The market for cryptocurrencies saw a rapid decline in the majority of famous digital coins as the euphoric emotion around the Bitcoin ETF began to wane. The market's negative momentum was restored by the price decline, suggesting the downward trend might extend into the foreseeable future.
The total value of all cryptocurrencies as of Saturday morning at 6:57 UTC is $1.04 trillion, down an estimated 0.63 percent from the previous day. In addition, trade volume has decreased to 34.28% Billion, a 9.89% reduction in the past 24 hours.
BTC Price Prediction: Bitcoin Turned Down at $27,000; Is $20,000 Next?
Toncoin Price Prediction: $TON to Rally Above $2 after Breaking Trendline
From: TradingView (Source)
Toncoin's price has been falling for eight months straight, as evidenced by the daily time frame chart and the effect of a resistance trendline. During the decline, the coin price has retraced from dynamic resistance at least three times, suggesting traders are keen to sell on rallies.
On September 1st, the coin price signaled a reversal of trend with a big breakthrough above the trendline of overhead resistance. At this moment, the TON price might fall back somewhat to retest the broken trendline before continuing on to $2, $2.37, or $2.64.
Range Breakout Could Trigger a Directional Move in the XRP Price
From: TradingView (Source)
The XRP price has been stuck in a sideways pattern between $0.556 and $0.487 for nearly two weeks. Indicative of the wavering character of the market, the coin price has twice bounced back from the aforementioned lows.
As the price of numerous major cryptocurrencies has recently dropped, XRP has followed suit, falling to its current level of $0.496, just above $0.487 support. A breach below that support may send prices down 12.5% to a low of $0.423 if the negative trend continues.
In contrast, a price breach over $0.556 would lead to a sharp increase to $0.627.
Wedge Pattern in Solana's Price Indicates Possible Trend Reversal
From: TradingView (Source)
On a daily chart, a falling wedge pattern has formed in SOL price. As a result of this pattern, the price of the currency has dropped to the $19.6 level, where it is presently trapped between two convergent trend lines.
Solana's price may continue falling until this trendline holds, and it may eventually go below the $17 threshold.
Buyers on the sidelines should keep an eye out for a bullish breakthrough above the trendline that would signal a return to $30.
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