The price of Toncoin (TON) has dropped below $5, reflecting the broader market sentiment of recent losses in Bitcoin (BTC) and other cryptocurrencies. Traders are betting on further declines, and the Long/Short ratio for TON has dropped to 0.88, indicating a bearish outlook. This sentiment is supported by the increase in Mean Dollar Invested Age (MDIA), suggesting that most TON tokens have remained dormant and may struggle to gain upward momentum. The price is currently below key Exponential Moving Averages (EMAs), indicating a bearish trend and the potential for further decline. However, if the cryptocurrency retests the 23.6% Fibonacci retracement level, there is a possibility of a bounce to $6.20.
- Content Editor ( beincrypto.com )
- 2024-11-03
Traders Bet Against Toncoin (TON) Recovery as Price Drops Under $5