Ethereum Hits Probably Its Biggest Win This Summer as Toncoin Eyes $8

Ethereum has broken above the 200 EMA on the daily chart, a crucial sign for long-term trends. Toncoin might surge to $8 as the cryptocurrency hits the 50 EMA

Ethereum has made a strong recovery in recent days, surging more than 10% from its recent bottom, a move that has taken it above the 200 EMA.

The second-largest cryptocurrency began to rise after finding support at $2,800. It is now trading at around $3,179. This marks a significant recovery for ETH, which had fallen to lows of $2,700 earlier this month.

The recent move above the 200 EMA is a crucial technical indicator for long-term price trends. Strong bullish signals are emerging from this price action, suggesting that ETH may be gearing up for a sustained uptrend in the coming period.

The daily chart also shows that ETH is trading above the 50 EMA ($3,278) and is approaching the 100 EMA ($3,321). If ETH can push through these levels, it could set the stage for a rally toward $3,500 and higher.

This bullish sentiment is being reinforced by a strong increase in trading volume, indicating that investor confidence is rising. The Relative Strength Index (RSI) is also showing potential for more upside as it edges out of the oversold territory. At the moment, the RSI is at 44.

This momentum is encouraging for ETH holders as it suggests that the recent gains may not be a fleeting trend but part of a broader recovery phase.

Cardano’s strength in question as price hits 26 EMA, but downtrend may be too strong

ADA price rose to the 26 EMA resistance level and broke through it on the daily chart. However, things may not be as rosy as they seem for ADA, as the downtrend might be proving to be too strong.

According to the ADA daily chart, the price has risen to a level above the 26 EMA and is currently trading at $0.4. This move suggests a short-term bullish trend in the making, although several factors could hinder ADA in maintaining this momentum.

For a longer-term bullish trend to be confirmed, the price must break through and remain above these levels. Given the state of the market and the steep decline in comparison to previous months, this may be a difficult task for Cardano.

The Relative Strength Index (RSI) also indicates that there could be further decreases in store, as the asset is not in the oversold zone, with the RSI at 52. Another point of concern is the overall market sentiment.

Despite Cardano showing some resilience, the broader cryptocurrency market is still facing a lot of selling pressure.

Toncoin might surge to $8 as crypto hits 50 EMA, setting up for a reversal, but further breakdown is possible

Coin price is up more than 7% and appears to have found a foothold at the 50 EMA. This level could serve as a foundation for a price reversal. However, there remains a possibility of a further breakdown.

According to the Toncoin daily chart, the price is trading at $7.10 at the moment. A recent bounce off the 50 EMA has indicated a potential support level. If TON manages to maintain this support, this price bounce suggests that it may be gearing up for a move toward the $8 mark.

In the past, the 50 EMA has played a significant role in determining the price movement of Toncoin. Usually, when TON has managed to maintain a sustained hold above this level, it triggers a notable upward move. If TON can gain a threshold above the 50 EMA, we might see a rally toward $8.

While the trading volume has been relatively flat, a noticeable increase could provide the momentum for a breakout. Additionally, at 51.79 on the Relative Strength Indicator (RSI), the asset is not considered overbought or oversold.

The above is the detailed content of Ethereum Hits Probably Its Biggest Win This Summer as Toncoin Eyes $8. For more information, please follow other related articles on the PHP Chinese website!