Toncoin (TON) Price Plummets After Bears Defy To Surrender Control
May 15 2023 - 03:30PM
NEWSBTC
Recently, the price of Toncoin (TON) witnessed a rapid decline,
causing investors and traders to worry about the asset’s potential.
The bear’s refusal to surrender control can cause TON’s price to
drop, increasing the negative market sentiment around it. The
entire cryptocurrency ecosystem is always volatile and
unpredictable, with many price fluctuations based on various
factors. Toncoin (TON) Witnessed A Sharp Price Decline After a
slight bullish movement, a bearish momentum returned to the Toncoin
(TON) market as the price fell by approximately 15.182% to a value
of $2 on April 17, 2023. However, today the bulls are gaining
momentum in the market as the price of TON has increased by 5.88%
to $2.0 within the last 24 hours trading session. Related Reading:
Ripple CLO Exposes How SEC Ignores Law And Brags About It Notably,
the 24-hour trading volume is up 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 may still control the market for a longer
timeframe. According to the market sentiment indicator, the current
market sentiment is bearish, while the Fear and Greed index value
of 50, Neutral. Toncoin (TON) Price Analysis TON trades below its
200-Day and 50-Day Simple Moving Averages (SMA). This suggests the
market sentiment is bearish, keeping the selling pressure higher
than the buying pressure. It also indicates that the bears are
pushing the price to cause a potential downtrend in TON price
movement both in the long and short term. The Relative Strength
Index oscillator is currently showing 41.82, neutral. This
indicates the market is now in the neutral zone; no pressure from
any trend exists. Related Reading: Ripple CTO Labels BEN Coin As
Scam, Bitboy Reacts Lastly, the Moving Average Convergence
Divergence (MACD) indicates bearish price movement as it is below
the signal line. The massive pressure from the bears has caused the
histogram to be below zero, confirming the bearish momentum. TON is
trading between its primary support level of $1.768 and resistance
level of $2.099. The next significant support and resistance levels
are $1.284 and $2.379, respectively. Recent Development In The TON
Ecosystem Recently, TON published made a press release about the
TON Foundation’s approved grant recipients for Round 1 of 2023 Q2.
This development will bring significant value to TON by improving
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
will expose Toncoin (TON) to a larger audience through TON wallet
integration with KaiOS. All these events will increase demand
for TON, which may affect the price positively. Featured image from
Pixabay and chart from Tradingview
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024