Toncoin finds itself on shaky ground as it plummets to $4.6, with bearish forces keen on driving the price even lower. The critical support levels are hanging by a thread, raising a crucial question: Can the bulls rally enough to defend this position, or is a deeper descent imminent?
The battle for $4.6 could determine Toncoin’s future, stabilizing the currency or leading to a further downturn. This recent decline demands a close analysis to evaluate if the current support will hold against growing bearish pressure, exploring potential outcomes for TON’s price trajectory.
Over the past 24 hours, TON traded near $5.64, marking a 4.67% increase. Its market capitalization rose above $14 billion, while trading volume surpassed $1.2 billion. During this period, the market cap saw a 5% boost, even as trading volume dropped by 37.02%.
Toncoin’s price recently dipped below the 100-day Simple Moving Average (SMA) on the 4-hour chart, followed by a brief pullback, setting the stage for another possible bearish move. This indicates a dominant bearish momentum, potentially pushing the price towards the next critical support level at $4.6.
The Relative Strength Index (RSI) currently stands at 32%, after failing to rise above 50%. This inability to surpass the 50% threshold underscores the persistent bearish sentiment, which could drive the price lower in the near term.
On the daily chart, Toncoin exhibits substantial bearish movement below the 100-day SMA after failing to break above it. This reflects strong selling pressure and negative market sentiment, making the $4.6 target more likely.
The 1-day RSI indicates that TON’s bearish momentum is intensifying, with the signal line crossing below the 50% mark and now sitting at 37%. This suggests increasing selling pressure and a growing bearish outlook for the digital asset.
Looking at the long-term, if the price breaches the $4.6 support, it may continue to slide towards the $3.3 mark. A further drop could see it testing the $2 support and possibly lower levels. Conversely, should the bulls manage a comeback at the $4.6 support range, TON could rally upwards towards the $7.6 resistance mark. Breaking through this resistance may propel the price to test its all-time high of $8.3 and potentially set new records.
As Toncoin hovers around $5.6, all eyes are on whether the bulls can mount a defense or if the bears will continue to exert their dominance. The coming days will be crucial in determining TON’s next move in the volatile cryptocurrency markets.
