Bitcoin Price Drops as Altcoins TON, PEPE, KAS, JASMY Gain Momentum

Discover why Bitcoin's price is dropping while altcoins TON, PEPE, KAS, and JASMY gain momentum. Is this a shift in the crypto market? Learn more!

Bitcoin (BTC) extended its decline by more than 3% this week as bears maintained their selling pressure. Although the price dipped below the short-term holder realized price (STH-RP) of $64,230, the bears could not deepen the correction, indicating that the bulls are trying to defend this critical level.

Bitcoin Price Analysis

The first significant support level for Bitcoin was breached on June 21 when the price fell below $64,602. However, the bears failed to capitalize on this, suggesting that selling pressure might be drying up at these levels.

The bulls will have to drive the price above the moving averages to trap the aggressive bears. If successful, the BTC/USDT pair is likely to pick up momentum and rally to $70,000, and then to $72,000. The bears are expected to mount a strong defense in the $72,000 to $73,777 zone.

Contrarily, if the price turns down from the current levels or the moving averages, it will signal that the sentiment remains negative and traders are selling on rallies. This could increase the likelihood of a deeper correction to $60,000.

Toncoin (TON) Price Analysis

Toncoin (TON) has shown resilience by not slipping below the 50-day SMA ($6.83), indicating solid buying at lower levels. The bulls are now attempting to push the price above the overhead resistance of $7.67.

If they succeed, the TON/USDT pair could rally to $8.29. This level may act as a stiff resistance, but if the bulls prevail, the pair may start its march to $10. Conversely, if the price turns down from the current level and breaks below $6.60, it could trigger a downward move toward $4.91.

Pepe (PEPE) Price Analysis

Pepe (PEPE) has been correcting for the past few days, but the bounce off $0.000010 shows that the bulls are attempting a rebound.

Buyers will have to kick the price above the downtrend line and the moving averages to signal the start of a sustained recovery. The PEPE/USDT pair could rise to $0.000014 and subsequently to $0.000016. On the contrary, if the price turns down from the downtrend line or the moving averages, it will indicate that the bears continue to sell on rallies. A break below $0.000010 could open the doors for a fall to $0.000008.

Kaspa (KAS) Price Analysis

Kaspa (KAS) bounced off the 50-day SMA ($0.14) on June 18, signaling buying at lower levels. The bulls continued their purchase and pushed the price above the 20-day EMA ($0.15) on June 23.

If buyers maintain the momentum and drive the price above the downtrend line, it will suggest that the correction may be over. The KAS/USDT pair could attempt a rally to the stiff overhead resistance of $0.19. The critical support to watch on the downside is the 50-day SMA. A break and close below this level will indicate the start of a sharper correction to $0.10.

JasmyCoin (JASMY) Price Analysis

JasmyCoin (JASMY) rebounded off the 50-day SMA ($0.03) on June 21, indicating that the lower levels are attracting buyers.

The 20-day EMA ($0.03) is flattening out, and the RSI is near the midpoint, indicating that the selling pressure is reducing. If buyers overcome the resistance at the 20-day EMA, the JASMY/USDT pair could rally to $0.04. Alternatively, if the price turns down from the 20-day EMA, it will signal that the bears have not given up and they continue to sell on rallies. The pair may then spend some time oscillating between the moving averages. A break and close below the 50-day SMA could start a deeper fall toward $0.02.

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Conclusion

The recent decline in Bitcoin's price has shifted the spotlight onto altcoins like TON, PEPE, KAS, and JASMY. These cryptocurrencies are showing promise as they gain momentum, attracting traders' attention. As the market dynamics continue to evolve, tools like TradingWizard's Kai can provide valuable insights and enhance trading strategies.

Stay updated with the latest market news and analyses by visiting TradingWizard's website and exploring our comprehensive guides on blockchain, cryptocurrency, and trading strategies.