Volatility in the crypto market was at a high level between the 10th and 11th of April. At one point, Bitcoin’s (BTC) price dropped to $67.574. Hours later, the price of the coin pumped above $70,000, like it was at press time.
However, one notable swing was that of Toncoin (TON), whose value was at $6.66 during the intra-trading hours on the 10th. By the 11th, TON’s price had increased by 14.46% and hit $7.64.
As a result of this price movement, TON contracts were one of the ones with the highest liquidations in the last hour. According to Coinglass, the TON positions wiped out were valued above $256,000.
Crypto Market Liquidation (Source: Coinglass)
In this piece, Coin Edition analyzes the price of TON and others, including BTC, Ethereum (ETH), and Polygon (MATIC).
BTC
As expected, Bitcoin experienced high volatility since the halving was only days as it had done in previous cycles. Indications from the Bollinger Bands (BB) confirmed this sentiment. At press time, the BB expanded, suggesting that price fluctuations might be intense.
Within the short term, the indicator showed Bitcoin’s price might extend to $72,488. However, if the market was bearish, the coin’s value might hit $68,108.
BTC/USD 4-Hour Chart (Source: TradingView)
Meanwhile, Coin Edition also examined the Fibonacci extension, which showed that Bitcoin might experience another pre-halving rally. From the indicator, the coin’s price might hit $81,532, as shown by the 3.618 Fibonacci extension.
ETH
At press time, ETH changed hands at $3,572, substantially higher than what it was on April 9 and 10. However, the altcoin’s price might increase considering signals from the Relative Strength Index (RSI).
As of this writing, the RSI was 57.46, suggesting increasing upward momentum. Should the RSI reading improve, ETH’s price might also join. From a bullish perspective, the price of the cryptocurrency might jump to $3,875. However, bearish momentum could drag the price down to $3,366.
ETH/USD 4-Hour Chart (Source: TradingView)
TON
TON’s price increase has made the token overbought, the RSI showed as the reading crossed 70.00. As a result of this, the value might retrace if bulls let their guard down. Should this be the case, TON, which is now the 9th most valuable cryptocurrency in terms of market value, might fall as low as $6.29.
In a highly bearish case, the price might nosedive to $5.32. On the other hand, the Awesome Oscillator (AO) reading was positive, suggesting increasing upward momentum. If the AO reading continues to produce green histogram bars, TON’s bearish bias could be invalidated, and the price might surpass $8.
TON/USD 4-Hour Chart (Source: TradingView)
MATIC
MATIC’s situation in the 4-hour timeframe was different. According to Coin Edition’s analysis, the Money Flow Index (MFI) had decreased and was close to hitting the oversold region. The drop in MFI was proof that capital has been flowing out of the token, making it hard for the price to appreciate.
MATIC/USD 4-Hour Chart (Source: TradingView)
Furthermore, the Supertrend revealed that a significant bounce could be unlikely in the short term. This was because of a sell signal at $0.93. Therefore, if MATIC’s value increases, it could reverse if it gets to the aforementioned region.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
