As a seasoned crypto investor who’s seen my fair share of market volatility, I can’t help but feel a pang of deja vu when it comes to Toncoin (TON). The recent developments surrounding its founder and the subsequent price correction are reminiscent of the wild west days of 2017.
1. The cryptocurrency market is being affected by apprehension and doubt due to Toncoin (TON) experiencing a greater decrease after extended periods of heavy selling activity. The arrest of Telegram CEO Pavel Durov last Saturday sparked a significant drop in TON’s value, leading to a decline of over 25%. This news has caused investors to worry, increasing speculation about the cryptocurrency’s short-term prospects.
Leading experts and financial backers are growing more convinced that TON is going through a period of correction, with a notable analyst forecasting an extra 30% decrease from its current value. This pessimistic outlook arises following TON’s failure to maintain a crucial support line, which has heightened worries about its potential future success.
Considering these elements, it appears that TON could face ongoing price decreases, potentially leading to a more challenging environment for investors.
Toncoin Loses $5.73 Support
Toncoin has been experiencing considerable downward pressure since the arrest of Pavel Durov, leading to concerns about a potential deeper decline. A top-performing altcoin this year, TON is currently in jeopardy, with experts and traders anticipating decreased prices due to the persistent bearish market trends. The recent events have left investors uncertain as TON struggles to regain its initial momentum.
Top analyst and trader AlienOvichO has shared a technical analysis on X highlighting a clear head and shoulders pattern. This well-known bearish formation typically signals the beginning of a downtrend.
As suggested by AlienOvichO, if TON is to follow a bearish trend, it should initially drop below its August low of $4.78. If this key support level is breached, it might lead to a significant adjustment, potentially intensifying the losses that investors have already suffered.
Given the present market mood and technical signs suggesting potential drops, it’s becoming more challenging to predict Toncoin’s near-term stability. Investors are eagerly awaiting to see if Toncoin can maintain its position or yield to the anticipated downward trend.
TON Trading Below Key Support
Toncoin (TON) is currently valued at $5.22 following its break of a significant support level that had been holding steady since September 2023. This crucial support was the Daily 200 Moving Average (MA), which now stands at $5.83, a vital benchmark for price fluctuations over an extended period. Unfortunately, this essential support was breached on Monday, and TON has closed beneath it several times since September 12, 2023, indicating a change in investor sentiment.
Without the daily 200 Moving Average offering resistance anymore, TON‘s price is now probing local buying zones. If these areas prove insufficient, the bears may aim for the annual low of $4.60, which is approximately 11% below the current value. This level should be closely watched as a possible drop could steer TON towards more severe correction ranges.
If the 200 Daily Moving Average is retaken by TON, it might suggest a possible resurgence, providing a more encouraging perspective for investors.
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2024-09-02 17:10