CandleFocus Toncoin Price Drop Signals a Possible Buy-the-Dip Moment, But There Is a Catch
2024-11-01
Author: Content Editor
Toncoin (TON) has experienced an 11% drop in the past month, trading at $4.85. On-chain data suggests that the recent price drop has left the cryptocurrency undervalued, potentially creating a buying opportunity for investors. However, the prevailing bearish sentiment and negative funding rate indicate the possibility of further declines. Toncoin's price has fallen below its 20-day exponential moving average (EMA), suggesting a shift from bullish to bearish sentiment. The current resistance level is at $5.19, with major support at $4.47. If support fails, the price may drop to a multi-month low of $3.44. On the other hand, if market sentiment turns bullish and demand increases, Toncoin could attempt to break past the resistance and potentially surge to $6.80.
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