Toncoin Price Prediction: Is Ton Set for More Price Declines
A daily close above $7 would overturn the bearish outlook
#Toncoin reached an all-time high of $8.28 on June 15 before retreating.
Starting July, bulls attempted to breach the previous high but failed, leading to a drop to $6.50, aligning with the 50% Fibonacci retracement level.
#Toncoin has breached the ascending trendline and the daily support level at $7.00.
Following six consecutive red candles, $TON is forming a green candle today.
$TON price is attempting to validate a rebound from interim lows before testing monthly lows, suggesting a potential bullish scenario.
RSI is at 40 and trending downward, with the price below the 20, 50, and 100-day moving averages.
According to Coingabbar Prediction, If the bulls sustain above the current range, the price could reach double digits in the coming week.
If the bulls fail to cross the $7.00 resistance, Toncoin may fall towards support levels of $5.50 to $4.50.
KEY LEVELS :
RESISTANCE LEVEL : $7.70-$9.00
SUPPORT LEVEL : $6.00-$4.50
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
