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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Toncoin Tumbles To $4.6 As Bears Eye Further Decline, Will Support Hold?

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Toncoin

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Toncoin is in a precarious position as it tumbles to $4.6, with bears eager to push prices even lower. With key support levels hanging by a thread, the big question on everyone’s mind is whether the bulls can muster enough strength to defend it or if a further drop is on the horizon.

As uncertainty looms, the battle for $4.6 could determine whether Toncoin stabilizes or faces a deeper descent. This article aims to analyze Toncoin’s recent drop to $4.6 and evaluate whether the current support level can hold against growing bearish pressure. It will explore potential scenarios, offering insights into what could happen next for TON’s price trajectory.

In the past 24 hours, TON was trading near $5.64, marking a 4.67% increase. The cryptocurrency’s market capitalization has climbed above $14 billion, while trading volume exceeded $1.2 billion. The market cap saw a 5% boost during this period, whereas trading volume declined by 37.02%.

Market Sentiment: Are Bears Gaining Full Control Of Toncoin?

Toncoin’s price, following a successful drop below the 100-day Simple Moving Average (SMA) on the 4-hour chart, recently experienced a brief pullback. It is now poised for another bearish move. This price action indicates that bearish momentum remains dominant, potentially pushing the price toward the next critical support level at $4.6.

Toncoin
Toncoin witnessing a brief pullback | Source: TONUSDT on Tradingview.com

Additionally, the Relative Strength Index (RSI) is currently at 32%, following a failed attempt to rise above 50%. The RSI’s failure to breach the 50% threshold highlights the ongoing bearish sentiment, which could drive the price even lower in the near term.

On the daily chart, Toncoin shows significant bearish movement below the 100-day SMA following the failure to break above it. This bearish surge reflects strong selling pressure and negative market sentiment, increasing the likelihood that the $4.6 target could soon be attainable.

Toncoin
TON’s drop below the 100-day SMA signal $4.6 price target | Source: TONUSDT on Tradingview.com

Finally, the 1-day RSI indicates that TON’s bearish momentum is strengthening, with the signal line recently crossing below the 50% mark and sitting at 37%, which suggests intensifying selling pressure and growing bearish sentiment for the digital asset. 

Looking Ahead: Can The Bulls Stage A Comeback?

Exploring TON’s long-term outlook reveals that if the price reaches $4.6 and breaks below, the price will continue to move downward toward the $3.3 support mark. When the price reaches this level and breaks below, it may move lower to test the $2 support mark and probably move on to test other lower support marks. 

However, should Toncoin reach the $4.6 support range and the bulls trigger a comeback, it could move upward toward the $7.6 resistance mark. If the price breaks through this resistance, TON may continue to rise, testing its all-time high of $8.3 and potentially establishing a new all-time high when this mark is surpassed.

Toncoin
TON trading at $5.6 on the 1D chart | Source: TONUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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