The Bitcoin and altcoin market is in a state of flux with various assets showing different patterns and potential price movements. Now we look at cryptocurrencies that are expected to break records during the bull period.
Altcoin TON: Seeking stability above the 20-day EMA
Altcoin TON (Toncoin) recently broke back to its 20-day exponential moving average (EMA) of $1.69. In an uptrend, such corrections often provide an attractive entry point for traders. The 20-day EMA is expected to act as a solid support.
If TON manages to recover from this level, it will signal a shift in sentiment with traders buying the dip. The next targets are $1.89 and a potential rally to $2.07. Conversely, if prices fall below the 20-day EMA, it will indicate bearish pressure. It would also open the door to a potential decline towards the 50-day simple moving averages at $1.53 and $1.45.
Altcoin XLM: Recovery effort
Altcoin Stellar (XLM) has shown signs of recovery, indicating a revival in buyer interest. The XLM/USDT pair broke above the 20-day EMA ($0.12) on September 4. It also successfully defended this level against bearish attempts on September 5 and 6. This reflects the bulls’ efforts to establish the 20-day EMA as support.
Currently, the price is testing the 50-day SMA ($0.13) as a critical resistance. If it manages to break above this barrier, XLM will reach $0.15. It will also potentially make significant strides towards $0.17. However, the bullish view will be challenged if prices fall below the 20-day EMA.
XMR: Uptrend support remains solid
Altcoin Monero (XMR) showed resilience by maintaining support along the uptrend line. If the bulls manage to push the price above the 20-day EMA, it will mark the beginning of a sustained recovery. Potential targets include the 50-day SMA ($151). If it is exceeded, there is a rise to $160.
Alternatively, bearish forces will aim to breach the 20-day EMA and the bullish phase line. If they are successful, it will trigger several stop losses. On the other hand, it will potentially cause a drop in altcoin XMR to $130.
MKR: Fighting indecision
Altcoin Maker (MKR) is among the moving averages that reflect uncertainty among traders. The 20-day EMA ($1,119) is showing a gradual upward trend. On the other hand, RSI hovering close to the midpoint indicates a lack of strong bullish momentum. To establish an upward trajectory, buyers need to push and maintain prices above the 50-day SMA ($1,157).
This will pave the way for a potential rally to $1,227. However, if prices regain the bearish phase line, there will be a decline towards the solid $980 support. As a result, these cryptocurrencies face various challenges and opportunities. Traders and investors should monitor these critical levels and patterns to make informed decisions in the dynamic crypto market.
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