Toncoin slips 4%, now trading at $3.58.
TON’s daily trading volume has plunged by over 36.60%. The crypto market is on a shaky rebound, with assets fluctuating within the bear swirl. Bitcoin and Ethereum grapple to break free from bearish pressure, and Toncoin (TON) follows suit, sliding by over 4.42%. To shift the momentum, certain crucial levels of Toncoin should be retested. The asset opened the day trading at a peak range of $3.79. With the bears regaining control, TON has bottomed toward $3.52.
At the time of writing, Toncoin traded within the $3.58 range, with its market cap reaching $8.89 billion. In addition, the daily trading volume of the asset is resting at $169 million. The market saw $901.36K worth of TON positions liquidated. TON has gained over 22.12% in the last seven days. The asset opened the week trading at $2.94, and with the emergence of bulls in the market, it has climbed to the current trading range.
Notably, the Alichart exhibits Toncoin on a daily timeframe, where the TD Sequential indicator has triggered a sell signal. This hints that the asset might face short-term selling pressure or a potential pullback.
Can Toncoin Escape Its Bearish Hold Anytime Soon?
TON’s bearish pressure might provoke it to slip below the crucial support at $3.51. If the asset continued to lose, the price of Toncoin could sharply decline and reach the former low within the $3.36 mark. Assuming the current TON momentum takes a turn, the price could climb and test the $3.66 resistance. The steady upside correction of Toncoin might likely trigger the formation of a golden cross, moving to $4.
The Moving Average Convergence Divergence (MACD) line of Toncoin is settled below the signal line. This crossover infers bearish momentum and the possibility of the asset to witness more downside.
TON chart (Source: TradingView)
Moreover, the Chaikin Money Flow (CMF) indicator found at -0.20 signals that the bears are in control and the money is flowing out of the asset. Meanwhile, TON’s daily trading volume has decreased by over 36.60%. TON’s Bull Bear Power (BBP) value at -0.048 indicates that the market sentiment is bearish. Besides, the daily relative strength index (RSI) positioned at 50.74 suggests that the asset is in a neutral zone with no trend dominance.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. The NewsCrypto team encourages all to do their own research before investing.
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