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- Toncoin Price fell 10% approx on current month drops below $2.00 support.
- TON Price slipped below 50 and 200 day EMA which showed signs of trend reversal.
- The Toncoin crypto price breaks the lower range of five months consolidation.
Toncoin Price fell 10% approx on a monthly basis and drops below the crucial support of $2.00. It hurted the market sentiment and prices continues to decline by forming lower lows candles.
TON Price got rejected from the 50 day EMA and slipped below the 200 day EMA. It shows the positional trend is reversing in a downward direction and any short term pull back will face strong hurdles at EMAs.
Toncoin Price has consolidated a lot and attempted multiple times to break the $2.600 hurdle. Sadly, due to strong sellers prices get rejected and reverted down. Toncoin Price is trading at $1.913 with an intraday rise of 1.92%. The 24 hour volume to market cap ratio is 0.006.
The pair of TON/BTC is trading at 0.000007171 with an intraday rise of 2.40%. The chart structure of the TON with BTC pair is quite similar to the USDT pair. However, one major difference is that the TON/BTC displayed a death crossover and the USDT pair is still on a way to death cross.
The chart structure of the TON/USDT pair seems quite stable and has traded in a wide range for the past five months. Investors expected the price might break the higher range and expand upward but it took the opposite direction.
Will Toncoin Price Bounce back?
Toncoin Price had not performed well and remained in the wide range of consolidation. Recenely, after a long time bears took over the control and the TON price is expanding downside. However, $1.600 will act as an immediate support for the bullish traders and if buyers succeed to defend then short term rebound is possible.
On the other hand if the prices continue to decline and drop below the $1.600 then it may trigger aggressive selling. The overall market sentiment is mild bearish which is also affecting the price of TON and other Altcoins.
The technical analysis suggests, TON Price is in short term correction mode and downfall might take halt in range between $1.200 to $1.600.
TON Price entered oversold territory
TON Price is forming a bullish hammer candle on a weekly time frame showing buyers are trying to push the above $2.00. However, the confidence of investors will come when buyers manage to regain the price above both the EMAs.
The technical indicators like MACD have generated a negative crossover but the curve is tilting sideways. It represents bears lacking the downside momentum and price might see short term bounce. The RSI at 33 reversing upward from the oversold territory denotes a relief rally is pending.
Conclusion
Toncoin Price fell 10% in the current month and drops below the crucial support of $2.00. However, the prices seem oversold and buyers are trying their best to recover the losses. The technical analysis suggests, TON Price is in short term correction mode and downfall is expected to halt soon.
Technical levels
Resistance levels : $2.000 and $2.6000
Support levels : $1.600 and $1.200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
