Can Toncoin (TON) Recover or Is a Bigger Decline Coming After a 9% Slip?

• A 9% drop has pushed Toncoin to $3.03.  
• TON’s daily trading volume has jumped by 28%.

The crypto market continues its wild swings, with Bitcoin sliding to the $83.8K mark and Ethereum touching the $2.1K mark. Meanwhile, Toncoin (TON) has taken a hit, tumbling by over 9.58%. 

The crucial levels of Toncoin have been retested to confirm the bearish control. TON opened the day trading in the $3.38 range. With the emergence of bears, the asset has bottomed toward $2.83.

At the time of writing, Toncoin traded within the $3.03 range, with its market cap reaching $7.52 billion. In addition, the daily trading volume of the asset is resting at $265 million. 

TON has lost over 12% in the last seven days. It opened the week trading at a high of $3.61, and with the bears steering the market, the asset has initiated a decline to the current trading range. 

Will TON Break Out of Its Bearish Grip?

TON’s steady bearish pressure has provoked it to plunge below the crucial support zone at $2.87. Assuming the asset’s prolonged loss, the Toncoin price could steeply lose footing and reach the unscheduled $2.74 mark. 

If the trend takes a turn, the asset price might straight away mount and test the $3.14 resistance. The protracted bullish momentum of Toncoin could likely trigger a golden cross, opening the door for a rally toward $4. 

The Moving Average Convergence Divergence (MACD) line and signal line stationed below the zero line indicate a bearish crossover. TON’s momentum is weak and it may remain under selling pressure in the market. 

Besides, the Chaikin Money Flow (CMF) indicator found at -0.10 implies that the capital is flowing out of the asset with weak buying pressure. Meanwhile, Toncoin’s daily trading volume has increased by over 28.80%.

Moreover, TON’s Bull Bear Power (BBP) value staying at -0.287 suggests that bears have control over the market, with selling pressure outweighing buying momentum. The daily relative strength index (RSI) at 36.82 infers that the asset is approaching oversold territory.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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