Toncoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/why-is-ton-facing-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Why Is TON Facing Selling Pressure?</a><br></p>
<p style="text-align: justify">Following recent declines, Toncoin (TON) is under significant selling pressure, with its price dropping below the 20-day and 50-day Exponential Moving Averages (EMAs). As seller activity heightened, the altcoin found a tentative support level at $6.5. Should it close below this support, recovery might be prolonged. Conversely, closing above $7 could signal a short-term upward trend. At the moment, TON is valued at $6.63.</p>
<h2 id="ton-price-outlook">TON Price Outlook</h2>
<p style="text-align: justify">In a long-term analysis, TON exhibited an upward trend throughout 2024, staying above its 20-day and 50-day EMAs during rallies. However, recent price changes have seen bears reassert themselves, as indicated by red candles on the daily charts. Following an all-time high (ATH) of $8.24, the subsequent pullback dragged the price below its short-term EMAs, resulting in the breakdown of a descending triangle formation. Consequently, TON lost its support level in the $6.9-7 range.</p>
<p style="text-align: justify">Maintaining the immediate support level at $6.5 could allow TON to retest the $6.9-7 region. This resistance zone is crucial for the altcoin’s short-term prospects. A close above this resistance might indicate a shift in market sentiment, with buyers potentially triggering a rally towards the $7.6 resistance level.</p>
<h2 id="ton-s-future">TON’s Future?</h2>
<p style="text-align: justify">Increased trading volume and open positions for TON, along with a rise in long positions on major exchanges, suggest a possible positive price movement. Despite this, the 24-hour long/short ratio still favors short positions, reflecting some <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>‘ anticipation of further declines due to the prevailing negative market sentiment.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<ul>
 <li>Crucial support and resistance levels are vital for TON’s price stability.</li>
 <li>Market sentiment, as indicated by the long/short ratio, can guide investment decisions.</li>
 <li><a href="https://en.bitcoinhaber.net/record-breaking-bitcoin-transaction-volume-in-january-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price movements can significantly influence TON’s market dynamics.</li>
 <li>A downturn in TON’s price could push it out of the top 10 in volume rankings.</li>
</ul>
<p style="text-align: justify">Considering these insights, it becomes clear that TON’s market dynamics are sensitive to several factors. Investors should keep a close watch on support and resistance levels, market sentiment, and broader cryptocurrency movements to make informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/why-is-ton-facing-selling-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Why Is TON Facing Selling Pressure?</a></h5>

Why Is TON Facing Selling Pressure?

목차

BH NEWS

2024년 7월 30일에 게재된 다른 기사

Bitwise Announces 10% Donation of Ethereum ETF Profits to Open-Source Developers

90 Days to Big Profits with This Ecosystem and Altcoins

Ripple CTO Weighs in on Bitcoin Halving, Blockchain Benefits, and U.S. Treasury Conversion Debate

JASMY and Witz Revolutionize Authentication with AI Power for Enhanced Security

Ethereum Spot ETFs Debut in U.S. Exchanges, Supported by Major Issuers

Filecoin Faces Decline in Buying Pressure

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!