CandleFocus Toncoin (TON) Bears Eye 30-Day Low as Price Risks 15% Correction
2024-10-16
Author: Content Editor
The price of Toncoin has fallen by 6% in the past month and is currently trading at $5.19. Technical indicators suggest that it may approach a 30-day low, indicating a bearish sentiment and potential further declines. The price is currently below its Ichimoku Cloud, confirming the negative market sentiment and making it more challenging for the price to rise without increased buying pressure. The Aroon Up Line is at 0%, indicating that the price has not reached new highs recently, and the negative readings from the Elder-Ray Index suggest that bears dominate the market. If selling pressure increases, there is a potential for a 15% drop to $4.45, which represents the next major support level. However, a resurgence in demand could invalidate the bearish outlook and potentially lead to a rally towards $7.46.
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