Cryptocurrency

bullish

Toncoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/toncoin-faces-challenges-in-the-cryptocurrency-market/" data-wpel-link="internal">Toncoin Faces Challenges in the Cryptocurrency Market</a> 
Toncoin (TON), with a <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> value of $13.14 billion, ranks high in the top 10 cryptocurrency list, undergoing a challenging period. Last week, TON’s price dropped by 10.23%, and the previous week by 16.26%. As Toncoin’s price accelerates its downward trend, it remains to be seen if buyers can maintain the $5 support level. 
<h2 style="text-align: justify" id="strong-toncoin-s-price-performance-and-technical-outlook-strong">Toncoin’s Price Performance and Technical Outlook</h2> 
Following Pavel Durov’s release on $5.56 million bail, Toncoin’s TON price continues to consolidate above the psychological $5 level. After a three-day 24% drop reaching the $5 level, TON indicates a breakout possibility with increasing volatility while trading sideways. The <a href="https://en.coin-turk.com/arbitrums-layer-2-scaling-solution-to-release-over-1-billion-worth-of-arb-tokens-in-march-2024/" data-wpel-link="internal">altcoin</a> dropped by 4.43% on Sunday, causing significant variations in candlesticks, but the $5 support level still holds the price above this level, delaying the continuation of the downtrend. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-384885" src="https://coin-turk.com/wp-content/uploads/2024/09/Toncoin-TON-Altcoin.png" alt="" width="1600" height="764"> 
The 4-hour chart shows a downward trend indicating a negative cycle within a horizontal range forming a triangle pattern. The descending triangle pattern signals a continuation of the downtrend in TON’s price movement. 
RSI line’s bullish divergence suggests a potential reversal with sufficient momentum to break the general resistance line. On the other hand, the bearish impact on the altcoin caused a death cross with the intersection of the 50 and 200 EMA on the 4-hour chart. 
On the daily chart, the 50-day and 200-day EMAs are on the verge of a death cross, indicating a potential reversal of the downtrend. Nevertheless, TON’s price remains highly sensitive to developments in the Durov case. 
<h2 style="text-align: justify" id="strong-can-ton-find-support-below-5-strong">Can TON Find Support Below $5?</h2> 
According to Fibonacci levels, the resistance levels ahead of TON correspond to 23.60% and 50% levels, around $5.80 and $6.59, respectively. Additionally, a potential breakout rally in TON’s price might face resistance at $5.55 at the 50 EMA. On the downside, the support levels below $5 are seen at $4.31 and $3.49, respectively. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/toncoin-faces-challenges-in-the-cryptocurrency-market/" data-wpel-link="internal">Toncoin Faces Challenges in the Cryptocurrency Market</a></h5>
The post <a href="https://en.coin-turk.com/toncoin-faces-challenges-in-the-cryptocurrency-market/" data-wpel-link="internal">Toncoin Faces Challenges in the Cryptocurrency Market</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Toncoin Faces Challenges in the Cryptocurrency Market

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