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" rel="noopener noreferrer nofollow">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" rel="noopener noreferrer nofollow">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 fetchpriority="high" 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 noreferrer nofollow" 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" rel="noopener noreferrer nofollow">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 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" rel="noopener noreferrer nofollow">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" rel="noopener noreferrer nofollow">TON Faces Strong Selling Pressure After Recent Price Drops</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

TON Faces Strong Selling Pressure After Recent Price Drops

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