Will TON price recover soon or face a more significant drop? 🎁
Despite a big rally earlier, TON has been disappointing recently. Even with Telegram’s new integration with Toncoin, a significant price increase is unlikely.
Toncoin has been showing strong momentum since March, with a brief dip to $4.61 in early May. Despite TON’s price peaking at a threefold increase from three months ago, it is currently volatile, fluctuating between $6 and $6.7.
Currently trading at $6.36, it is up just 0.14% in the past 24 hours and throughout the week, with a recovery in sight. This uncertainty leaves the question: will TON recover or will it fall further?
TON faces mixed signals amid Telegram integration and market pressure
Toncoin is in a complex environment with various factors influencing its trajectory.
Telegram has re-engaged with TON to launch a new token called Stark on its platform for bot and app payments, set to launch on June 12. Users can buy Stark directly from the app store, though Telegram will need to convert 30% of its service fees into TON, which could boost TON’s value.
Meanwhile, TON’s exchange inflows are increasing, suggesting significant selling pressure. Additionally, the supply of TON on exchanges is also decreasing, suggesting investors are inclined to sell.
The TON price chart reflects this uncertainty, with the cryptocurrency consolidating over the past week without a clear breakout.
TON faces bearish signals as greed mounts
Despite the overall bullish sentiment in the cryptocurrency market, TON appears vulnerable to a fall. Technical indicators suggest a bearish scenario on Toncoin’s price chart, including a falling MVRV ratio and a sharp fall in the Money Flow Index (MFI).
The relative strength index (RSI) is also trending downward, suggesting that if this trend continues, prices could drop to around $5.9 or lower.
However, if TON can sustain above the critical support level, a rally to $7 and even surpass its all-time high (ATH) is possible. Analysts speculate that TON has the potential to reach $10 in the near future, citing a strong performance in May and a possible rally in altcoins.
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