Future

Strong

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ton-faces-strong-selling-pressure-after-recent-price-drops/" data-wpel-link="internal">TON Faces Strong Selling Pressure After Recent Price Drops</a><br></p>
<p style="text-align: justify">After the recent downward price movements, <strong>Toncoin’s</strong> (TON) faced strong selling pressure. The price of TON fell below its 20-day and 50-day EMAs. As the pressure from sellers continued to increase, the <a href="https://en.coin-turk.com/maker-coin-whale-movements-and-price-predictions/" data-wpel-link="internal">altcoin</a> seemed to find support at the $6.5 level. If a close occurs below the mentioned support level, recovery for TON may take longer than expected. On the other hand, a close above the $7 level could be interpreted as a short-term upward movement. As of the time of writing, TON’s price was $6.63.</p> 
<h2 style="text-align: justify" id="ton-price-outlook">TON Price Outlook</h2> 
<p style="text-align: justify">In a long-term <a>review</a>, TON showed a trend rise in 2024. During the price rallies this year, TON remained above its 20-day and 50-day EMAs. On the other hand, the recent price changes indicated that bears became active again in TON, with red candles visible on daily charts.</p> 
<p style="text-align: justify">After the ATH seen at $8.24 in the past, the pullback triggered a price movement that pulled the price below the short-term EMAs. On the other hand, looking at the price movements, a breakdown was observed in the descending triangle formation (below). As a result, TON lost its support level of $6.9-7.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375306" src="https://coin-turk.com/wp-content/uploads/2024/07/ton-2-coin-turk-com.png" alt="" width="579" height="288"></p> 
<p style="text-align: justify">If the immediate support level at $6.5 can be maintained, the price may test the support in the $6.9-7 region again. This resistance level will be very important for TON’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">near future</a>.</p> 
<p style="text-align: justify">A close above the mentioned resistance could indicate that buyers have regained a short-term positive outlook in the market. Consequently, buyers may trigger a move towards the $7.6 resistance.</p> 
<h2 style="text-align: justify" id="ton-s-future">TON’s Future</h2> 
<p style="text-align: justify">The increase in <strong>TON’s</strong> trading volume and open positions, as well as the number of long positions taken on major exchanges, indicate a possible positive price movement. However, the 24-hour long/short ratio still leaning towards short positions shows that some <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are still focused on a potential pullback due to the existing negative outlook in the market.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375307" src="https://coin-turk.com/wp-content/uploads/2024/07/ton-1-coin-turk-com.png" alt="" width="580" height="152"></p> 
<p style="text-align: justify">Considering all these factors, it can be said that important support and resistance levels are crucial for TON. While the long/short outlook in the market is important for decision-making, it should not be forgotten that BTC’s price movement can also have a significant impact on TON’s price. Additionally, a price drop in TON could cause the altcoin to fall out of the top 10 in volume rankings.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ton-faces-strong-selling-pressure-after-recent-price-drops/" data-wpel-link="internal">TON Faces Strong Selling Pressure After Recent Price Drops</a></h5>
<p>The post <a href="https://en.coin-turk.com/ton-faces-strong-selling-pressure-after-recent-price-drops/" data-wpel-link="internal">TON Faces Strong Selling Pressure After Recent Price Drops</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

TON Faces Strong Selling Pressure After Recent Price Drops

Mục lục

COINTURK NEWS

Các bài viết khác được xuất bản trên 30 thg 7, 2024

SEC Lawsuit Amendment Boosts Solana and Cardano

What will a Donald Trump win mean for the global economy?

WazirX Reports Breach to FIU, Reaches Out to 500+ Exchanges After $235M Hack

US Government Moves $2 Billion in Bitcoin Despite Trump's Promises

Cryptocurrency Pepe Falls More Than 4% In 24 hours

TGPoker Launches New Texas Hold'em Platform

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!