Toncoin

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<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

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Інші статті, опубліковані 26 лип. 2024 р.

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