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HomeNewsCrypto Giants Binance Coin, TonCoin, and VET Rally 10%+ as Market Sentiment...

Crypto Giants Binance Coin, TonCoin, and VET Rally 10%+ as Market Sentiment Improves

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  • Toncoin continues to show upward momentum within its ascending channel, attracting buyers with each dip in price.
  • VeChain is currently testing the lower end of its trading range, with potential for a downtrend if support breaks.

In recent market movements, Bitcoin’s value temporarily stabilized above $60,000, providing an opportunity for various altcoins such as Binance Coin (BNB), Toncoin (TON), VeChain (VET), to potentially increase in value over the short term.

Bitcoin recently underwent a substantial drop on April 12 and 13, leading to cryptocurrency liquidations totaling approximately $2.5 billion. This decline affected many traders who had anticipated a rally around the Bitcoin halving event. 

Related: Novel Bitcoin Price Prediction: Venture Capitalist Discusses Path to $1 Million

Despite this setback, Bitcoin maintained its position above the critical $60,000 support level, suggesting that the downturn might be a regular fluctuation within a bull market phase, not a trigger for widespread panic.

This adjustment in Bitcoin’s price had a direct impact on other cryptocurrencies. Notably, some of the top 20 cryptocurrencies by market capitalization saw declines of around 20%, increasing Bitcoin’s dominance to 56.3% on April 12, marking the highest level in three years.

Detailed Analysis of Key Cryptocurrencies

Bitcoin (BTC): The BTC/USDT trading pair fluctuated between $60,775 and $73,777, indicating uncertainty about its future direction. A recent drop below the 50-day simple moving average followed by a breach of the $60,775 support saw a quick rebound, indicating strong buying support at lower levels.

btc-chart
Source → Tradingview

Binance Coin (BNB): The price of BNB has been showing considerable fluctuations, indicating uncertainty among traders. A recent breakdown from an ascending triangle pattern on the 4-hour chart suggested a potential shift in trend, but the price rebounded from $508, demonstrating significant buying interest at lower levels.

bnb-chart
Source → Tradingview

Toncoin (TON): TON has been following an upward trend within an ascending channel pattern, signifying sustained buying interest on dips. Although there was a temporary dip below the channel, the price quickly recovered, showing strong support near the channel’s lower boundary.

ton-chart
Source → Tradingview

VeChain (VET): VET has been trading within a defined range between $0.036 and $0.051, showing a balance between buyers and sellers. Currently, the price is challenging the lower levels of this range, with a potential downward trend if it breaks below $0.036.

Vet-chart

Read more: Anticipating Bitcoin’s Next Peak: Analyzing the Role of Stablecoin Inflows and Halving Events

As the cryptocurrency market continues to exhibit high volatility, it remains for investors and traders to monitor these developments closely, using technical analysis and market sentiment to guide their decisions.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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