The post Toncoin to fall below $6? Why traders expect further losses appeared on BitcoinEthereumNews.com.

Toncoin volume indicators conflicted, but the higher timeframe trend remained bearish. The momentum and market sentiment recently signaled that further losses were likely. Toncoin [TON] was trending downward across multiple timeframes. Recent reports found that the bearish momentum was gaining strength, but the Futures market data had presented some hope. However, Bitcoin [BTC] faced bearish pressure after hopes of a bullish September were hurt. The market-wide sentiment saw TON fall out beneath the range it formed in early June. Prices are headed below the $6 level Source: TON/USDT on TradingView Since early June, Toncoin has traded within a range that reached from $6.74 to $8.27. Over the past week, the lows of this range were breached and converted to a resistance zone. On the back of this development, the OBV continued its downward slide. This was a strong sign that this wasn’t a deviation, but a continuation of the past month’s downtrend. The daily RSI was also bearish. The Fibonacci retracement levels outlined the next support levels at $6.21, $5.86, and $5.36. The failure to defend the range lows meant a move below $6 was likely in August. What will revive TON’s bearish bias? Source: Coinalyze The Open Interest has fallen from $257 million to $246 million in the past two days. This came alongside a Toncoin rejection at the $6.84 short-term resistance, an area that served as resistance since the 26th of July. Is your portfolio green? Check out the TON Profit Calculator So far, all the factors outlined a bearish future for TON. However, the spot CVD was moving higher at a surprising rate. Its findings opposed that of the OBV’s. This increased buying pressure over the past couple of days might not be enough to initiate a price recovery, but it could introduce a short-term move back…

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Filed under: News - @ August 4, 2024 1:20 am