Toncoin (TON) Price Action Signals 30% Crash After Losing A Key Level
September 02 2024 - 10:00AM
NEWSBTC
The crypto market is driven by fear and uncertainty as Toncoin
(TON) faces a deeper correction following days of intense selling
pressure. The arrest of Telegram CEO Pavel Durov last Saturday
triggered a sharp decline in TON’s price, resulting in a more than
25% retrace. This development has alarmed investors, raising
concerns about the asset’s near-term outlook. Related
Reading: Toncoin (TON) Price Performance 5 Days Post-Durov Arrest:
What’s Next? Top analysts and investors increasingly view TON as
being in a correction phase, with one prominent analyst predicting
an additional 30% drop from current levels. This bearish prediction
comes after TON lost a key support level, further intensifying
concerns about its future performance. The combination of these
factors suggests that TON may continue to experience downward
pressure, making the situation increasingly precarious for
investors. Toncoin Loses $5.73 Support Toncoin has been under
significant negative pressure since the arrest of Pavel Durov, and
it now faces the possibility of a deeper correction. Once one of
the strongest altcoins this year, TON is at risk, with many
analysts and traders predicting lower prices due to the ongoing
weak price action. The recent developments have made investors wary
as TON struggles to maintain its earlier momentum. Top analyst and
trader AlienOvichO has shared a technical analysis on X
highlighting a clear head and shoulders pattern. This well-known
bearish formation typically signals the beginning of a
downtrend. According to AlienOvichO, for this bearish
scenario to fully play out, TON must first break below the August
low of $4.78. Losing this critical support level could trigger a
painful correction, exacerbating the losses already experienced by
investors. Related Reading: Ethereum (ETH) Struggles To Break Past
$2,600: What’s Driving ETH Down? With the current market sentiment
and technical indicators pointing toward further declines,
Toncoin’s immediate future looks increasingly uncertain. The market
will be closely watching whether TON can hold its ground or if it
will succumb to the predicted downtrend. TON Trading Below Key
Support Toncoin (TON) is trading at $5.22 after losing a crucial
support level since September 2023. This support was the daily 200
moving average (MA), now at $5.83, a key long-term anchor for the
price. However, this critical support was lost last Monday, and TON
has closed below it multiple times since September 12, 2023,
signaling a shift in market sentiment. With the daily 200 MA no
longer providing support, TON’s price tests local demand levels. If
these levels fail to hold, the next target for the bears is the
yearly low at $4.60, which is only 11% away from current prices.
This level will be crucial to monitor as further declines could
push TON into deeper correction territory. Related Reading: XRP
Retreats To $0.55, On-Chain Metrics Expose Investor Pain
Conversely, if TON manages to reclaim the daily 200 MA, it could
signal a potential recovery, offering a more optimistic outlook for
investors. Featured image from Dall-E, chart from TradingView
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