bullish

Toncoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/toncoin-faces-market-struggles" data-wpel-link="internal" rel="noopener noreferrer nofollow">Toncoin Faces Market Struggles</a><br></p>
<p style="text-align: justify">Toncoin (TON), currently valued at $13.14 billion, is experiencing a tough phase despite its position among the top 10 cryptocurrencies. Over the past two weeks, TON has seen a significant price drop, with a 10.23% decline last week and a 16.26% fall the week before. As its value continues to decrease, it remains uncertain whether buyers can uphold the $5 support level.</p>
<h2 id="current-market-performance">Current Market Performance</h2>
<p style="text-align: justify">Following the release of Pavel Durov on a $5.56 million bail, Toncoin’s price has been consolidating just above the crucial $5 mark. Despite a 24% drop over three days, which brought the price to this level, TON shows potential for breakout due to increasing volatility while trading sideways. On Sunday, TON decreased by 4.43%, causing fluctuations in candlesticks, but the $5 support level has so far prevented a further downtrend.</p>
<h2 id="technical-indicators-and-patterns">Technical Indicators and Patterns</h2>
<p style="text-align: justify">The 4-hour chart reveals a descending triangle pattern, indicating a continuation of the downtrend in TON’s price movement. The RSI line’s bullish divergence suggests a possible reversal, provided there is enough momentum to surpass the general resistance line. However, the bearish influence has led to a death cross with the 50 and 200 EMAs intersecting on the 4-hour chart.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– Investors should closely monitor the $5 support level, as its breach could signal further declines.<br> – The potential death cross on the daily chart highlights the risk of a continued downtrend.<br> – RSI and EMA indicators should be watched for signs of a possible trend reversal.<br> – Upcoming legal developments in the Durov case could significantly impact TON’s price.</p>
<p style="text-align: justify">On the daily chart, a potential death cross between the 50-day and 200-day EMAs indicates a possible trend reversal. However, TON’s price remains highly reactive to developments in the Durov case, adding an element of uncertainty to its <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market performance</a>.</p>
<h2 id="can-ton-find-support-below-5">Can TON Find Support Below $5?</h2>
<p style="text-align: justify">According to Fibonacci levels, TON faces resistance at 23.60% and 50% levels, around $5.80 and $6.59, respectively. Furthermore, any breakout rally might encounter resistance at $5.55, aligned with the 50 EMA. On the downside, support levels are seen at $4.31 and $3.49, should the price fall below $5.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/toncoin-faces-market-struggles" data-wpel-link="internal" rel="noopener noreferrer nofollow">Toncoin Faces Market Struggles</a></h5>

Toncoin Faces Market Struggles

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