Based

bullish

Toncoin

Momentum

The post <a href="https://coinpedia.org/price-analysis/ton-price-struggles-to-maintain-5-support-as-bearish-momentum-builds/">TON Price Struggles to Maintain $5 Support as Bearish Momentum Builds</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Ranking lowest in the top 10 crypto list, Toncoin has a market cap of $13.14 Billion. Over the last week, the TON price has dropped by 10.23% and 16.26% a week prior.&nbsp; 
As the bearish run picks up pace in Toncoin, will the buyers uphold dominance at the $5 support?&nbsp; 
<h2 class="wp-block-heading" id="h-toncoin-price-performance">Toncoin Price Performance</h2> 
Following the release of Pavel Durov on a bail amount of $5.56 Million, the Toncoin price consolidates above the $5 psychological mark. After a three-day crash of 24% to hit the $5 mark, the sideways trend is visible with increased volatility, teasing a breakdown.&nbsp; 
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<a href="https://www.tradingview.com/x/QjJaB472/">Tradingview</a> 
The Toncoin dropped by 4.43% on Sunday, resulting in a massive variation in the candle. However, the constant support at the $5 support level continues to hold the price above, delaying the bearish continuation.&nbsp; 
In the 4-hour chart, the downfall accounts for a negative cycle within the triangle pattern formed during this sideways range. With a declining triangle, the TON price action warns of a breakdown rally to prolong the bearish phase.&nbsp; 
Technical indicators: 
EMA: The bullish divergence in the RSI line projects a potential comeback with enough momentum to surpass the overhead trend line.&nbsp; 
EMA: Further, the bearish influence over the altcoin has resulted in the death cross in the 50 and 200 EMA in the 4-hour chart. In the daily chart, the 50D and 200D EMA are on the cusp of a death cross to signal a bearish trend reversal.&nbsp; 
However, the TON price action is highly susceptible to news developments in Durov’s case. 
<h2 class="wp-block-heading" id="h-will-toncoin-find-support-under-5">Will Toncoin Find Support Under $5?</h2> 
Based on the Fibonacci levels, the resistance levels are at $5.80 and $6.59 at 23.60% and 50% Fibonacci levels, respectively. Further, the breakout rally in the TON price could find resistance at the 50 EMA at $5.55. On the downside, the support levels under the $5 psychological mark are at $4.31 and $3.49. 
Also, read our <a href="https://coinpedia.org/price-prediction/toncoin-ton-price-prediction/">Toncoin Price Prediction 2024-2030</a> for an overview of long-term targets.

TON Price Struggles to Maintain $5 Support as Bearish Momentum Builds

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