Technical indicators suggest Toncoin may approach a 30-day low, with bearish sentiment driving further potential declines.🥰🥰
TONCOIN STRUGGLES WITH WANING DEMAND
Toncoin’s price currently sits below its Ichimoku Cloud, which gauges its market trends, momentum, and support/resistance levels.
✅✅When the price of an asset falls below the Cloud, it suggests that the asset is in a downtrend. This confirms the negative market sentiment, showing that sellers are in control and the price may continue declining. In this scenario, the Cloud acts as a resistance level, making it more challenging for the price to rise above it without a surge in buying pressure.🎗🎗
Furthermore, TON’s Aroon Up Line is at 0%, signifying that its price has not reached new highs in recent times. The Aroon indicator measures the strength and direction of a trend.
When the Up Line is 0%, the asset’s price has not recorded a new high within the lookback period (typically 14 days). 💯💯The absence of new highs points to bearish sentiment in the market, as the lack of upward momentum suggests buyers have lost their strength.
The negative readings from Toncoin’s Elder-Ray Index confirm this. At press time, this indicator, which measures buying and selling pressure in the market, is below zero at -0.11. When an asset’s Elder-Ray Index is negative, the bears dominate the market.💎💎
TON PRICE PREDICTION: A DOUBLE-DIGIT DROP IS IMMINENT
If selling pressure spikes, Toncoin’s price is poised for a potential 15% drop, possibly trading down to its September 4 low of $4.45. According to its Fibonacci Retracement tool, this price point represents its next major support level. 📶📶
However, this bearish outlook could be invalidated if the altcoin experiences a resurgence in demand. Should buying pressure increase, Toncoin’s price may break above the resistance established by its Ichimoku Cloud, paving the way for a rally toward $7.46.
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