Toncoin Faces Pressure as Price Drops and Volume Dips
Key Takeaways
Toncoin (TON) is currently under significant selling pressure. The price has dropped by 8.10% over the past four weeks. Notably, trading volume on decentralised exchanges (DEX) has fallen to a yearly low of 3.3 million US dollars. Technical indicators such as the Relative Strength Index (RSI) and the MACD suggest a continuation of the downward trend. A potential turning point could be at the 2.80 USD mark. Whether this support level holds remains to be seen.
TON at Critical Support Level
The current price of Toncoin is hovering around a key support zone. This lies at the lower boundary of a symmetrical triangle – a chart pattern that often signals an impending directional move. However, instead of a bullish breakout, a bearish candlestick pattern has emerged. This indicates that the price could fall below the support level.
Key price zones to watch are $2.80, $2.50, and $2.30. If buying interest emerges at these levels, we could see a stabilisation or even a return to the triangle pattern.
Technical Indicators Show Downtrend
The Relative Strength Index (RSI) is currently at 44.21 and continues to decline. The RSI measures the strength of a trend and indicates whether an asset is overbought or oversold. Values between 30 and 50 suggest a weak or falling trend. In TON’s case, the RSI clearly points to a bearish tendency.
The MACD (Moving Average Convergence Divergence) also confirms this trend. The MACD line is at -0.040, while the signal line is at -0.021 – a so-called bearish crossover. This increases the likelihood of further price declines.
Decline in User Activity and Liquidity
Another negative factor: trading volume on decentralised exchanges has sharply declined. At just 3.3 million US dollars, it is at its lowest level of the year. This indicates waning interest and reduced liquidity. Both are red flags – as without active trading, the market lacks the necessary stability.
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Fewer users and lower liquidity not only impact price development but also undermine confidence in the project. If this trend continues, Toncoin could face further downward pressure.
Our Assessment
Toncoin is at a critical juncture. The price is testing a key support level within a potentially bullish pattern. However, technical indicators and the drop in trading volume currently argue against a quick recovery. If the price falls below $2.80, further declines are likely.
For you as an investor, this means: monitor the coming days closely. If a bottom forms at $2.80 or lower, it could present a buying opportunity. However, if demand remains weak, caution is advised.
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