Toncoin (TON), with a market value of $13.14 billion, ranks high in the top 10 cryptocurrency list, undergoing a challenging period. Last week, TON’s price dropped by 10.23%, and the previous week by 16.26%. As Toncoin’s price accelerates its downward trend, it remains to be seen if buyers can maintain the $5 support level.
Toncoin’s Price Performance and Technical Outlook
Following Pavel Durov’s release on $5.56 million bail, Toncoin’s TON price continues to consolidate above the psychological $5 level. After a three-day 24% drop reaching the $5 level, TON indicates a breakout possibility with increasing volatility while trading sideways. The altcoin dropped by 4.43% on Sunday, causing significant variations in candlesticks, but the $5 support level still holds the price above this level, delaying the continuation of the downtrend.
The 4-hour chart shows a downward trend indicating a negative cycle within a horizontal range forming a triangle pattern. The descending triangle pattern signals a continuation of the downtrend in TON’s price movement.
RSI line’s bullish divergence suggests a potential reversal with sufficient momentum to break the general resistance line. On the other hand, the bearish impact on the altcoin caused a death cross with the intersection of the 50 and 200 EMA on the 4-hour chart.
On the daily chart, the 50-day and 200-day EMAs are on the verge of a death cross, indicating a potential reversal of the downtrend. Nevertheless, TON’s price remains highly sensitive to developments in the Durov case.
Can TON Find Support Below $5?
According to Fibonacci levels, the resistance levels ahead of TON correspond to 23.60% and 50% levels, around $5.80 and $6.59, respectively. Additionally, a potential breakout rally in TON’s price might face resistance at $5.55 at the 50 EMA. On the downside, the support levels below $5 are seen at $4.31 and $3.49, respectively.
