Toncoin is in a precarious position as it tumbles to $4.6, with bears eager to push prices even lower. With key support levels hanging by a thread, the big question on everyone’s mind is whether the bulls can muster enough strength to defend it or if a further drop is on the horizon.
As uncertainty looms, the battle for $4.6 could determine whether Toncoin stabilizes or faces a deeper descent. This article aims to analyze Toncoin’s recent drop to $4.6 and evaluate whether the current support level can hold against growing bearish pressure. It will explore potential scenarios, offering insights into what could happen next for TON’s price trajectory.
In the past 24 hours, TON was trading near $5.64, marking a 4.67% increase. The cryptocurrency’s market capitalization has climbed above $14 billion, while trading volume exceeded $1.2 billion. The market cap saw a 5% boost during this period, whereas trading volume declined by 37.02%.
Market Sentiment: Are Bears Gaining Full Control Of Toncoin?
Toncoin’s price, following a successful drop below the 100-day Simple Moving Average (SMA) on the 4-hour chart, recently experienced a brief pullback. It is now poised for another bearish move. This price action indicates that bearish momentum remains dominant, potentially pushing the price toward the next critical support level at $4.6.
Additionally, the Relative Strength Index (RSI) is currently at 32%, following a failed attempt to rise above 50%. The RSI’s failure to breach the 50% threshold highlights the ongoing bearish sentiment, which could drive the price even lower in the near term.
On the daily chart, Toncoin shows significant bearish movement below the 100-day SMA following the failure to break above it. This bearish surge reflects strong selling pressure and negative market sentiment, increasing the likelihood that the $4.6 target could soon be attainable.
Finally, the 1-day RSI indicates that TON’s bearish momentum is strengthening, with the signal line recently crossing below the 50% mark and sitting at 37%, which suggests intensifying selling pressure and growing bearish sentiment for the digital asset.
Looking Ahead: Can The Bulls Stage A Comeback?
Exploring TON’s long-term outlook reveals that if the price reaches $4.6 and breaks below, the price will continue to move downward toward the $3.3 support mark. When the price reaches this level and breaks below, it may move lower to test the $2 support mark and probably move on to test other lower support marks.
However, should Toncoin reach the $4.6 support range and the bulls trigger a comeback, it could move upward toward the $7.6 resistance mark. If the price breaks through this resistance, TON may continue to rise, testing its all-time high of $8.3 and potentially establishing a new all-time high when this mark is surpassed.
Featured image from Adobe Stock, chart from Tradingview.com