Toncoin Under Pressure As TON Price Falls Below 100-Day SMA, $6 Looms

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,329,909,703,636	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,329,909,703,636

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2,030.83	3.09%	67,819.56	67,819.56	67,819.57

Price Change

Price Change %

Current Price

Bid Price

Offer

2,030.83

3.09%

67,819.56

67,819.57

High Price	Low Price	Open Price	Prev. Close	52 Week Range
68,175.00	65,749.43	65,782.26	65,788.73	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

68,175.00

65,749.43

65,782.26

65,788.73

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	21:18:29	0.000237	67,807.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

21:18:29

0.000237

67,807.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
730,456,190.16	10,853.74	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

730,456,190.16

10,853.74

Toncoin Under Pressure As TON Price Falls Below 100-Day SMA, $6 Looms

26/07/2024 5:00pm

NEWSBTC

Toncoin (TON) has recently seen a notable price decline, dropping below its 100-day Simple Moving Average (SMA). This breach of a critical technical indicator has placed the digital asset under bearish pressure, raising concerns among investors and traders. With the $6 mark now looming as a potential target, there is market speculation about whether the price will continue to decline or if a possible recovery could occur. This article aims to inform readers about the potential implications of Toncoin’s recent technical breach by providing an in-depth analysis of its market performance, specifically focusing on the price falling below the 100-day SMA. It also assesses possible future scenarios for TON’s price movement, exploring whether the digital asset will continue to decline toward the $6 mark or if a recovery might be imminent. At the time of writing, the price of Toncoin was trading around $6.75, up by 2%, with a market capitalization of over $16 billion and a trading volume exceeding $220 million. Over the last 24 hours, there has been a 2.01% increase in TON’s market capitalization, while its trading volume has decreased by 14.75%. Breaking Below The 100-Day SMA: A Technical Analysis After successfully crossing below the 100-day Simple Moving Average (SMA), the price of TON on the 4-hour chart is currently showing a short-term bullish correction, marked by a series of bullish candlesticks. However, it is important to note that the cryptocurrency may eventually decline toward the $6 support level again, as it remains trading below the 100-day SMA. Although the signal line of the Relative Strength Index (RSI) indicator on the 4-hour chart is attempting an upward move, it is still trending below the 50% level. This suggests that the current bullish trend may be short-lived, as momentum could shift from bullish to bearish, potentially driving the price towards the $6 support mark. On the 1-day chart, Toncoin is attempting to retest the 100-day SMA by forming a single bullish candlestick after breaching below it. Following this retest, the cryptocurrency asset may resume its downward movement towards the $6 support mark. Finally, it can be observed that the signal line of the 1-day RSI indicator has crossed below 50% and is currently moving towards the oversold zone. This positioning of the RSI indicator indicates a potential shift in momentum from bullish to bearish for TON’s price. Conclusion: Assessing The Long-Term Outlook For Toncoin Exploring TON’s long-term outlook reveals that if the coin’s momentum shifts from bullish to bearish, the price will begin to move downward toward the $6 support mark. When the price reaches this level and breaks below, it may move lower to test the $4.6 support mark and probably move on to test other lower support marks on the chart if the price breaches this level. However, should Toncoin reach the $6 support range and experience a rebound, it could begin to move upward toward the $7.75 resistance mark. If the price breaks through this resistance, it may continue to rise, testing its all-time high of $8.20 and potentially establishing a new all-time high when this mark is surpassed. Featured image from Adobe Stock, chart from Tradingview.com

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