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Bitcoin Reaches New Highs as Altcoins Display Varied Performance

Jun 5, 2024

Bitcoin's price is currently at $71,000 and has surged to $71,758. The rising interest in altcoins is driven by Bitcoin's push to achieve new record highs. This surge raises questions about the price outlook for XRP, DOGE, and TON Coin.

Ripple (XRP)

Despite regulatory hurdles with the SEC, XRP's price struggles to exceed $0.53. While other altcoins are hitting new peaks, Ripple (XRP) faces low demand. The continuous rise in circulating supply fails to boost the price as anticipated due to legal conflicts and supply expansion.

Bulls seek closings above $0.53 to drive the price towards the $0.57 barrier. Surpassing this level could initiate a fresh move towards $0.68 with the formation of a rising triangle pattern. On the contrary, intensifying sales may lead to confined movements within the $0.46 to $0.57 range.

Dogecoin (DOGE)

DOGE, the primary meme coin by market capitalization, remains at $0.16. Dogecoin bulls encounter challenges in securing buyers without substantial backing from influential figures like Elon Musk. The influx of new participants in the market with more choices on centralized exchanges presents a disadvantage for meme coins like DOGE compared to the earlier market scenarios.

If DOGE can surpass the overall resistance at $0.18, it may target levels at $0.21 and $0.23.

TON Coin Price Prediction

NOT Coin and TON have gained attention recently, with TON surpassing the $7.67 resistance level on June 5. The notable upper wick formed at this point indicates significant bearish selling pressure. Investors aiming for reasonable profits are inclined to sell their holdings.

If the price retreats, it could find support at the 20-day EMA at $6.60. A robust rebound from this support level might prompt bulls to retest the resistance. This scenario presents opportunities for investors within the specified price range. Breaking the resistance could pave the way for a target of $10 and further gains. Currently, price fluctuations persist between $6 and $7.67.

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