The post Toncoin Faces Market Struggles – Latest cryptocurrency news appeared on BitcoinEthereumNews.com.

Toncoin (TON), currently valued at $13.14 billion, is experiencing a tough phase despite its position among the top 10 cryptocurrencies. Over the past two weeks, TON has seen a significant price drop, with a 10.23% decline last week and a 16.26% fall the week before. As its value continues to decrease, it remains uncertain whether buyers can uphold the $5 support level. Current Market Performance Following the release of Pavel Durov on a $5.56 million bail, Toncoin’s price has been consolidating just above the crucial $5 mark. Despite a 24% drop over three days, which brought the price to this level, TON shows potential for breakout due to increasing volatility while trading sideways. On Sunday, TON decreased by 4.43%, causing fluctuations in candlesticks, but the $5 support level has so far prevented a further downtrend. Access NEWSLINKER to get the latest technology news. Technical Indicators and Patterns The 4-hour chart reveals a descending triangle pattern, indicating a continuation of the downtrend in TON’s price movement. The RSI line’s bullish divergence suggests a possible reversal, provided there is enough momentum to surpass the general resistance line. However, the bearish influence has led to a death cross with the 50 and 200 EMAs intersecting on the 4-hour chart. Key Takeaways for Investors – Investors should closely monitor the $5 support level, as its breach could signal further declines.– The potential death cross on the daily chart highlights the risk of a continued downtrend.– RSI and EMA indicators should be watched for signs of a possible trend reversal.– Upcoming legal developments in the Durov case could significantly impact TON’s price. On the daily chart, a potential death cross between the 50-day and 200-day EMAs indicates a possible trend reversal. However, TON’s price remains highly reactive to developments in the Durov case, adding an…

---

Filed under: News - @ September 2, 2024 1:27 pm