Investors’ enthusiasm has been dampened by the release of US inflation statistics showing a 0.5% increase in the Producer Price Index (PPI) for September. As a result of the cloud of uncertainty that this unfavorable news has cast over the crypto market.
The agreement among major institutions that the United States will enter a recession in 2023 adds to the concern. While inflation and interest rate trends have persisted, investor mood has remained cautious due to the prospect of further rate rises, as reflected in the equities market’s mixed performance.
Significantly, the value of SNX, RPL, MNT, TON, and GMX tokens has been dropping, matching the broader decline in the cryptocurrency market. This drop in cryptocurrency prices has alarmed investors who had previously enjoyed huge gains in the industry.
SNX/USD Technical Analysis
The negative hand in the Synthetix (SNX) market has been strong in the recent 24 hours, driving the price down from an intraday high of $1.88 to a low of $1.83. Reflecting the strong bear hand, at press time, SNX was priced at $1.85, down 1.30% from its intra-day high.
SNX/USD 24-hour price chart (source: CoinStats)
Consequently, SNX’s market value dropped to $501,011,983, and its 24-hour trading volume dipped to $17,530,781. If negative momentum breaks through the $1.83 support level, SNX might fall lower and test the next support level at $1.80.
However, if buyers come in and push the price over $1.88, it might imply a probable turnaround and a positive view for SNX in the immediate term.
RPL/USD Technical Analysis
Despite a bullish start to the day, Rocket Pool (RPL) was unable to break through the $18.60 barrier, with bears retracing price to a low of $17.92 before closing at $17.93. The failure to break above the resistance level signals that the market is under selling pressure.
RPL/USD 24-hour price chart (source: CoinStats)
If RPL continues to encounter selling pressure at $17.92, it may fall lower toward the next support level of $17.50. However, if buyers recover control and push the price above $18.60, it might herald a positive turnaround and imply a possible short-term upward rise for RPL.
During the negative rally, RPL’s market cap and 24-hour trading volume declined by 2.68% and 9.95%, respectively, to $354,372,046 and $2,305,532.
MNT/USD Technical Analysis
Mantle (MNT) has also dropped sharply in the last 24 hours, with bears effectively lowering the price from a high of $0.3468 to a 30-day low of $0.3327. Bears were still in charge of the market at the time of publication, with the MNT price valued at $0.3291, representing a 4.885% decrease.
MNT/USD 24-hour price chart (source: CoinStats)
MNT’s market capitalization and 24-hour trading volume fell 4.83% and 5.83%, respectively, to $1,026,763,575 and $29,507,666 as a result of the adverse mood. If bears break through the $0.3327 support level, the next level to look for is around $0.3200, which may lead to additional negative pressure on the MNT price.
GMX/USD Technical Analysis
The GMX market began the day with positive momentum, but resistance at the intra-day high of $35.46 proved too strong to overcome. As a result, bears took control of the market and drove the price down to a 7-day low of $34.49, where support was created. At press time, GMX had fallen from its intraday high by 0.57% to $35.21.
GMX/USD 24-hour price chart (source: CoinStats)
However, GMX’s market capitalization declined by 4.61% to $320,021,901, despite a rise in 24-hour trading volume of 12.22% to $8,798,236, indicating greater trading activity. This increase demonstrates that, despite the price fall, the GMX market still has significant demand and liquidity.
TON/USD Technical Analysis
Toncoin (TON) prices have likewise retraced, sliding from a high of $2.00 to a 7-day low of $1.92. This price drop might be ascribed to profit-taking by investors after the previous strong surge. However, the trade volume for TON has stayed relatively consistent, showing that the cryptocurrency remains popular at its present price level.
While TON’s market capitalization declined by 1.965 percent to $6,705,912,507, its 24-hour trading volume increased by 78.56% to $22,092,727. However, bearish impact was still present at press time, as indicated by the 1.98% drop to $1.95.
TON/USD 24-hour price chart (source: CoinStats)
If negative momentum breaks through the $1.92 support level, the next probable level of support for TON might be around $1.85.
This level has historically served as a solid support during prior market declines, and if hit, it may draw buyers searching for an entry opportunity. However, if the bearish pressure persists, TON might fall lower towards the $1.80 level, where more support may be found.
In conclusion, crypto markets face headwinds amid economic uncertainties, but potential turnarounds in SNX, RPL, MNT, GMX, and TON present opportunities for savvy investors.
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