Toncoin Faces Downtrend as Price Falls Below $6

Toncoin (TON) has continued its downward trajectory, recently dropping below the $6 mark as previously anticipated.

Azcnews Toncoin Faces Downtrend As Price Falls Below $6

Technical indicators currently point to strong selling pressure. Although Fibonacci retracement levels could support a bullish recovery, the overall outlook remains cautious.

With Bitcoin (BTC) struggling around the $60,000 threshold, the general sentiment in the cryptocurrency market appears pessimistic in the short term. A potential price rebound to clear short-sell liquidations might occur, providing temporary relief before the downtrend resumes.

Key support levels to watch: $5.8 and $5.36

TON’s daily market structure remains bearish, with a significant value gap around $6.5. Any price recovery attempting to clear liquidation levels is likely to face rejection at this point. The downward movement of the MACD throughout July and the four-month low in the CMF indicate persistent selling pressure and bearish momentum since the rejection at $7.7. Consequently, trend-following traders are eyeing the 78.6% retracement level at $5.36, hoping the downtrend will fade, thereby creating a potential buying opportunity.

Ton Chart
Ton Chart

Despite the recent price decline, the average age of Toncoin (TON) continues to rise, indicating network-wide accumulation. However, the MVRV ratio has plummeted to levels not seen since early May, suggesting that short-term holders are experiencing significant losses, which could imply the coin is undervalued. Previously positive social sentiment has also decreased, raising doubts about the reliability of the $5.86 support level. Buying at the current level carries inherent risks due to prevailing market conditions.

In summary, Toncoin is facing substantial selling pressure, with key support levels at $5.8 and $5.36 being closely monitored. While the accumulation trend shows some investor confidence, the overall market sentiment remains pessimistic. Traders should exercise caution and consider the possibility of further price declines. As always, due diligence and market condition analysis are essential before making any investment decisions.

Love

0.0/5

Love

Latest

Pi Coin Price Plunges Amid Crypto Boom

News | Editor Choice | Pi Network

Pi Coin Price Plunges Amid Crypto Boom

While Bitcoin and many altcoins are soaring with double-digit gains, Pi Coin is being left behind. Its price has dropped more than 11% from this month’s peak, despite the broader crypto market rally. However, some technical indicators suggest a potential turnaround may be approaching.

Hbar Could Climb Another 27% As Mega Whales Step Up Accumulation

News | Altcoin | Editor Choice

HBAR Could Climb Another 27% as Mega Whales Step Up Accumulation

The bullish momentum from Bitcoin and Ethereum is spilling over into altcoins, and HBAR is standing out with strong signs of accumulation by major investors.

Impressive Figures Of Binance After 8 Years Of Operation

Policy & Regulations | Editor Choice

Impressive Figures of Binance After 8 Years of Operation

After 8 years of operation and contributing to the growth of crypto, Binance has consistently proven to be the leading exchange in the world across all aspects.

Top Countries With Cryptocurrency Tax Exemptions In 2025

Altcoin | Editor Choice

Top Countries with Cryptocurrency Tax Exemptions in 2025

Taxes are always a headache for traders. Below is a list of countries with the most favorable tax rates for investors and startups.

The Largest Web3 Event Ever Held In Turkey

News | Editor Choice | Policy & Regulations

Istanbul Blockchain Week 2025: The Largest Web3 Event Ever Held in Turkey

Istanbul Blockchain Week 2025 has set a new record, becoming the most spectacular edition in the event’s history. Taking place on June 26–27 at the Hilton Istanbul Bomonti Hotel, the two-day conference attracted thousands of global Web3 experts and investors to Türkiye’s economic hub.