Toncoin (TON), currently valued at $13.14 billion, is experiencing a tough phase despite its position among the top 10 cryptocurrencies. Over the past two weeks, TON has seen a significant price drop, with a 10.23% decline last week and a 16.26% fall the week before. As its value continues to decrease, it remains uncertain whether buyers can uphold the $5 support level.
Current Market Performance
Following the release of Pavel Durov on a $5.56 million bail, Toncoin’s price has been consolidating just above the crucial $5 mark. Despite a 24% drop over three days, which brought the price to this level, TON shows potential for breakout due to increasing volatility while trading sideways. On Sunday, TON decreased by 4.43%, causing fluctuations in candlesticks, but the $5 support level has so far prevented a further downtrend. Access NEWSLINKER to get the latest technology news.
Technical Indicators and Patterns
The 4-hour chart reveals a descending triangle pattern, indicating a continuation of the downtrend in TON’s price movement. The RSI line’s bullish divergence suggests a possible reversal, provided there is enough momentum to surpass the general resistance line. However, the bearish influence has led to a death cross with the 50 and 200 EMAs intersecting on the 4-hour chart.
Key Takeaways for Investors
– Investors should closely monitor the $5 support level, as its breach could signal further declines.
– The potential death cross on the daily chart highlights the risk of a continued downtrend.
– RSI and EMA indicators should be watched for signs of a possible trend reversal.
– Upcoming legal developments in the Durov case could significantly impact TON’s price.
On the daily chart, a potential death cross between the 50-day and 200-day EMAs indicates a possible trend reversal. However, TON’s price remains highly reactive to developments in the Durov case, adding an element of uncertainty to its market performance.
Can TON Find Support Below $5?
According to Fibonacci levels, TON faces resistance at 23.60% and 50% levels, around $5.80 and $6.59, respectively. Furthermore, any breakout rally might encounter resistance at $5.55, aligned with the 50 EMA. On the downside, support levels are seen at $4.31 and $3.49, should the price fall below $5.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/toncoin-faces-market-struggles