This Altcoin May Soon Fall Under Bearish Influence- May Lose Over 10% in the Next Few Days
The post This Altcoin May Soon Fall Under Bearish Influence- May Lose Over 10% in the Next Few Days appeared first on Coinpedia Fintech News
After rising to a new ATH, the Toncoin price maintained more or less a stagnant trend within a predetermined range of resistance and support levels. Unfortunately, bearish activity increased, which slashed the price below $5. Since then, the bulls have become more vigilant, which has kept up the rally. Moreover, the TON price has displayed a huge possibility of maintaining a strong ascending trend and heading towards its previous highs.
The short-term price action of Toncoin has been maintaining a steep ascending trend and has surged by nearly 50%. However, market sentiments have shaken to a large extent as the Bitcoin price is juggling around $60,000. The uncertainty over the space has mounted and despite this, the bulls have held a strong grip over the rally. However, the price is testing one of the crucial supports and a drop from here may trigger another 10% to 15% downswing soon.
The recent recovery has caused the price to trade within an ascending parallel channel and is about to hit the lower support. The technicals have turned bearish as the RSI has triggered a bearish divergence. The MACD has displayed a drop in buying volume, which may pave the way for the Bears to exhibit their strength. With this, a plunge of 10% to the lower support of the channel seems to be imminent, dragging the levels close to $6.
However, the volume has surged heavily since March, which suggests a huge growth in the trader’s activity. Secondly, it has to be noted that the buying volume has been maintaining a considerable rise compared to that of the selling. Therefore, some possibility of a rebound is quite possible, but the strength of the bulls may not remain above average. Hence, if the bulls manage to withstand the growing upper pressure, the Toncoin (TON) price could rebound from the current levels and rise back above $7.5 in the next few hours.
