Why Toncoin Prices Might Drop by 15%

Toncoin’s price has fallen by 6% over the past month, currently trading at $5.19. With declining buying interest, the Telegram-linked token faces increasing downward pressure, hindering its recovery efforts. Technical indicators suggest that Toncoin is nearing a 30-day low, with bearish sentiment driving further potential declines.

Toncoin Struggles Due to Weak Demand

Toncoin’s price is currently below its Ichimoku Cloud, a measure of market trends, momentum, and support/resistance levels. When an asset’s price falls below the cloud, it indicates a downtrend. This confirms the market’s negative sentiment, suggesting sellers are in control and the price may continue to decline. In this scenario, the cloud acts as a resistance level, making it challenging for the price to break through without increased buying pressure. Moreover, TON’s Aroon Up line is at 0%, indicating that its price hasn’t hit a new high recently. The Aroon Indicator measures trend strength and direction. When the Up line is at 0%, the asset’s price hasn’t reached a new high during the look-back period (typically 14 days). The lack of new highs indicates bearish market sentiment, as the lack of upward momentum suggests buyers have lost strength.

TON Price Prediction: Double-Digit Decline Imminent

If selling pressure significantly increases, Toncoin’s price may drop by 15%, potentially reaching the September 4 low of $4.45. According to its Fibonacci retracement tool, this price point represents its next major support level. However, if altcoin demand rebounds, this bearish outlook might be invalidated. If buying pressure increases, Toncoin’s price could break through the resistance set by the Ichimoku Cloud, paving the way for a rebound to $7.46.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Neutral