As a seasoned researcher with years of experience analyzing cryptocurrency markets, I must admit that watching TON‘s ongoing struggle to regain its bullish trajectory is as exhilarating as it is frustrating. The recent price drop and the cryptocurrency’s inability to hold key support levels are a stark reminder of the volatile nature of this market.
TON is experiencing renewed selling pressure, causing its price to drop again and potentially threatening its recovery efforts. Previous attempts to reclaim bullish momentum have failed, and the cryptocurrency now finds it difficult to stay above key support levels, falling even lower. With bears seemingly taking control once more, traders are closely observing whether TON can hold at its current support levels. As the situation becomes increasingly precarious for TON, there’s an increasing likelihood of further price declines and increased downside risks.
This article intends to examine the current efforts by TON in attempting to resume an upward trend, as a new price decrease could jeopardize its ongoing recovery. By examining recent market trends, crucial support points, and technical signals, we’ll gauge the possibility of a bounce-back or continued falls and offer insights into what may happen next for TON, predicting whether the bulls can reclaim control over its direction.
Indicators Point To Further Weakness
In the last few hours, TON has moved into a bearish zone on its 4-hour chart, falling slightly beneath its 100-day Simple Moving Average (SMA) and approaching the vital $4.6 support line. Dropping below the 100-day SMA suggests decreasing momentum, and as sellers gain traction, there’s a possibility for further declines in TON’s value.
Examining the 4-hour Relative Strength Index (RSI), it’s clear that the signal line has dipped to 40%, after briefly touching the 50% mark, indicating a decrease in buying power as the RSI ventures further into a bearish zone. Generally, an RSI value below 50% indicates that sellers are taking over, which might result in price reduction.
Moreover, TON‘s daily chart shows a clear bearish trend, as it has been unable to surpass the $6 resistance level. This is indicated by the appearance of a bearish candlestick. With sellers dominating and the inability to break above this crucial threshold, combined with persistent trading below the 100-day Simple Moving Average, there’s a possibility for further price drops. Absent substantial buying activity to counteract the selling pressure, the cryptocurrency could potentially experience more significant falls.
Looking closely at the daily chart’s Relative Strength Index (RSI), we observe that the RSI signal line is presently at 40%, dipping beneath the vital 50% mark. Since the RSI is holding steady around this level, it indicates an escalating selling pressure, which might lead to further price decreases unless the buyers manage to regain control and change the market’s direction.
Potential Scenarios: Will TON Rebound Or Slide Deeper?
Right now, TON is moving towards the $4.6 support point. If buyers can take charge again at this level, a possible rebound might happen. Such a recovery could push the price upwards, and the $6 resistance point would become the next aim. This could rekindle the asset’s momentum of recovery.
If the present support level isn’t upheld, there’s a chance that TON could experience additional decreases, potentially reaching the predicted price target of $2, and potentially falling even lower than that.
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2024-10-08 23:10