- TON had the highest decline among the top 20 assets.
It has seen an over 1% increase in the last 24 hours.
As a seasoned crypto investor with battle scars from countless market fluctuations, I’ve learned to stay nimble and adaptive when navigating the ever-changing cryptosphere. The recent performance of Toncoin [TON] has been a rollercoaster ride, with a 1% increase in the last 24 hours offering a brief respite after days of steep declines.
In the past day, Toncoin (TON) has shown a modest uptick after a series of substantial drops. However, the general outlook remains pessimistic, and there’s a possible warning sign of an impending ‘death cross.’
If Toncoin manages to maintain its position above significant support levels, it might witness a shift from the current declining pattern to an uptrend instead.
Toncoin remains trapped in bear trend
Since hitting approximately $6.00 in late July, Toncoin’s price has been gradually decreasing. Currently, it stands at roughly $4.72, exhibiting a minor uptick of about 1.09%.
Additionally, the cost currently falls beneath both the 50-day moving average (represented by the yellow line) and the 200-day moving average (denoted by the blue line). These averages act as potential resistance points at approximately $6.074 and $5.907 respectively, suggesting a short-term bearish trend and a long-term bearish trend.
Furthermore, the graph indicates that a ‘death cross’ is approaching, where the yellow line falls below the blue line. This signals a potential increase in negativity for TON.
presently, the Relative Strength Index (RSI) stands at 33.77, indicating it’s in the oversold territory. This typically means the asset’s price has been decreasing significantly and could potentially experience a turnaround or a short-term recovery.
To signal a change in direction, the price should surpass both the 50-day and 200-day moving averages. This would approximately happen when the price goes above $6.074 (for the 50-day) and $5.907 (for the 200-day).
Toncoin remains out of top ten
An analysis of data from CoinMarketCap shows that Toncoin (TON) has struggled to reclaim its spot among the top ten cryptocurrency assets.
Approximately $11.9 billion is the total value of TON, but it’s still around $200 million shy of overtaking Cardano (ADA) in market cap, which presently occupies the tenth spot.
To add, over the past week, Tron (TON) has seen the most substantial decrease among the leading 20 assets, falling more than 11%. This steep drop has made it even harder for TON to catch up with Cardano and reclaim a spot in the top ten.
TON traders show slight positive moves
An analysis of Toncoin’s funding rate on Coinglass reveals that market activity has recently been relatively low. Despite the overall inactivity, the observed trends have been predominantly negative.
On the other hand, there’s been a minor uptick lately, as the funding rate has gone up to about 0.0073%.
This modest increase indicates a temporary positive outlook towards Toncoin, although the broader market feeling about it is still tentative. The upsurge in the financing cost might be signaling a growth in long-term investments.
Maintaining a strong positive trend demands a greater and ongoing increase in action and optimism to offset the adverse patterns that have been observed lately.
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2024-09-09 06:15