Toncoin (TON) Forms Double Top Pattern, Bearish Or Bullish?

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As a researcher with a background in technical analysis, I’ve been closely monitoring the price movements of Toncoin (TON) and have formed an opinion based on the available data.

The TON ecosystem’s own token, Toncoin, boasts various applications and is currently performing favorably in the market. Similar to other native tokens such as Solana’s SOL and Ethereum‘s ETH, Toncoin has witnessed a substantial price increase, particularly following the recent debut of Notcoin (NOT).

Based on historical price trends, TON‘s Double-Top chart pattern suggests that a potential price drop may follow. The daily trading volume for TON has decreased by 10% to $152 million, which is a bearish sign.

As a researcher studying the cryptocurrency market, I’ve observed that over the past day, TON experienced a decrease of approximately 0.39%, bringing its current market capitalization to around $15.52 billion. The price of TON was hovering around $6.44 in the recent trading sessions. At present, TON is above the SMA on the daily chart. However, it’s important to note that in the 4-hour timeframe, TON is currently trading below its range.

Technical Indicators Point Toward Sustained Downtrend For TON

As a researcher studying the cryptocurrency market, I’ve noticed that TON‘s price has been trading beneath its 100-day simple moving average for the past 4 hours. This could indicate an impending downward trend for TON.

The 4-hour MACD indicator suggests that TON may experience downward price movements since the MACD histograms currently sit beneath the MACD zero line. Furthermore, both the MACD signal line and the MACD line have crossed paths and are approaching the MACD zero line, increasing the likelihood that they could drop below it.

In a one-day timeframe analysis, the token TON exhibits potential bearish tendencies as it makes an effort to approach its 100-day Simple Moving Average (SMA).

As a crypto investor, I’m closely monitoring the price action based on the information provided by the Moving Average Convergence Divergence (MACD) indicator. The MACD histograms are currently below the zero line, which is a bearish sign for me. This indicates that the 1-day MACD might be showing a possible downtrend in the near future.

Crucial Points To Determine Next Move

Based on TON‘s past price trends, we can identify significant highs and lows that may influence its future direction.

At present, there’s a significant resistance point at $7.677 for TON, while there are two crucial support levels: $4.688 and $3.34. Should TON’s price trend downward and breach the support at $4.688, it could potentially slide lower to challenge the $3.34 support level.

If the price cannot drop below $4.688, it will likely carry on climbing towards the $7.677 resistance. Once above this barrier, there’s a possibility for continued growth leading to a new record high.

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2024-05-31 13:34