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The post <a href="https://coinpedia.org/price-analysis/toncoin-investors-alert-ton-tokens-bearish-pattern-signals-20-drop/">Toncoin Investors Alert! TON Price Bearish Pattern Signals 20% Drop?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Despite, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> recording a significant correction by hitting a low of $69,192 during the early trading hours today. The altcoin leader, ETH Price records a positive price action by adding 2.53% to its portfolio within the past 24 hours. 
This indicates a significant rise in the interest of investors toward altcoins as a positive outcome of the Ethereum ETFs pending approval by the SEC could trigger the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum price</a> toward $4K. This could potentially result in an altcoin rally. 
<h2 class="wp-block-heading" id="h-toncoin-token-hints-at-a-bearish-price-action">Toncoin Token Hints At A Bearish Price Action:</h2> 
In spite of increased price volatility in the crypto market, the <a href="https://coinpedia.org/price-prediction/toncoin-price-prediction-2024-2030-will-ton-price-hit-10-in-q2/" target="_blank" rel="noreferrer noopener">TON price</a> has displayed a weak price action by recording a correction of 4.99% with a trading volume of $257.020 Million, a drop of 8.12% within the past day. This resulted in the altcoin hovering close to its $6.325 level. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/dVOAHFKh3ozql3afoK4bejRsnIS1vqTB43GZhrQu8fYdiB5w2Vq9PxOnyd18ufwJ9Wf4mUryHJM3veHbm5W-zXcdNk0Fo6njGKWue_r0XN3jUsp8ThR74GjAUz84WRXf05T1xHJBDKNbFBgAwiSJDuU" alt="Toncoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: TON/USDT
 </figcaption>
</figure> 
Positively, in spite of recording a correction of approximately $2 Billion in its portfolio within the past seven days, the <a href="https://markets.coinpedia.org/toncoin/" target="_blank" rel="noreferrer noopener">Toncoin token</a> continues to hold its place in the top 10 cryptocurrencies by market cap with a valuation of $21.878 Billion at the time of writing. 
However, the technical indicator, SMA, acts as a resistance to the price chart in the 1D time frame. This suggests an increase in the bearish sentiment in the crypto space and further highlights a negative outlook for this Layer-1 token. 
On the other hand, the Relative Strength Index (RSI) fails to breach the over-bought range, resulting in it displaying a significant fall towards its mid-point. Furthermore, the averages show a neutral trend, suggesting uncertainty in future price action. 
<h2 class="wp-block-heading" id="h-will-ton-price-hit-7-this-month">Will TON Price Hit $7 This Month?</h2> 
The approval of the Ethereum ETF could act as a catalyst with the crypto space experiencing a fresh price rally. Further, this could result in the bulls attempting to test their upper resistance of $7.250 this month. 
Maintaining the price at that level will set the stage for the TON token to retest its all-time high of $7.650. 
Conversely, a delay in the decision by the SEC could result in the market experiencing increased buying and selling pressure. With this, the Toncoin coils retest their support level of $5.450 in the coming time.

Toncoin Investors Alert! TON Price Bearish Pattern Signals 20% Drop?

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