Toncoin Faces Bearish Trend but Long-Term Investor Confidence Remains Strong
The post Toncoin Faces Bearish Trend but Long-Term Investor Confidence Remains Strong appeared on BitcoinEthereumNews.com.
Toncoin recently failed to surpass the critical $8.3 resistance level and has fallen below $7. Technical indicators signal a bearish outlook, with the cryptocurrency trading below key moving averages and the MACD exhibiting negative signals. A notable detail is the recent downward movement, despite an earlier rebound from $6.6 to $8.1, with the price now hovering around $7. Toncoin’s recent struggle is characterized by a failure to overcome the $8.3 resistance level, reflecting bearish sentiments due to key technical indicators. Toncoin’s Bullish Momentum Stalls Upon examining Toncoin’s trading data, it becomes evident that the cryptocurrency’s price has been fluctuating between oversold and overbought zones. Latest data shows a downtrend towards the oversold range, around the 10.34 level, indicating ongoing trader sell-offs. Technical Indicators Point to Bearish Sentiment The RSI values, oscillating between 33.25 and 36.19, imply that Toncoin is nearing an oversold state. Such a condition often suggests undervaluation, hinting at potential price recovery if bullish trends emerge. The 50-day Moving Average is playing a dual role of support and resistance. Currently, Toncoin’s price hovers just above this critical line, suggesting a tentative support level. Conversely, the Exponential Moving Average is reflecting resistance, with Toncoin’s price recently dipping below this threshold, reinforcing bearish perspectives. The MACD lines, positioned close to the zero line but staying below it, further echo bearish momentum. The signal line’s dominance over the MACD line fortifies this outlook. Potential for Bullish Turnaround Despite bearish indications, Toncoin trading near the lower Bollinger Band suggests it might be oversold. Additionally, being situated below the Ichimoku Cloud underscores the bearish dominance. Long-Term Investors Hold Steady However, on-chain metrics present a silver lining. Metrics show that 84% of Toncoin holders are ‘In the Money,’ having purchased at rates lower than the current price. This underpins a solid bullish foundation. Trading…
Filed under: News - @ June 18, 2024 8:28 pm