Toncoin Faces Market Turbulence: Drops 3.43% Before Recovering 7.86%

• Toncoin dropped 3.43% to $5.44 but recovered 7.86% to $5.49.  
• Market indicators show caution, despite recent gains.  
• Traders should watch key resistance levels for potential moves.

TON is right now experiencing a 3.43% decline in its price over the previous day resulting to its current price of $5.44. The decline is reflective of broader economic trends, where the overall sales cap has fallen by 1.65% and BTC and ETH’s dominance sits at 56.3% and 14.7%, respectively.

The coin’s market cap has also reduced by 3.42% to around $13.78 billion, making it the 10th largest crypto. The previous day trading volume has seen a drastic fall of 22.29%, priced at $941.69 million. This major reduction in trading activity has led to a volume/market cap ratio of 6.87%, indicating a period of uncertainty for traders and buyers.

Source : coinmarketcap

The price chart over the past day reveals a tense period for the token, with the price briefly reaching $5.626 before submitting to selling pressure and falling below $5.35 at one point. However, a slight restoration has been observed, with the price stabilising around the $5.44 mark at the time of writing.

Toncoin Price Action

The token is currently selling at $5.49, reflecting a 7.86% increase. This rise comes after a period of downward pressure, where the price was flirting with lower levels but found some support.

Source : Tradingview

The chart shows Toncoin facing obstruction near the 38.20% Fibonacci retracement level, which is a critical point for marketers to watch. If the price manages to break above this level, it could see further upward momentum, potentially heading towards the next refusal stage nearby $8.18. Nevertheless, if it fails to hold above the current level, the price might retrace towards the 50% Fib level or even lower, nearing the 61.80% level.

The Relative Strength Index  is right now at 38.98, which suggests that the coin is close to being oversold. This suggests that there could be more buying opportunities if trading sentiment shifts positively. The RSI line crossing above the 47.72 level could be a signal of further upward movement.

Meanwhile, the Moving Average Convergence Divergence  sign demonstrates that TON is in a bearish phase. The MACD line is below the signal line, and both are in the negative region. This suggests that, despite the recent price increase, there may still be downward stress in the near term.

Despite the recent price hit, the overall market sentiment for Toncoin remains cautious. The bearish signals from the MACD and the near-oversold RSI suggest that traders should be careful about expecting continued upward momentum without potential pullbacks.

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