GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Toncoin (TON) Forms Double Top Pattern, Bearish Or Bullish?

Toncoin serves as the native token of the TON ecosystem and has multiple use cases. The token like other native tokens such as Solana (SOL) and Ethereum (ETH) has been doing well, as it experienced a notable price rise, especially with the launch of Notcoin (NOT) recently. 

Based on TON’s past price movements, the token has successfully formed a Double-Top chart pattern, which is typically followed by a price decline. With a 10% decrease in the past day’s trading volume to $152 million the price of TON is indicating a bearish trend.

In the last 24 hours, TON was around -0.39% down with a market capitalization of about $15,52 billion and the price was trading around $6.44. TON, at the moment, is trading above the 1-day Simple Moving Average (SMA), but in the 4-hour time frame, it is trading below the range.

Technical Indicators Point Toward Sustained Downtrend For TON

From the 4-hour time frame, the price of TON is trading below the 100-day simple moving average, which is a clear sign that it might be poised for a bearish movement.

TON

The 4-hour Moving Average Convergence Divergence (MACD) also signals that TON might move bearishly as the MACD histograms are already trending below the MACD zero line. In addition, both the MACD signal line and the MACD line have crossed and are heading towards the MACD zero line of which there is a possibility they might move below it.

On the 1-day time frame,  it can also be observed that the price TON is showing signs of going bearish as it is attempting to move toward the 100-day SMA.

TON

Given that the MACD histograms are trending below the MACD zero line, the 1-day Moving Average Convergence Divergence suggests a possible bearish trend ahead. Both the MACD line and the MACD signal line have crossed and are moving towards the direction of the zero line, as seen in the 4-hour timeframe.

Crucial Points To Determine Next Move

From TON’s previous price action, it can be observed that it has managed to create some highs and lows, which are key points in determining its next destination. 

Currently, there is one major resistance level of $7.677 and two major support levels of $4.688 and $3.34. If the price TON continues to move downward and breaks below the support level at the $4.688 mark, it might move even further to test the $3.34 support level.

However, if it fails to break below the $4.688 level, it will continue in its upward trend toward the $7.677 resistance level. Should the price break above this resistance level, it might move even further to create a new high.

TON

Latest Press

post-thumbnail
News
38 mins ago
Ripple Backs Terraform Against SEC’s $4.47B Penalty
Ripple supports Terraform Labs, calling the SEC’s $4.47 billion penalty unreasonable. Terraform La...
READ MORE
post-thumbnail
News
38 mins ago
VeChain’s Q1 2024 Treasury Report: $550M+ Bitcoin, VET and ETH Balance Revealed
VeChain reports a strong financial position with a total value of $550,972,484.57. The approval of t...
READ MORE
post-thumbnail
News
38 mins ago
BREAKING: IOTA’s Web3 ID Solution Selected for European Sandbox Initiative
IOTA’s Web3 ID Solution has been selected for the prestigious European Blockchain Sandbox. This in...
READ MORE
post-thumbnail
News
38 mins ago
Rollblock (RBLK) Set to Surge: Solana (SOL) and Ethereum (ETH) Investors Eye 30x Returns
The post Rollblock (RBLK) Set to Surge: Solana (SOL) and Ethereum (ETH) Investors Eye 30x Returns ap...
READ MORE
post-thumbnail
News
38 mins ago
Charles Hoskinson Answers if Cardano Is a Dead Ecosystem; Takes Jibe at Arthur Hayes and Raoul Pal
The post Charles Hoskinson Answers if Cardano Is a Dead Ecosystem; Takes Jibe at Arthur Hayes and Ra...
READ MORE
post-thumbnail
News
38 mins ago
Toncoin Breakout Rally Eyes $10 Next Week
The post Toncoin Breakout Rally Eyes $10 Next Week appeared first on Coinpedia Fintech News Despite ...
READ MORE
post-thumbnail
News
38 mins ago
Will Book Of MEME (BOME) Be The Top Meme Coin Next Week?
The post Will Book Of MEME (BOME) Be The Top Meme Coin Next Week? appeared first on Coinpedia Fintec...
READ MORE
post-thumbnail
News
39 mins ago
Historical Trends Suggest Altcoins Will Peak in October 2025, 546 Days Post-halving
The post Historical Trends Suggest Altcoins Will Peak in October 2025, 546 Days Post-halving appeare...
READ MORE
post-thumbnail
News
39 mins ago
Altcoins Display Strength UNI Price Eyes 15% Rise While TON Price Marks New High
The post Altcoins Display Strength UNI Price Eyes 15% Rise While TON Price Marks New High appeared f...
READ MORE
post-thumbnail
News
39 mins ago
Ripple vs SEC Lawsuit: Can $2B Fine Be Reduced? Will Terraform Labs Settlement Influence Outcome?
The post Ripple vs SEC Lawsuit: Can $2B Fine Be Reduced? Will Terraform Labs Settlement Influence Ou...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started