Altcoins
Why Toncoin (TON) Price Is Crashing While Market Sentiments Broder Have Turned Bullish
Toncoin price started the trading day on a bearish note after failing to sustain above the gains at $7.63. The price is constantly being challenged by the bears, suggesting that traders are now taking profits on every upside. As a result, the price is unable to maintain a steady uptrend like it did during the end of Q1. However, TON price is right in defending the support zone, which maintains the bullish outlook for the token.
TON price has entered a crucial zone and a bearish daily close could set new lows for the month. In that case, will Toncoin price reach $6.5?
Toncoin price made new highs at $8.34 while trading inside a rising wedge and slipped below the support. Bulls managed to hold the levels above the crucial support zone which kept the bullish hopes alive. However, technicals suggest a continuation of the downtrend which could cause another 10% decline in the TON price rally.
As seen in the above chart, TON price has been trading inside a rising wedge since it reversed trend from the lows below $5. This has led to a decent pullback, while the lower support zone between $6.97 and $7.11 has held the levels pretty firmly. However, the technicals have turned bearish as the RSI is maintaining a downtrend consolidation, while the bearish MACD is about to enter the negative range, which may float bearish signals for the cryptocurrency.
It is interesting to note that the bears have repeatedly tried to cut the price below the lower support zone. In addition, the MACD shows that the selling pressure has been slowly increasing, which may not be a good sign for the Toncoin price to rally. Therefore, as long as the TON price does not sustain above the support zone, the bulls may trigger a rebound, which may push the levels above $8.