Recently, the forecast for Toncoin (TON) took a downturn as its value saw a consistent decline following a pessimistic indication on its daily chart over the previous weekend. At present, the coin’s value sits at $5.51, marking a 6% decrease, which showcases the effect of adverse market sentiment.
Despite this downward trajectory, there has been a noticeable persistence among investors to acquire this cryptocurrency, possibly in anticipation of a market turnaround. This trend indicates a certain level of optimism within the investor community, notwithstanding the negative technical indicators. It’s uncertain if this influx of buying can counter the downward momentum and pivot the trend upwards.
The Ominous Death Cross Threatens Toncoin
An examination of Toncoin’s price trajectory on a daily chart by BeInCrypto unveiled a ‘death cross’ event on September 13. This daunting indicator often signals a bearish momentum, arising when the 50-day moving average slips below the 200-day moving average. This event transpired shortly after the cryptocurrency reached a weekly peak of $5.77, suggesting a shift towards a gloomier market view.
In spite of a recent dip in its price, the sentiment towards Toncoin remains hopeful for an upward shift. Surprisingly, the death cross event didn’t deter investors from accumulating more TON. This is evident from the upward trend of the Chaikin Money Flow (CMF) indicator, which currently stands at 0.05, indicating increased buying activity.
This suggests that the selling pressure might not be overwhelmingly strong, with TON purchasers actively absorbing sales which might lead to an imminent price recovery. This sentiment is further supported by the Moving Average Convergence/Divergence (MACD) indicator, a tool for gauging trend direction and potential reversals.
Currently, TON’s MACD line (blue) is above its signal line (orange) and is inching towards the zero threshold. This configuration denotes a robust buying presence and a sustained hopeful stance among TON traders, in spite of the recent drop in price.
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Predicted TON Price Adjustment: A 19% Decline if Current Trends Continue
Should the buying momentum for TON strengthen, it could negate the downward trajectory initiated by the death cross, potentially kickstarting a bullish phase. Such a shift could elevate TON’s price towards a resistance level at $6.82, hinting at a possible resurgence.
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However, should the buying interest wane, Toncoin’s bearish momentum may persist, potentially leading to a further 19% decline in price. This scenario could diminish TON’s value to $4.46, a new six-month low.
Disclaimer
This analytical article is presented for educational purposes only and should not be interpreted as financial or investment advice. BeInCrypto is dedicated to delivering factual, impartial content, though market elements can change rapidly. We advise personal research and consultation with a professional before making any financial choices. Note that our policies, including the Terms and Conditions, Privacy Policy, and Disclaimers, have been recently updated.
