The post Toncoin August 2024 Price Analysis: Rising Wedge Breakdown appeared on BitcoinEthereumNews.com.

Toncoin is undergoing intense selling pressure with technical confirmations. The coin is a good investment, backed by heavy whale activities and a thriving gaming ecosystem. After a historic move in June, when its price jumped by over 20%, Toncoin (TON) has recorded a series of drastic plunges in the past few weeks. In keeping with the bearish trends from July, when it fell 11.7% for the month, its showing thus far this month has shown no difference. Toncoin sensationally carved a seat for itself among the top 10 most capitalized assets. With massive whale and retail embrace, the coin has grown by 163% Year-to-Date (YTD). Despite its historically positive performance, TON is now at risk of an usual fall from grace. Toncoin Rising Wedge Pattern Breakdown A scary discovery becomes apparent when viewing the TON/USDT price chart. This is best showcased in the negative breakdown from a rising wedge pattern the coin has formed over the past few months. A rising wedge is a bearish pattern formed on a chart by two upward converging trend lines. While this pattern can mark the reversal or continuation of a trend, in the case of Toncoin, the excessive selloff is dragging the price down. At the time of writing, TON is changing hands for $6.133, down by 6.99% in the past 24 hours. In the trailing 7 day period, the coin has dropped by 8.95% with a 15.08% slump in the past 30 days.  This drop is rather surprising as the Toncoin ecosystem is growing quickly. One standout trend for Toncoin is its growing partnership in the Web3 world. As CNF noted in our earlier report, Toncoin inked a partnership with Trust Wallet, a trend that significantly boosted sentiments. While positive ecosystem updates are emerging daily on Toncoin, the correlation with Bitcoin is…

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Filed under: News - @ August 4, 2024 5:02 am