Recently, the price of Toncoin (TON) witnessed a sharp decline, causing investors and traders to worry about the potential of the asset. The bear’s refusal to surrender control may cause the price of TON to drop, adding to the negative market sentiment around it.
The entire cryptocurrency ecosystem is always volatile and unpredictable, with large price fluctuations based on various factors.
Toncoin (TON) Has Witnessed A Sharp Price Decline
After a small bullish move, a bearish momentum returned to the Toncoin (TON) market as the price fell by approximately 15.182% to a amount of $2 on April 17, 2023.
However, today the bulls are gaining strength in the market as the the price of TON increased by 5.88% to $2.0 during the last 24 hour trading session.
Notably, the 24-hour trading volume increased today by 22.76%, reaching $16 million. This indicates significant buying and selling activities, which may increase price volatility. Despite the recent pressure from the bulls, the bears can still control the market in the longer timeframe.
According to the market sentiment indicator, the current market sentiment is bearish, while the The fear and anxiety index value of 50, Neutral.
Toncoin (TON) Price Analysis.
TON trades under its 200-Day and 50-Day Simple Moving Average (SMA). This suggests that market sentiment is bearish, keeping selling pressure higher than buying pressure.
It also shows that the bears are pushing the price to cause a potential downtrend in the price movement of TON in the long and short term.
the Relative Strength Index The oscillator now shows 41.82, neutral. This indicates that the market is now in the neutral zone; no pressure from any trend exists.
Finally, the Moving Average Convergence Divergence (MACD) shows bearish price action as it is below the signal line. The huge pressure from the bears made the histogram below zero, confirming the bearish momentum.
TON is trading between its key support level of $1.768 and resistance level of $2.099. The next important support and resistance levels are $1.284 and $2.379, respectively.
Recent Developments In The TON Ecosystem
Recently, TON published made a press release about the approved grant recipients of the TON Foundation for Round 1 in 2023 Q2.
This development will bring significant value to TON by increasing the visibility of TON-based applications, enabling o-chain lending, and providing on-chain contract management.
The project will also introduce new user-friendly utilities for TON core services and expose Toncoin (TON) to a wider audience through TON wallet integration with KaiOS. All these events will increase the demand for TON, which can affect the price positively.
Featured image from Pixabay and chart from Tradingview