TON Price Struggles to Maintain $5 Support as Bearish Momentum Builds
The post TON Price Struggles to Maintain $5 Support as Bearish Momentum Builds appeared first on Coinpedia Fintech News
Ranking lowest in the top 10 crypto list, Toncoin has a market cap of $13.14 Billion. Over the last week, the TON price has dropped by 10.23% and 16.26% a week prior.
As the bearish run picks up pace in Toncoin, will the buyers uphold dominance at the $5 support?
Toncoin Price Performance
Following the release of Pavel Durov on a bail amount of $5.56 Million, the Toncoin price consolidates above the $5 psychological mark. After a three-day crash of 24% to hit the $5 mark, the sideways trend is visible with increased volatility, teasing a breakdown.
The Toncoin dropped by 4.43% on Sunday, resulting in a massive variation in the candle. However, the constant support at the $5 support level continues to hold the price above, delaying the bearish continuation.
In the 4-hour chart, the downfall accounts for a negative cycle within the triangle pattern formed during this sideways range. With a declining triangle, the TON price action warns of a breakdown rally to prolong the bearish phase.
Technical indicators:
EMA: The bullish divergence in the RSI line projects a potential comeback with enough momentum to surpass the overhead trend line.
EMA: Further, the bearish influence over the altcoin has resulted in the death cross in the 50 and 200 EMA in the 4-hour chart. In the daily chart, the 50D and 200D EMA are on the cusp of a death cross to signal a bearish trend reversal.
However, the TON price action is highly susceptible to news developments in Durov’s case.
Will Toncoin Find Support Under $5?
Based on the Fibonacci levels, the resistance levels are at $5.80 and $6.59 at 23.60% and 50% Fibonacci levels, respectively. Further, the breakout rally in the TON price could find resistance at the 50 EMA at $5.55. On the downside, the support levels under the $5 psychological mark are at $4.31 and $3.49.
