Toncoin

Resistance

TON crashed this week and continues its bearish price action. 
Key Support levels: $4.5 
Key Resistance levels: $5.2 
<h2 id="1-sellers-maintain-the-pressure">1. Sellers Maintain the Pressure</h2> 
Ever since&nbsp;Telegram’s founder, Pavel Durov, was&nbsp;arrested in Paris, the price has been in a downtrend. This only got worse with time, and the altcoin continues to fall, closing this past week with an 18% loss. 
This latest drop has taken the price under $5,&nbsp;with the next support found at $4.5. 
<figure id="attachment_358180" aria-describedby="caption-attachment-358180" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-23.png" data-wpel-link="internal"></a>
 <figcaption id="caption-attachment-358180" class="wp-caption-text">
 Chart by TradingView
 </figcaption>
</figure> 
<h2 id="2-toncoin-makes-lower-low">2. Toncoin Makes Lower Low</h2> 
Unable to stop the selloff, Toncoin made a lower low, which confirms that this downtrend is far from over. 
While the price may bounce and even touch the key resistance at $5.2, sentiment remains bearish on this action. 
<figure id="attachment_358179" aria-describedby="caption-attachment-358179" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30.png" data-wpel-link="internal"><img class="size-full wp-image-358179" src="https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30.png" alt="TONUSDT_2024-09-05_15-02-30" width="2437" height="1188" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30.png 2437w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30-1024x499.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30-768x374.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30-1536x749.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30-2048x998.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-02-30-50x24.png 50w" sizes="(max-width: 2437px) 100vw, 2437px"></a>
 <figcaption id="caption-attachment-358179" class="wp-caption-text">
 Chart by TradingView
 </figcaption>
</figure> 
<h2 id="3-sell-volume-continues">3. Sell Volume Continues</h2> 
Since mid-August, TON has seen&nbsp;nonstop selling. Its volume spiked on the news of the arrest, and bears have continued to dominate since. 
This cryptocurrency also experienced network&nbsp;<a href="https://cryptopotato.com/ton-events-network-faces-repeated-outages-amid-dogs-hype-update-on-durovs-arrest/" target="_blank" rel="noopener" data-wpel-link="internal">interruptions</a> recently,&nbsp;which delayed any possible recovery. 
At this point, it remains unlikely that the price will see any meaningful recovery until there’s some sort of clarity surrounding the circumstances around Pavel Durov. 
<figure id="attachment_358178" aria-describedby="caption-attachment-358178" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13.png" data-wpel-link="internal"><img class="size-full wp-image-358178" src="https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13.png" alt="TONUSDT_2024-09-05_15-03-13" width="2437" height="1190" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13.png 2437w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13-1024x500.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13-1536x750.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13-2048x1000.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/TONUSDT_2024-09-05_15-03-13-50x24.png 50w" sizes="(max-width: 2437px) 100vw, 2437px"></a>
 <figcaption id="caption-attachment-358178" class="wp-caption-text">
 Chart by TradingView
 </figcaption>
</figure> 
The post <a href="https://cryptopotato.com/ton-price-prediction-why-did-toncoin-plummet-18-this-week-and-whats-next/" rel="nofollow">TON Price Prediction: Why Did Toncoin Plummet 18% This Week and What’s Next?</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

TON Price Prediction: Why Did Toncoin Plummet 18% This Week and What’s Next?

Table of Contents

CryptoPotato_News

Other articles published on Sep 5, 2024

Ethereum’s Long-Term Scaling Plan: SNARKs for Layer-1 Expansion

Shiba Inu (SHIB) Introduces New Portal to Empower Developers

Fed hits Texas bank with cease and desist over servicing crypto firms

Upbit Adds BIGTIME/KRW Trading Pair

Analysts Foresee Ethereum Rally Despite Corrections

Tether for treason in Taiwan, East’s crypto exchange resurgence: Asia Express

Join our free newsletter for daily crypto updates!