Post Toncoin plummets 17% post ATH! Will the TON price recover again? First appeared on Coinpedia Fintech News
A bearish trend continues to hover over the cryptocurrency industry as the market recorded a correction of 4.37% in the last 24 hours and top tokens recorded significant declines in their portfolios.
Additionally, the price of TON experienced a correction of approximately 12% during the same period, the largest decline among the top 10 cryptocurrencies by market capitalization.
Toncoin marks a bearish reversal after hitting a new ATH!
After showing a neutral trend for the first two months, trading in a closed range between $2.010 and $2.775, the TON price made several attempts to break out of the upper levels, but failed each time. This brought the altcoin closer to the support/resistance level of $2.775 for a short period of time.
As the market became more volatile, the bulls successfully broke through the resistance level and recorded an increase of around 197% over the next 30 days. Accordingly, the TON coin price reached a new all-time high (ATH) of $7.65 on April 11. Since then, prices have been met with mixed feelings.
Market sentiment on TON Crypto:
The technical indicator MACD shows a rising red histogram, indicating increasing selling pressure in the cryptocurrency industry. Moreover, the averages show bearish convergence, suggesting that negative price action in altcoins is likely in the future.
On the other hand, the Cross EMA 50/200 days shows a bullish tone, highlighting the mixed sentiment in the cryptocurrency space. This further indicates uncertainty about the future price action of this altcoin.
Is Toncoin a good buy?
If the market holds the price above the support level of $6.340, the bulls will regain momentum and test the resistance level of $7.275. Holding the price at this level will set the stage for TON price to surpass its previous ATH and attempt to test the highest resistance level of $8.00 in the future.
Conversely, if the bulls fail to regain momentum, the price will break the support level and move lower to test the lower level of $5.50. Moreover, if the bears continue to outweigh the bulls, the price could fall further and test the lower level of 4.425.