence of a resistance trendline. Amid the downfall, the coin price has reverted from dynamic resistance at least thrice indicating the traders are actively selling on bullish bounces.
- On September 1st, the coin price gave a massive breakout from the overhead resistance trendline as a signal of trend reversal.
- By the press time, the TON price may show a minor pullback to retest the breached trendline before chasing the potential targets of $2, followed by $2.37, or $2.64.
XRP Price Analysis: Range Breakout
For over two weeks, the XRP price has been trading in a sideways trend resonating between two horizontal levels of $0.556 and $0.487. The coin price rebounded from the aforementioned levels twice indicating the indecisive nature of the market.
- With the recent sell-off in several major coins, the XRP price plunged back to its current price of $0.496, hovering above $0.487 support.
- If the bearish momentum persists, a breakdown from the aforementioned support will drive the prices 12.5% down to a $0.423 low.
- Conversely, a breakout from $0.556 will surge the prices to $0.627.
Solana Price Analysis: Wedge Pattern
The SOL price in the daily time frame chart shows the formation of a falling wedge pattern. In response to this pattern, the coin price is gradually narrowing between two converging trend lines and has currently fallen to the $19.6 price level.
