What to expect from Toncoin (TON)?
Toncoin (TON) has dropped by 10% in the last 24 hours, pushing its price below $5 for the first time since May. Currently trading at $4.67, this new low has market participants speculating about the token’s short-term future.
The key question is whether TON will experience a quick recovery or if the recent decline signals further losses ahead.
Toncoin price has been trapped in a correctional phase since August 19. This decline implies that the Telegram-backed cryptocurrency has had more periods of distribution than accumulation.
Furthermore, the daily chart shows that TON had formed a rounding top pattern between August 2 and 26. This pattern is typically considered bearish and signals a potential reversal of the previous uptrend.
From the chart below, after the pattern appears, TON had a neckline at $5.99 that could either prevent a drawdown or accelerate it. However, the bulls could not keep the price above the neckline, leading to a slip below $5.
Currently, bulls are not in a position to assist Toncoin in its recovery. As a result, the price could drop below $4.60, potentially reaching $4.55. However, if buying pressure picks up, this downtrend could reverse, allowing TON’s price to rise toward $5.40.
The key question is whether TON will experience a quick recovery or if the recent decline signals further losses ahead.
Toncoin price has been trapped in a correctional phase since August 19. This decline implies that the Telegram-backed cryptocurrency has had more periods of distribution than accumulation.
Furthermore, the daily chart shows that TON had formed a rounding top pattern between August 2 and 26. This pattern is typically considered bearish and signals a potential reversal of the previous uptrend.
From the chart below, after the pattern appears, TON had a neckline at $5.99 that could either prevent a drawdown or accelerate it. However, the bulls could not keep the price above the neckline, leading to a slip below $5.
Currently, bulls are not in a position to assist Toncoin in its recovery. As a result, the price could drop below $4.60, potentially reaching $4.55. However, if buying pressure picks up, this downtrend could reverse, allowing TON’s price to rise toward $5.40.
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