Increasing demand pressure in the market triggers a minor relief rally in altcoin; enough yo go bullish?
Published September 13, 2023
As Bitcoin price stages a comeback from the $25,000 support level, altcoins are beginning to show signs of recovery. However, the release of the inflation measure, the US Consumer Price Index (CPI) scheduled for today could hinder this progress and increase market volatility.
At 7:07 a.m. on Wednesday, the total crypto market cap is at $1.03T, reflecting a 1.12% drop. Meanwhile, the 24-hour crypto market volume has seen a notable increase of 46.59%, touching $22.18B.
Also Read: Crucial Week For Crypto Market To Confirm Bullish Or Bearish Trend For The Year
BTC Price Analysis: Bulls Eyeing a Breakout at $26,200 Resistance
On September 11, the ongoing correction in Bitcoin price retested the last swing low support of $2,500. Previously, this horizontal level bolstered the July rally and therefore stands as a strong support level for crypto holders.
With the newly found demand pressure, the BTC price rebounded from this support on the following day, with a gain of 2.6%
Currently trading at $26,200, Bitcoin is locking horns with the overhead resistance, which, up until now, has been steering the ongoing correction. A breakout above this resistance level could be the green flag the bulls are looking for. Such a bullish break could pave the way for a rally toward the next target price of $28,668, marking a significant uptrend.
TON Price Analysis: Bullish Momentum Aims for $2.6 Mark
Amid the recent sell-off in the altcoin market, the Toncoin price has witnessed an aggressive correction since the beginning of September. However, the falling price quickly found strong support at the $1.6 mark, pouring in buying pressure from traders entering market dips.
Within the span of just two days, the coin managed to surge by a whopping 20%, effectively nullifying the impact of its recent downtrend. Currently oscillating at $1.9, the TON coin is gearing up to test the psychological resistance of $2. Should the coin successfully breach this barrier, the stage would be set for a continued upward trajectory, Initially targeting the $2.37 mark, followed by $2.64.
SOL Price Analysis: Awaiting A Breakout Beyond The Falling Wedge
In response to Bitcoin price rebounding from $25,000 support, the Solana coin price shows an uptick in the daily time frame chart. In the past two days, this price rose 2% and is currently trading at $18.06.
Nevertheless, this increase is still under the shadow of a broader falling-wedge pattern that has characterized SOL price movements for the past two months. This technical pattern often points towards a potential upward breakout from the upper trendline, offering potential investors an entry opportunity.
Should this breakout materialize, the immediate target for Solana is pegged at $22.21, followed by $25.40.
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.