The post Toncoin Faces Risky Downtrend as Price Falls Below $6 Amid Strong Selling Pressure appeared on BitcoinEthereumNews.com.

Toncoin’s downward trajectory suggests it may fall closer to $5. Despite on-chain metrics indicating a buy opportunity, current conditions appear too risky to act upon them. Recent technical indicators reveal substantial selling pressure, with hopes pinned on Fibonacci retracement levels for bullish support. Toncoin’s bearish trend continues; find out what investors need to know about potential support levels and market sentiment. Current Market Overview: Toncoin Heading Towards Critical Support Levels Toncoin (TON) has maintained its bearish trajectory, recently dipping below the $6 mark as previously predicted. Technical indicators currently exhibit strong selling pressure. While Fibonacci retracement levels might aid in a bullish rebound, the overall outlook remains cautious. Amid Bitcoin’s (BTC) struggles near the $60k threshold, the broader crypto market sentiment appears bearish for the short term. A potential price bounce aiming to clear short liquidations could occur, posing a temporary relief before the continuation of the downtrend. Analysis of Key Support Levels: $5.8 and $5.36 in Focus The daily market structure for TON remains bearish, with a significant fair value gap around the $6.5 level. Any price bounce attempting to clear liquidation levels might face rejection at this juncture. The downward movement of the MACD throughout July and the CMF’s drop to a four-month low signal persistent selling pressure and bearish momentum since the rejection at $7.7. Consequently, swing traders are eyeing the 78.6% retracement level at $5.36, hoping for the downtrend to fade, thus presenting a potential buying opportunity. Investors’ Dilemma: To Buy Now or Wait? Despite the recent price decline, the mean coin age has been trending higher, indicating accumulation across the network. However, the MVRV ratio has plummeted to levels not observed since early May, suggesting short-term holders are experiencing significant losses, possibly rendering the token undervalued. The previously positive weighted social sentiment has taken a…

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Filed under: News - @ August 5, 2024 12:22 am