A detailed examination of Toncoin’s （TON） recent price drops, key support and resistance levels, and long-term price outlook.
Points
- TON’s price has faced significant selling pressure.
- Key support level at $6.5, with potential resistance at $7.6.
- Long-term trend shows upward movement but recent pullback impacts short-term outlook.
- Market sentiment and BTC price movements will influence TON’s price.
TON Price Outlook
In a long-term review, TON showed a trend rise in 2024. During the price rallies this year, TON remained above its 20-day and 50-day EMAs. However, recent price changes indicated that bears became active again, with red candles visible on daily charts.
After the all-time high （ATH） of $8.24, the subsequent pullback dragged the price below the short-term EMAs. A breakdown was observed in the descending triangle formation, resulting in TON losing its support level in the $6.9-7 range.
Short-Term Analysis
A close above the mentioned resistance could indicate that buyers have regained a short-term positive outlook in the market. Consequently, buyers may trigger a move towards the $7.6 resistance. However, maintaining the immediate support level at $6.5 is crucial for any potential recovery.
TON’s Future
Considering all these factors, it’s clear that important support and resistance levels are crucial for TON. Market sentiment, as indicated by the long/short ratio, and BTC’s price movement can significantly impact TON’s price. A price drop in TON could cause the altcoin to fall out of the top 10 in volume rankings.
解説
- Technical Indicators: Monitoring the 20-day and 50-day EMAs helps identify potential support and resistance levels for TON.
- Support and Resistance: Critical levels include $6.5 for support and $7.6 for resistance, influencing short-term price movements.
- Market Sentiment: The long/short ratio and BTC price trends are vital indicators of market sentiment, impacting TON’s price.
- Risk Factors: Recent price drops and selling pressure highlight the risks, emphasizing the importance of maintaining key support levels for recovery.