After the recent downward price movements, Toncoin’s (TON) faced strong selling pressure. The price of TON fell below its 20-day and 50-day EMAs. As the pressure from sellers continued to increase, the altcoin seemed to find support at the $6.5 level. If a close occurs below the mentioned support level, recovery for TON may take longer than expected. On the other hand, a close above the $7 level could be interpreted as a short-term upward movement. As of the time of writing, TON’s price was $6.63.
TON Price Outlook
In a long-term review, TON showed a trend rise in 2024. During the price rallies this year, TON remained above its 20-day and 50-day EMAs. On the other hand, the recent price changes indicated that bears became active again in TON, with red candles visible on daily charts.
After the ATH seen at $8.24 in the past, the pullback triggered a price movement that pulled the price below the short-term EMAs. On the other hand, looking at the price movements, a breakdown was observed in the descending triangle formation (below). As a result, TON lost its support level of $6.9-7.
If the immediate support level at $6.5 can be maintained, the price may test the support in the $6.9-7 region again. This resistance level will be very important for TON’s near future.
A close above the mentioned resistance could indicate that buyers have regained a short-term positive outlook in the market. Consequently, buyers may trigger a move towards the $7.6 resistance.
TON’s Future
The increase in TON’s trading volume and open positions, as well as the number of long positions taken on major exchanges, indicate a possible positive price movement. However, the 24-hour long/short ratio still leaning towards short positions shows that some investors are still focused on a potential pullback due to the existing negative outlook in the market.
Considering all these factors, it can be said that important support and resistance levels are crucial for TON. While the long/short outlook in the market is important for decision-making, it should not be forgotten that BTC’s price movement can also have a significant impact on TON’s price. Additionally, a price drop in TON could cause the altcoin to fall out of the top 10 in volume rankings.
