Toncoin (TON) Price Prediction: Death Cross Forms as Bears Regain Control
- DDDOriginal
- 2024-10-03 07:18:21326browse
On September 28, Toncoin (TON) price retested $6 for the first time in over a month. However, the altcoin could not hold on to the threshold for long as the price dropped to $5.40
Toncoin (TON) price experienced a brief recovery on September 28, attempting to reclaim the $6 threshold for the first time in over a month. However, the altcoin’s efforts were short-lived, as the price quickly dropped to $5.40.
Despite recent attempts to recover, TON’s price continues to encounter obstacles. Here are the crucial levels to keep an eye on as this analysis highlights why a further downturn is likely.
Toncoin Chart Forms Death Cross
A glance at the daily chart reveals that Toncoin’s price is striving to recoup some losses. However, the Exponential Moving Average (EMA) suggests that it could be an uphill battle.
The EMA is an indicator that gauges bullish or bearish trends by assessing the current price movement. When the EMA is positioned above the price, the trend is bearish. Conversely, if the price is above the EMA, the trend is bullish. With TON’s price at $5.40, the image below shows that the 20 EMA (blue) and 50 EMA (yellow) are above the Telegram-native coin price.
In particular, the 50 EMA had crossed above the 20 EMA, a position that is also known as a death cross, indicating that the trend around Toncoin is bearish, and the price may soon slip below $5.
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Following the recent decline, on-chain data revealed a surge in Toncoin’s realized losses. On Wednesday, holders incurred losses on 788,000 tokens.
When there is a high level of unrealized losses, it suggests that investors are losing confidence in a rebound. As a result, the lack of buying pressure could prevent the token from recovering its lost value. If this trend persists, TON’s price may continue to fall.
BeInCrypto’s TON Price Prediction: Bears Are In Control
Upon examining the daily chart, BeInCrypto observed that TON has fallen below the $5.41 support. This decline suggests that bulls may no longer be able to protect the token from slipping below $5.
Moreover, resistance at $5.68 could hinder a Toncoin rebound. Hence, the cryptocurrency’s likely next move is another decline. Considering the bearish technical setup, TON’s price may drop to $4.89.
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In a scenario of extreme bearishness, the altcoin could decline to $4.63. However, if bulls are able to propel the price above the $5.68 resistance, this prediction will be rendered invalid. Instead, Toncoin’s price may reach $6.69 and possibly $7.29 in a scenario of extreme bullishness.
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