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?

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