Bitcoin Faces Resistance at $27K as Toncoin Surges

Today’s market session kicked off characterized by bear signals as the global cryptocurrency cap decreased by 1.8% within a day of trading to take it to $1.12T as of press time. Bitcoin (BTC), the crypto king, is having a rather turbulent session as the asset now trades below the $27K level after a drop back down. Trading at $26,774, BTC had recorded a drop in price valuation of 2.2% as bears now struggle to take a grip of the crypto king’s network. Bitcoin’s total market cap stood at $518,703,353,471 as of press time.

BTC’s volatility levels are also moving further away from each other indicating signs of volatility on the asset as the relative strength index indicator also moves below its average line indicating signs of a bearish trend on Bitcoin as bears drive for the oversold region. The MACD indicator has also shifted to the negative region, signaling a bearish trend on Bitcoin as the asset struggles in today’s session.

BTC 1-day chart | Source: TradingView

Altcoin analysis

Altcoins have also registered significant drops in today’s session with Ethereum (ETH), registering a price drop of close to 2% as of today’s early market session stats. Trading at $1824 as of press time, ETH had recorded a drop of 1.9% within 24 hours as the market cap stopped at $219,474,052,764 during press time.

Ripple (XRP) and Polygon (MATIC) have also recorded drops in price valuation, sitting on losses of 1.3% and 1.2% respectively as Dogecoin(DOGE), dropped by 2.9% in price valuation within the same period. Solana (SOL) has also dropped by 2.6% within the same period as Litecoin (LTC), which recorded massive drops of 5%.

Toncoin (TON) has however dominated today’s session despite the bearish trend, gaining 5% within a day of trading to trade at $1.98 as of press time. TON’s market cap stood at $2,417,646,317 during press time.

TON 1-day chart | Source: CMC

Huobi Token (HT) has also had a rather fruitful session as the asset gained 3.3% within a day of trading to take its price to $3.12 as of press time. During writing, the asset’s market cap stood at $505,408,389 as HT boasts a weekly gain of 5%.

HT 1-day chart | Source: CMC

Today’s trending list unveils a notable token, Renq Finance (RENQ), which rides on massive gains of 142% within a day of trading to trade at $0.04372. Ranking at fourth on CoinMarketCap’s trending list, RENQ is coming from a weekly drop of 20%.

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