Toncoin

when

<a href="https://www.newsbtc.com/news/toncoin-ton-faces-price-fatigue-possible-drawdown-ahead-analyst/" target="_blank" rel="noopener ">Toncoin</a> (TON) has recently seen a notable price decline, dropping below its 100-day Simple Moving Average (SMA). This breach of a critical technical indicator has placed the digital asset under bearish pressure, raising concerns among investors and traders. With the $6 mark now looming as a potential target, there is <a href="https://www.newsbtc.com/news/toncoin-defies-market-turmoil-surges-25-to-tally-all-time-high-details/" target="_blank" rel="noopener ">market</a> speculation about whether the price will continue to decline or if a possible recovery could occur. 
This article aims to inform readers about the potential implications of Toncoin’s recent technical breach by providing an in-depth analysis of its market performance, specifically focusing on the price falling below the 100-day SMA. It also assesses possible future scenarios for TON’s price movement, exploring whether the digital asset will continue to decline toward the $6 mark or if a recovery might be imminent. 
At the time of writing, the price of Toncoin was trading around $6.75, up by 2%, with a market capitalization of over $16 billion and a trading volume exceeding $220 million. Over the last 24 hours, there has been a 2.01% increase in TON’s market capitalization, while its trading volume has decreased by 14.75%. 
<h2 id="strong-breaking-below-the-100-day-sma-a-technical-analysis-strong">Breaking Below The 100-Day SMA: A Technical Analysis</h2> 
After successfully crossing below the 100-day Simple Moving Average (SMA), the price of TON on the 4-hour chart is currently showing a short-term bullish correction, marked by a series of bullish candlesticks. However, it is important to note that the <a href="https://www.newsbtc.com/press-releases/toncoin-ton-investors-latest-strategy-will-they-continue-to-trade-ton-for-this-new-cryptocurrency-taking-a-closer-look/" target="_blank" rel="noopener ">cryptocurrency</a> may eventually decline toward the $6 support level again, as it remains trading below the 100-day SMA. 
<img loading="lazy" decoding="async" class="size-large wp-image-631763" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=860&amp;resize=860%2C383" alt="Toncoin" width="860" height="383" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=1600 1600w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=860&amp;resize=860%2C383 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM-1.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Although the signal line of the Relative Strength Index (RSI) indicator on the 4-hour chart is attempting an upward move, it is still trending below the 50% level. This suggests that the current bullish trend may be short-lived, as momentum could shift from bullish to <a href="https://www.newsbtc.com/news/toncoin-ton-forms-double-top-pattern-bearish-or-bullish/" target="_blank" rel="noopener ">bearish</a>, potentially driving the price towards the $6 support mark. 
On the 1-day chart, Toncoin is attempting to retest the 100-day SMA by forming a single bullish candlestick after breaching below it. Following this retest, the cryptocurrency asset may resume its downward movement towards the $6 support mark. 
<img loading="lazy" decoding="async" class="size-large wp-image-631764" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=860&amp;resize=860%2C383" alt="Toncoin" width="860" height="383" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=1600 1600w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=860&amp;resize=860%2C383 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-26-at-11.39.13-AM.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Finally, it can be observed that the signal line of the 1-day RSI indicator has crossed below 50% and is currently moving towards the oversold zone. This positioning of the RSI indicator indicates a potential shift in momentum from bullish to bearish for TON’s price. 
<h2 id="strong-conclusion-assessing-the-long-term-outlook-for-toncoin-strong">Conclusion: Assessing The Long-Term Outlook For Toncoin</h2> 
Exploring TON’s long-term outlook reveals that if the coin’s momentum shifts from bullish to bearish, the price will begin to move downward toward the $6 support mark. When the price reaches this level and<a href="https://www.newsbtc.com/news/toncoin-ton-40-breakout-buy-at-this-price/" target="_blank" rel="noopener "> breaks below</a>, it may move lower to test the $4.6 support mark and probably move on to test other lower support marks on the chart if the price breaches this level. 
However, should Toncoin reach the $6 support range and experience a rebound, it could begin to move upward toward the $7.75 resistance mark. If the price breaks through this resistance, it may continue to rise, testing its all-time high of $8.20 and potentially establishing a <a href="https://www.newsbtc.com/news/toncoin-price-inches-closer-to-all-time-high-will-ton-hit-8-this-week/" target="_blank" rel="noopener ">new all-time high</a> when this mark is surpassed. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/GAGIWWm6/" alt="Toncoin" width="2283" height="1351">

Toncoin Under Pressure As TON Price Falls Below 100-Day SMA, $6 Looms

Innehållsförteckning

NewsBTC

Andra artiklar publicerade 26 juli 2024

Grayscale’s Ethereum ETF Loses $1.15B in The First Three Days of ETF Trading

Must Buy Cat-Themed Meme Coins Amid Market Recovery

Twitter Removes Bitcoin Hashtag

Bitcoin Mining helps, not harms energy systems: Experts at Nashville

Trump Announces Plans for Fourth NFT Collection After ‘Successful’ Previous Series

Swiss Financial Regulator Issues New Guidance on Stablecoins

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!