Toncoin Under Pressure As TON Price Falls Below 100-Day SMA, $6 Looms
26 Julho 2024 - 1:00PM
NEWSBTC
Toncoin (TON) has recently seen a notable price decline, dropping
below its 100-day Simple Moving Average (SMA). This breach of a
critical technical indicator has placed the digital asset under
bearish pressure, raising concerns among investors and traders.
With the $6 mark now looming as a potential target, there is market
speculation about whether the price will continue to decline or if
a possible recovery could occur. This article aims to inform
readers about the potential implications of Toncoin’s recent
technical breach by providing an in-depth analysis of its market
performance, specifically focusing on the price falling below the
100-day SMA. It also assesses possible future scenarios for TON’s
price movement, exploring whether the digital asset will continue
to decline toward the $6 mark or if a recovery might be imminent.
At the time of writing, the price of Toncoin was trading around
$6.75, up by 2%, with a market capitalization of over $16 billion
and a trading volume exceeding $220 million. Over the last 24
hours, there has been a 2.01% increase in TON’s market
capitalization, while its trading volume has decreased by 14.75%.
Breaking Below The 100-Day SMA: A Technical Analysis After
successfully crossing below the 100-day Simple Moving Average
(SMA), the price of TON on the 4-hour chart is currently showing a
short-term bullish correction, marked by a series of bullish
candlesticks. However, it is important to note that the
cryptocurrency may eventually decline toward the $6 support level
again, as it remains trading below the 100-day SMA. Although the
signal line of the Relative Strength Index (RSI) indicator on the
4-hour chart is attempting an upward move, it is still trending
below the 50% level. This suggests that the current bullish trend
may be short-lived, as momentum could shift from bullish to
bearish, potentially driving the price towards the $6 support mark.
On the 1-day chart, Toncoin is attempting to retest the 100-day SMA
by forming a single bullish candlestick after breaching below it.
Following this retest, the cryptocurrency asset may resume its
downward movement towards the $6 support mark. Finally, it can be
observed that the signal line of the 1-day RSI indicator has
crossed below 50% and is currently moving towards the oversold
zone. This positioning of the RSI indicator indicates a potential
shift in momentum from bullish to bearish for TON’s price.
Conclusion: Assessing The Long-Term Outlook For Toncoin Exploring
TON’s long-term outlook reveals that if the coin’s momentum shifts
from bullish to bearish, the price will begin to move downward
toward the $6 support mark. When the price reaches this level and
breaks below, it may move lower to test the $4.6 support mark and
probably move on to test other lower support marks on the chart if
the price breaches this level. However, should Toncoin reach the $6
support range and experience a rebound, it could begin to move
upward toward the $7.75 resistance mark. If the price breaks
through this resistance, it may continue to rise, testing its
all-time high of $8.20 and potentially establishing a new all-time
high when this mark is surpassed. Featured image from Adobe Stock,
chart from Tradingview.com
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