The post Toncoin price prediction: $5.36 target looms as selling pressure builds appeared on BitcoinEthereumNews.com.

Toncoin is likely to fall closer to $5. The on-chain metrics gave a buy signal but conditions might be too risky to rely on them. Toncoin [TON] maintained its bearish trajectory and fell below the $6 level as anticipated in an earlier report. The technical indicators showed strong selling pressure was prevalent. The Fibonacci retracement levels might help the bullish cause. With Bitcoin [BTC] struggling near the $60k mark, the crypto market does not have a bullish outlook in the short term. A price bounce to hunt short liquidation levels might occur on Monday, and the downtrend might resume afterward. The $5.8 and $5.36 levels under scrutiny Source: TON/USDT on TradingView The daily market structure was still bearish. There was a considerably large fair value gap around the $6.5 level. A price bounce to hunt liquidation levels could be rebuffed from this area. The MACD has been trending downward throughout July and the CMF fell to a 4-month low. This showed extreme selling pressure and consistently bearish momentum for TON since the rejection at $7.7. The 78.6% retracement level at $5.36 might be visited next week. Swing traders would be hopeful that the downtrend fades at that point and the market offers a buying opportunity. Should traders wait for further price drops, or buy TON right away? Source: Santiment Despite the price drop of the past month, the mean coin age has trended higher. This was a sign of accumulation across the network. Meanwhile, the MVRV ratio fell to lows not seen since early May. Short-term holders were at a deep loss and the token might be undervalued. Is your portfolio green? Check the Toncoin Profit Calculator The weighted social sentiment had been positive until recently, underlining belief. It presented a good case for traders to rely on the $5.86…

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Filed under: News - @ August 5, 2024 2:12 pm