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Toncoin has seen a sharp 6% drop in the last month, currently trading at $5.19. With decreasing demand and increasing selling pressure, the token tied to Telegram faces questions about whether it can recover or if further losses are on the horizon. Let’s dive into the technical indicators to understand Toncoin’s future.
Technical Analysis Points to Further Decline
Toncoin is trading below the Ichimoku Cloud, a sign that the downtrend is continuing. The fact that it remains below the cloud shows that sellers are in control and there isn’t enough buying pressure to push the price higher. In this scenario, the cloud acts as a resistance, making upward movement difficult.
According to the Aroon indicator, Toncoin’s Up Line is at 0%, indicating that the token has failed to make new highs recently. The Aroon measures the strength of a trend, and a 0% reading suggests that there hasn’t been any upward momentum in the past 14 days, signaling a weakening market.
The Elder-Ray Index is also in negative territory at -0.11, confirming that bears are dominating the market. This indicator measures buying and selling pressure, with negative values pointing to stronger selling forces.
Risk of a Double-Digit Decline
If selling accelerates, Toncoin could face another 15% drop, bringing the price down to $4.45. This level, identified by Fibonacci Retracement, is a critical support zone. However, if demand picks up, Toncoin could break through the Ichimoku Cloud’s resistance and climb back to $7.46.
Stay tuned to Turkish NY Radio for updates on Toncoin’s price action and other market trends.
