Toncoin (TON) Continues Downward Pattern As Bears Preserve Management

Toncoin (TON) Continues Downward Pattern As Bears Preserve Management

Toncoin (TON) has skilled a unfavorable value decline, leading to a bearish sentiment amongst buyers of the altcoin. TON has been exhibiting a bearish power on a month-to-month timeframe, primarily based on information from CoinMarketCap

Inside the final 30-Day buying and selling session, the asset is down by 15,67%, indicating a excessive bearish power with low shopping for stress.

As of the time of writing, the asset is experiencing a decline in worth, because it’s down at the moment by 2.76%. This downward pattern has resulted within the asset, TON, reaching a low level of $1.91. 

The lower in worth displays a short lived setback available in the market, indicating a lower in investor confidence. It additionally detects a shift within the provide and demand dynamics surrounding the asset.

Toncoin (TON) Bears Maintained Their Positions

Toncoin (TON) witnessed a pointy value decline on Might 23, from $2.03 to its current worth of $1.89. This value decline represents a lack of 6.89%.

This decline displays the dominance of bearish sentiment available in the market, which exhibits an absence of investor confidence and a shift within the provide and demand dynamics.

In response to the market sentiment indicator, the present market sentiment is bearish, whereas the Concern & Greed index worth is a impartial 49. Notably, a Concern & Greed index worth under 50 factors to a rise in bearish momentum.

Toncoin plunges on the chart l TONUSDT on

Conversely, an vital resistance stage is famous at $2.080, representing a big hurdle for potential upward motion. 

Toncoin trades under the 50-day and 200-day Easy Shifting Common (SMA). The SMAs shaped a Dying Cross within the TON market on Might 21, 2023. 

This confirms the bearish sentiment current available in the market, indicating a possible promote sign and additional value decline.

The Relative Energy Index (RSI) momentum oscillator worth is 40.98 and factors downwards. RSI is a well-liked indicator exhibiting whether or not a cryptocurrency is oversold or overbought. 

If TON RSI drops under 30, it could ignite excessive promoting stress and additional value decline.

TON Demand Index and Bollinger Bands Alerts Bearish Actions

The TON/USDT buying and selling pair demand index is at -0.449, suggesting comparatively weak demand for the asset available in the market.

Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Observe {that a} demand index under zero is usually thought of an absence of shopping for stress. It additionally signifies that the promoting stress outweighs the shopping for curiosity.

As well as, the asset is heading towards the decrease a part of the Bollinger Bands indicator. This means a rise in promoting stress and excessive bearish momentum.

Featured picture from Pixabay and chart from

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