Since the arrest of Pavel Durov, CEO of Telegram, the Toncoin price has dropped over 23% in valuation. This highlights rising uncertainty for the altcoin in the cryptocurrency market. Notably, Toncoin (TON) is the 10th most-valued project with a capital of $11.833 Billion.
With the ongoing allegations on Telegram and its CEO for multiple offenses, will Toncoin plunge toward its lower levels or reclaim $6 by month-end?
TON Coin Price Breaks Down Its Triangle Pattern!
The Toncoin price had formed a triangle pattern in the 1D time frame and had been trading within it since July. However, with the recent market turmoil, the altcoin broke down its support trendline with a plunge of 15.22% over the past week.
The EMA 50/200-day has recorded a steady decline in the Toncoin price chart. This indicates an increase in the selling pressure within the crypto space. Furthermore, the indicator displays a high possibility of a Death Cross, suggesting a negative outlook in the coming time.
Moreover, the RSI indicator has experienced a significant drop toward the oversold range and is on the verge of testing it. This suggests that the TON crypto price may continue losing value this week.
Does Toncoin Have A Future?
If a bullish reversal occurs, the TON price will prepare to test its resistance level of $5.155. Maintaining the price at that level could set the stage for the 10th largest cryptocurrency to head toward its upper resistance level of $6.415 in the coming time.
On the flip side, if the bears continue gaining momentum, the price of Toncoin will bleed toward its support level of $4. Further, if the bulls fail to regain momentum at that point, this altcoin will prepare to test its lower support level of $2.960.
Read our Toncoin (TON) Price Prediction for an overview of the long-term price targets!
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