Toncoin (TON) has undergone a rapid price decline recently, causing concerns among traders and investors about its potential as an asset. The reluctance of the bears to let go of control may further drive down the price of TON and intensify negative market sentiment surrounding it.
The entire cryptocurrency ecosystem is always volatile and unpredictable, with many price fluctuations attributable to various factors.
Toncoin (TON) Suffers a Sharp Price Decline
After a slight upward movement, Toncoin (TON) re-entered a bearish momentum, dropping about 15.182% to a value of $2 on April 17th, 2023.
However, today, the bulls are gaining momentum in the market, and the price of TON has increased by 5.88% to $2.0 within the last 24 hours.
Notably, the 24-hour trading volume has increased by 22.76% today, reaching $16 million. This indicates significant buying and selling activity that could increase price volatility. Despite the recent pressure from the bulls, the bears may still control the market for a longer period.
According to the market sentiment indicator, the current market sentiment is pessimistic while the Fear and Greed index value is at 50, a neutral position.
Toncoin (TON) Price Analysis
TON is trading below its 200-day and 50-day Simple Moving Averages (SMA), indicating that market sentiment is pessimistic, and selling pressure remains higher than buying pressure.
It also suggests that bears are pushing the price down to trigger a potential downtrend in TON price movement on both long and short term.
The Relative Strength Index (RSI) oscillator currently shows 41.82, neutral. This signifies that the market is currently in the neutral zone, with no pressure from either trend.
Finally, the Moving Average Convergence Divergence (MACD) suggests a bearish price movement since it is below the signal line. The massive pressure from bears has caused the histogram to fall below zero, confirming bearish momentum.
TON is trading between its primary support level of $1.768 and the resistance level of $2.099. The next significant support and resistance levels are at $1.284 and $2.379, respectively.
Recent Developments in TON Ecosystem
Recently, TON released a press release about approved grant recipients of the TON Foundation for the first round of the second quarter of 2023.
This development will add significant value to TON, enhancing visibility of TON-based applications, enabling O-Chain credits, and on-chain contract management.
The project will also introduce new user-friendly utilities for TON core services and make Toncoin (TON) accessible to a larger audience through TON wallet Integration with KaiOS. All these events are likely to increase demand for TON, which can have a positive impact on price.
Image courtesy of Pixabay and chart by Tradingview.
