Potential Downtrend In Play? TON Struggles As Price Falls Below $7.7
18 Juni 2024 - 1:30PM
NEWSBTC
TON has experienced a dramatic price shift, falling below $7.7
three days after reaching an all-time high of $8.2. This sudden
decline has caught the attention of investors and market analysts,
raising concerns and sparking discussions about the potential
implications of this sharp reversal. It also follows a period
of intense volatility and highlights the unpredictable nature of
the cryptocurrency market. With TON’s price trajectory undergoing
significant fluctuations, it’s essential to examine the factors
contributing to this downturn and explore what this could mean for
the future of TON and its investors. This article delves into
an analysis of the recent price movements and potential outcomes of
TON’s sudden drop after setting a record high. As of the time of
writing, TON has a market capitalization of over $18 billion, a
trading volume of over $472 million, and a price drop of 4.03%,
trading at around $7.3 over the past 24 hours. Despite a decline
of 5.77% in market capitalization, the trading volume for TON
is up by 40.90%. Market Volatility And Recent Price Movements For
TON On the 4-hour chart, TON is currently attempting a break below
the 100-day Simple Moving Average (SMA) after it has successfully
broken the $7.7 support mark. A careful examination of the 4-hour
Composite Trend Oscillator indicator suggests that TON may actively
go bearish as the signal line and the SMA of the indicator are
attempting to cross below the zero line. Meanwhile, on the 1-day
chart, TON’s price is currently declining toward the $6.7 support
mark. It can be observed here that after TON hit its all-time high
of $8.2, the crypto asset has been dropping down with strong
bearish momentum candlesticks. Additionally, the signal line and
SMA of the Composite trend oscillator indicator on the 1-day chart
are currently trending in the overbought section, with the signal
line attempting a cross below the SMA, indicating a bearish
move could be on the horizon. Thus from the 4-hour and 1-day price
actions and formation of the indicator used for this analysis, it
can be suggested that the price of TON may actively go
bearish. Technical Analysis: Key Support And Resistance
Levels TON’s abrupt fall below $7.7 after reaching an all-time high
of $8.2 underscores the inherent volatility and unpredictability of
the cryptocurrency market. Consequently, if the price of TON
continues to move downward below the 100-day SMA toward the $6.7
support level and breaks below it, it may decline further to
challenge the $6.05 support level. However, if TON’s price fails to
break below the $6.7 support mark, it will begin to ascend toward
the $7.7 resistance level again. TON could ascend further to
challenge the $8.2 resistance mark and possibly move on to set a
new high if this level is breached. Featured image from Adobe
Stock, chart from Tradingview.com
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