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Why might Notcoin, ZkSync and Toncoin 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 greater selling pressure than buying in the cryptocurrency market.
Furthermore, top altcoins have seen 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 past day.
Considering the currency market sentiment, will altcoins make a comeback this week or plummet towards their crucial support levels? Dive in because, in this article, we have compiled in-depth market sentiments and price analysis of Toncoin (TON). Bitcoin (NOT) and ZkSync (ZK) tokens for this week.
Toncoin price forms a channel pattern:
THE Price TONS has been trading under positive influence since early May, indicating strong bullish sentiment for the altcoin. Furthermore, with a 16.39% increase in valuation over the past month, Toncoin has formed an ascending channel pattern and continues to trade within it.
However, over the past week, the altcoin has failed to break above its important resistance level of $7,680, leading to a cooling of the price action.
TradingView: TON/USDT
The Moving Average Convergence Divergence (MACD) shows a steady red histogram, which indicates weak buying and selling pressure for the TON coin price. Furthermore, the averages show a steady downward trend, highlighting the uncertainty in future price action for the altcoin.
On the other hand, the 50-day EMA consistently supports the price chart on the 1D time frame, highlighting mixed sentiments for the Toncoin price in the cryptocurrency market.
If the market pushes the Toncoin cryptocurrency price above the $7,680 resistance level, the bulls will continue to gain momentum and attempt to test a new all-time high (ATH) this week. On the contrary, if the bears get the better of the bulls, the TON price will plummet towards the support trend line.
The NOT price records a bearish reversal:
Although Toncoin has been registering bullish sentiment, the Not the price in coin continues to trade on a bearish note recording 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: NOT/USDT
The simple moving average (SMA) has recorded a negative crossover on the 4H time frame, suggesting weak bullish sentiment for Notcoin price in the crypto space.
Furthermore, the technical indicator, RSI, failed to surpass its midpoint, causing a sharp decline towards the oversold range. Furthermore, the average shows 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 the bears continue to dominate the market, the NOT cryptocurrency will drop towards its crucial support level of $0.00925.
zkSync (ZK) Price Analysis:
ZkSync is a trustless Layer-2 (L2) protocol for low-cost scalable payments on Ethereum. Built on zkRollup technology with the main purpose of increasing Ethereum’s throughput and preserving its core values.
TradingView: ZK/USDT
The ZK token experienced increased selling pressure with over 45% of the supply airlifted. Over 3.65 million tokens from over 695,000 eligible users have reportedly been rewarded with zkSync Era or zkSync Lite.
The MACD showed a rising red histogram with its averages showing bearish convergence in the 4H time frame. This highlights the growing negative influence on the zkSync cryptocurrency 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 upper resistance level of $0.2050. Negatively, if the bears continue to overwhelm the bulls, the ZK coin price will plummet towards the low of $0.1325.