Markets
Why Notcoin, ZkSync and Toncoin Might Decline This Week?
Top crypto tokens continue to trade under bearish influence with the market leader, Bitcoin price recording a low of $62,128.03 with a 3.13% drop in valuation. This highlights an increase in selling pressure over buying in the cryptocurrency market.
Furthermore, top altcoins have experienced a similar trend, recording significant corrections in their respective portfolios. Furthermore, tokens such as Toncoin, Notcoin, and ZkSync each recorded a correction of 4.85%, 14%, and 11.01% in the last day.
With forex market sentiment, will the altcoin make a comeback this week or dive towards its crucial support levels? Dive in, as in this article we cover in-depth market sentiment and price analysis for Toncoin (TON). Bitcoin (NOT) and ZkSync (ZK) tokens for this week.
Toncoin price forms a channel pattern:
O TON Price has been trading under positive influence since early May, indicating strong bullish sentiment for the altcoin. Furthermore, with a 16.39% jump in valuation last month, Toncoin has formed an ascending channel pattern and continues to trade within it.
However, last week the altcoin failed to overcome its important resistance level of $7,680, resulting in a cooldown in price action.
TradingView: TON/USDT
The Moving Average Convergence Divergence (MACD) displays a steady red histogram, indicating weak buying and selling pressure for the TON coin price. Furthermore, the averages show a steady downward trend, highlighting the uncertainty in the altcoin’s future price action.
On the other hand, the 50-day EMA constantly supports the price chart in the 1D period, highlighting mixed sentiments for the Toncoin Price in the cryptocurrency market.
If the market pushes Toncoin crypto price above the $7,680 resistance level, bulls will continue to gain momentum and attempt to test a new all-time high (ATH) this week. On the other hand, if the bears dominate the bulls, TON price will dive towards its support trendline.
NOT Price records a bearish reversal:
Despite Toncoin recording bullish sentiment, the Notcoin Price continues to trade on a bearish note, registering a correction of 12.41% in the last day and 26.88% in the last week. Furthermore, the altcoin has formed a descending channel pattern, suggesting a negative outlook.
TradingView: NO/USDT
The Simple Moving Average (SMA) recorded a negative crossover in the 4-hour time frame, suggesting weak bullish sentiment for Notcoin price in the crypto space.
Furthermore, the technical indicator, RSI, failed to surpass its midpoint, resulting in a sharp drop towards the oversold range. Furthermore, the average shows a bearish convergence, suggesting that the NOT coin price will continue to lose value in the coming times.
If the bulls regain momentum, the Notcoin token will regain momentum and head towards its $0.01830 resistance level with a breakout pattern. However, if bears continue to dominate the market, crypto NOT will fall towards its crucial support level of $0.00925.
zkSync (ZK) Price Analysis:
ZkSync is a reliable Layer-2 (L2) protocol for low-cost, scalable payments on Ethereum. Built based on zkRollup technology with the main objective of increasing the yield of Ethereum and conserving its fundamental values.
TradingView: ZK/USDT
The ZK token came under increased selling pressure, with over 45% of the airdropped supply being claimed. Reportedly, over 3.65 million tokens from over 695,000 eligible users have been rewarded with zkSync Era or zkSync Lite.
The MACD displayed a rising red histogram with its averages showing a bearish convergence on the 4-hour time frame. This highlights the increasing negative influence on zkSync crypto in the market.
If the market pushes zkSync price above the $0.168 resistance level, the bulls will regain momentum and prepare to test its $0.2050 upper resistance level. Negatively, if the bears continue to dominate the bulls, the ZK coin price will fall to its low of $0.1325.