- Currently, $TON is grouped in the range of $5-$8 and declining higher lows and higher highs since June signal bear pressure.
- The $4.5 level may be retracted if the bearish trend persists and that will be a good chance of accumulation.
- Those involved in the Bitcoin altcoin markets indicated by the rising dominance of Bitcoin are leaving reasons to believe that buyers may be starting to accumulate support.
Toncoin price, with the symbol $TON, has been in a range-bound market since March this year, specifically fluctuating within the $5 and $8 range. Therefore the consolidation that has been going on for a relatively long period has led into forming of lower highs and lower lows starting from June. It seems that the lower pressure in of the asset persists, forcing participants to closely monitor and analyze support levels that may be breached in the forthcoming days.
Traders always need to pay close attention to an extremely significant level such as $4.5 – it is a support level. Some of the analysts think that $TON could reverse back to this range if the current bearish pattern persists. That lower highs and lower lows hint at a weaker pattern make it easier to go to $4.5. In case of reaching these levels, the asset can technically provide an opportunity to accumulate the security for the long-term value by those interested in this sort of position.
The 1-day TON price analysis shows TON is in bullish momentum and is attempting to break the $5.40 resistance level.The coin has rallied high and is now trading at $5.36 , indicating that the bulls are confident in their position.
Bitcoin Dominance Influencing Altcoin Accumulation Strategies
The overall $TON price also depends on the market trends of the crypto market. Bitcoin has begun its dominance once more, which generally suppresses demand for altcoins. Assertion of the more traditional currency control means that many altcoins such as $TON receive less capital than before.
Read CRYPTONEWSLAND on
google news
These shifts influence a strategy where traders hold altcoins at primary support levels as these areas provide good risk to reward ratios.For investors and traders it is vital to analyze the current price consolidation as well as the probability of the $4.5 support level retest.
Given this range, there is a need to accumulate TON at critical support levels as $TON is expected to stabilize within this range for an extended period of time. But, the investors should be cautious since it is in the downtrend and since the performance of altcoins depends on the state of Bitcoin’s dominance.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
