Cryptocurrency Market Tumbles: Ethena, Toncoin, Ronin, Celestia, and Internet Computer Sink Low

Cryptocurrency prices have taken a downturn, with several altcoins experiencing significant losses. Ethena leads the decline, with a 7-day loss of 17.94%, followed by Toncoin at 15.72% and Ronin at 13.81%. Celestia and Internet Computer round out the top five worst-performing cryptocurrencies, with losses of 10.70% and 10.50%, respectively. These declines have been attributed to overhead resistance and a fall below moving average lines, resulting in increased selling pressure.

Cryptocurrency Market Slumps: Ethena, Toncoin, Ronin, Celestia, and Internet Computer Lead the Descent

April 29, 2024 - The cryptocurrency market has experienced a significant downturn, with several major altcoins falling due to overhead resistance. This weekly price analysis by Coinidol.com provides an in-depth overview of the most severely affected cryptocurrencies.

Ethena: Decline After Bullish Surge

Ethena (ENA) has witnessed a sharp decline since April 11, 2024, following a period of rapid growth. The altcoin's upward trajectory, which began on April 3, 2024, has reversed, with ENA falling from a peak of $1.50 to a low of $0.81. Market analysts predict a further decline to $0.63, but an uptrend is possible if ENA retraces and surpasses the $0.60 support level.

Technical Indicators:

• Price: $0.8221
• Market Capitalization: $12,321,827,716
• Trading Volume: $312,815,064
• 7-Day Loss: 17.94%

Toncoin: Rejected Bull Run

Toncoin (TON) has also faced setbacks after a recent surge. Despite remaining in a bull market, the altcoin has been unable to maintain its previous high of $7.67. TON has now dipped below moving average lines, with a current price of $5.29. If bearish pressure overwhelms the 50-day SMA, TON could plummet to $4.60. However, if the 50-day SMA support holds, TON may remain trapped between moving average lines, leading to price oscillations.

Technical Indicators:

• Price: $5.28
• Market Capitalization: $26,938,688,463
• Trading Volume: $158,078,638
• 7-Day Loss: 15.72%

Ronin: Uptrend Halted

Ronin (RON) has been in a downward trend since a recent rise. The cryptocurrency experienced steady growth from October 20, 2023, reaching a peak of $4.53 before being rejected. RON has since fallen below moving average lines and could continue its decline. If RON remains above the breakout level of $2.40, an uptrend may resume. However, a loss of this support could lead to further losses.

Technical Indicators:

• Price: $2.73
• Market Capitalization: $2,734,036,757
• Trading Volume: $29,011,857
• 7-Day Loss: 13.81%

Celestia: Uptrend Stalled

Celestia (TIA) has been in a bull market but has recently faced resistance. TIA reached a high of $20 before experiencing two rejections at that level. The altcoin has since declined to $10.10. A fall below the previous low of $8.00 could occur, but an uptrend could resume if either that level or the breakout level of $7.40 holds.

Technical Indicators:

• Price: $10.24
• Market Capitalization: $10,646,707,760
• Trading Volume: $73,010,256
• 7-Day Loss: 10.70%

Internet Computer: Falling Below Moving Averages

Internet Computer (ICP) has fallen significantly below moving average lines. After recovering from a recent dip, ICP's upward momentum was halted at a high of $20.96. The altcoin has since dropped to $13.35 and could potentially test the previous low of $10 or $11. ICP is the fifth worst performing cryptocurrency in this analysis.

Technical Indicators:

• Price: $13.27
• Market Capitalization: $6,876,948,807
• Trading Volume: $101,194,188
• 7-Day Loss: 10.50%

Conclusion

The cryptocurrency market has experienced a downturn, with Ethena, Toncoin, Ronin, Celestia, and Internet Computer among the most affected. Overhead resistance and selling pressure have contributed to the decline, and technical indicators suggest further downside potential for these altcoins. Investors should exercise caution and monitor market conditions closely.