- In terms of trading volume, the Toncoin cryptocurrency ranks 7th in the cryptocurrency market.
- Toncoin price has lost around 23% in a matter of hours and has melted down to the 200-day EMA.
- TON fell on Saturday after reports emerged about the arrest of Telegram CEO Pavel Durov.
The Toncoin The price has been on a positive trend this year and has been battling at the top since April. The price has risen 145% since the start of the year and has just slipped below the 200-day EMA. Since April, buyers have tried several times to break above the $8 mark but have failed to do so.
Based on the technical chart, buyers may remain strong above the $5 mark and strong buying pressure can be expected above the $8 mark. TON price witnessed a sudden decline from the $7 zone twice this month.
However, the sudden decline was paused at the 200-day EMA and buyers continued to dominate. Again, the price has suddenly dropped to the 200-day EMA and buyers seem to be strong.
Can TON Crypto survive this fall?
FIRST OF ALL, A BIG THANK YOU TO THE FRENCH GOVERNMENT AND @EmmanuelMacron FOR THE ARREST OF DUROV🔥
Now that I have your attention, perfect entry for long on $TON at $4.5. Long a damn house on it because $TON it does not work.
Told you to long $SOL at $110, don’t screw it up again.I love you. pic.twitter.com/Sty4QV8upA
— Mikey 東京 (@mikey_100x) 25 August 2024
A source on X claims that Toncoin has potential and could survive the recent decline. After the decline, the price has found support at the 200-day EMA and could bounce back. An expected entry for longs would be $4.50, according to this source.
Could TON price reach $10 after the breakout?
After a strong buying dynamic Toncoin Price has reached a parallel channel above. During the recent decline, the price has slipped below the key moving averages, highlighting the pessimistic outlook.
Assuming the price of the digital asset falls below the key support level of $5, it would be a bearish signal. It is the buyers’ last hope for their dominance and it might be difficult to recover from below this level.
On the other hand, if the Toncoin Price If the price breaks above the main resistance of $8, buyers could turn strong. If the trading volume increases at the time of the breakout, strong buying would likely follow.
Let’s move on to the technical indicators. TON Price has fallen below the key moving averages, showing the interest of sellers. The RSI has shown a death crossover with the RSI-based moving averages, showing the bearish momentum. Most technical indicators favored the negative sentiment at the time of writing.
TON price analysis
It seems as if the Toncoin is currently going through a period of uncertainty. Although the price has shown some resilience, the recent decline has raised concerns about its ability to sustain the bullish momentum. The $8 mark has proven to be a significant resistance level, and the trading volume and technical indicators suggest a bearish sentiment in the market.
However, some sources believe that the Toncoin has the potential to survive this decline and there could be an opportunity for a long entry at around $4.50. If the price manages to overcome the $8 resistance level amid increased trading volume, it could be a sign of a good buying opportunity.
Technical levels
According to technical analysis, the uptrend in Toncoin price is likely to be disrupted near the $8 mark and the imaginary resistance level of $10. The price could find support at the $5 and $2.75 levels.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment or other advice. The author or anyone mentioned in this article is not responsible for any financial loss that may arise from investing or trading. Please do your own research before making any financial decisions.
