Over the past month, the price of Toncoin has fallen by 6% and is currently trading at $5.19. This token, which is linked to Telegram, is facing increasing downward pressure as buying interest has declined, hampering recovery efforts.
According to technical indicators, Toncoin may approach its 30-day low, and the bearish sentiment is increasing the possibility of further declines.
Toncoin Struggles with Declining Demand
Toncoin's current price is below the Ichimoku Cloud. This measures market trends, momentum, and support/resistance levels.
When an asset's price falls below the cloud, it indicates a downtrend. This confirms the negative market sentiment, and sellers may maintain control, leading to further price declines. In this scenario, the cloud acts as a resistance level, making it difficult for the price to rise above it unless buying pressure increases.
Furthermore,
Toncoin's Aroon Up line is at 0%. This suggests that it has not recently recorded a new high. The Aroon indicator measures the strength and direction of a trend.
When the Up line is at 0%, the asset's price has generally not set a new high in the last 14 days. The lack of new highs indicates a bearish market sentiment, and the lack of upward momentum implies that the buying power has weakened.
Toncoin's negative Elder-Ray Index also confirms this. Currently, this indicator measures the buying and selling pressure in the market and is at -0.11, which is below 0. When an asset's Elder-Ray Index is negative, the bears are in control of the market.
TON Price Prediction: Double-Digit Decline Imminent
If the selling pressure intensifies, Toncoin's price could potentially decline by 15%, reaching a low of $4.45, which was the September 4th low. According to the Fibonacci retracement tool, this price represents the next major support level.
However, this bearish outlook could be invalidated if the demand for this altcoin increases again. If buying pressure increases,
Toncoin's price could break through the resistance set by the Ichimoku Cloud and open the way for a rise to $7.46.
