Toncoin (TON) recently experienced a significant drop in its price, causing many traders and investors to worry. The bearish momentum in the market was responsible, as the bears wouldn't surrender control yet. The cryptocurrency market is known to be highly volatile and unpredictable and the market conditions can change anytime. On April 17th, the value of TON fell by a staggering 15.182%. On the contrary, the following 24 hours saw a recovery of 5.88%, and the daily trading volume increased significantly by 22.76%.

Regarding market sentiments, the overall outlook is bearish, according to the Fear and Greed indicator, which has a score of 50 on the Neutral level. Additionally, the price of TON is trading below the 200-Day and 50-Day Simple Moving Averages (SMAs), indicating that the bears are continuing to control the price. This pressure keeps on reducing the price, leading to the possibility of a further downtrend. The Relative Strength Index (RSI) is now in the neutral zone with 41.82 an pointing to no pressure from any trend. The Moving Average Convergence Divergence (MACD) indicator also confirms a bearish market with it being below the signal line.

At present, the price of TON is between its primary support level of $1.768 and resistance level of $2.099. The other important support and resistance levels are $1.284 and $2.379 respectively.

Reassuringly, TON has allocated the first phase of its grant program in the 2023 Q2 fiscal year. These grants are catered towards increasing the visibility of TON-based applications, enabling On-chain lending for TON, and providing On-chain contract management. The project is taking initiative to introduce user-friendly utilities for the TON core services in order to reach a wider customer base through wallet integration with KaiOS. In the process, TON stands to benefit from increased demand, which could also result in an upward trend for the price in the near future.



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