Toncoin (TON) has seen a negative price decline recently, leading to a pessimistic sentiment among altcoin investors. According to data from CoinMarketCap, TON is showing bearish strength in the monthly timeframe.
In the past 30-day trading session, the asset has lost 15.67%, indicating high bearish strength with minimal buying pressure.
At the time of writing this article, the asset is experiencing a major price decline, having dropped 2.76% today. This downward trend has led to TON reaching a low point of $1.91.
This loss in value reflects a temporary setback in the market and hints at a decline in investor confidence. It also points towards a shift in supply and demand dynamics surrounding the asset.
The bears of Toncoin (TON) have maintained their position as the asset experienced a strong price decline from $2.03 on May 23 to $1.89. This drop represents a 6.89% loss.
This decline reflects the prevailing pessimistic sentiment in the market, indicating a lack of investor confidence and a shift in supply and demand dynamics.
According to the market sentiment indicator, the current market sentiment is pessimistic, while the fear and greed index’s value stands at neutral 49. A fear and greed index value below 50 signals an increase in bearish momentum.
There is a significant resistance at $2.080, which presents a substantial hurdle for a possible upward movement.
Toncoin is currently trading below its 50-day and 200-day simple moving averages (SMA). These SMAs crossed on May 21, 2023, forming a death cross on the TON market. This confirms the prevailing pessimistic sentiment in the market and indicates a potential selling signal and further price decline.
The relative strength index (RSI) for TON stands at 40.98 and is trending downwards. The RSI is a popular indicator that indicates whether a cryptocurrency is overbought or oversold.
If the TON RSI falls below 30, it can lead to high selling pressure and further price decline.
The TON demand index for the TON/USDT trading pair is at -0.449, indicating relatively weak demand for the asset in the market. Note that a demand index below zero is generally considered as a lack of buying pressure. It also shows that selling pressure outweighs buying interest.
Moreover, the asset is moving towards the lower Bollinger Band display, indicating an increase in selling pressure and high bearish momentum.
