Crypto Prices Today: Bitcoin Downfall Halts at $25500, Toncoin, Sythenix Sees Rally

The ongoing downfall in the crypto market has taken a temporary stop as the Bitcoin price witnessed demand pressure near $25500.

Published September 3, 2023

The crypto market started September on a bearish note, following the sets of August’s downfall. A majority of major coins witnessed extended correction and returned to monthly support. While the overall downtrend is active, the potential traders must form a suitable setup before entering a new position.

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As of 9:47 a.m. on Sunday, the global cryptocurrency market capitalization is at $1.04 trillion, showcasing a 0.27% gain since yesterday. In addition, the market shows a drop of 44% loss in trading volume, currently standing at $18.92 Billion.

Also Read: BTC Price Prediction: Bitcoin Rejected At $27k, Is $20k Imminent?

Bitcoin Price Analysis: Double Bottom Pattern Offers Recovery Chance

Bitcoin Price AnalysisSource- Tradingview

Amid the August end downfall, the largest cryptocurrency witnessed a sharp drop from $28176 to $25451, registering a 9.8% loss. However, the falling Bitcoin price started experiencing demand pressure at the $25500 mark, evidenced by the lower price rejection candle in the daily chart.

Thus the potential of a second reversal from $25500 support within a month, indicates the formation of a double bottom pattern. The chart setup accentuates increased demand pressure at bottom support, resulting in a strong upswing in the near future.

The anticipated recovery should bolster the bulls to change the $28200 barrier for an opportunity for higher recovery.

Toncoin Price Analysis: Breakout Opportunity Set Target Above $2 

Toncoin Price AnalysisSource- Tradingview

On September 1st, the Toncoin price gave a massive breakout from the resistance trendline which carried a downtrend for over eight months. This breakout signals a change in market dynamic as market participation could switch from selling on rallies sentiment to buying on dips.

By the press time, the TON price trades at $1.87 and is currently under a retest phase. This pullback could serve as a crucial confirmation of the newfound bullish momentum. Subsequently, we can set our sights on potential price targets.

The initial target stands at $2, followed by $2.37, and $2.64.

Synthetix Price Analysis: Wedge Pattern May Push $SNX to $2.2

TradingView ChartSource- Tradingview

Over the past six weeks, the Synthetix price has witnessed a steep correction under the influence of a downsloping trendline. During this period, the coin price reverted from this resistance line on multiple occasions, indicating that traders have been quick to sell whenever there’s a bullish bounce.

Currently, the SNX price trades at $1.988 and retests the overhead trendline. If the bearish momentum persists, the altcoin may fall again and probably retest the $1.8.

Therefore, the potential buyers must wait for a bullish breakout from the upper resistance, which may set a recovery to $2.2, followed by $2.6 and $3.3.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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