Toncoin

<ul><li>Toncoin faces bearish pressure, likely dropping below $6 as market sentiment remains negative.</li><li>Open Interest decline and range breach signal continued downtrend for Toncoin in August.</li><li>Increased buying pressure may lead to a short-term bounce, but bearish trend dominates TON.</li></ul><a href="https://cryptotale.org/bitcoin-dips-below-65k-ethereum-dogecoin-and-toncoin-decline/" rel="noopener noreferrer nofollow">Toncoin</a> (TON) is experiencing increasing bearish pressure. The cryptocurrency has been trending downward across multiple timeframes. Recent data suggests that further losses are likely. Over the past two days, the spot market activity hinted at a short-term bounce to $6.8. However, this optimistic outlook is clouded by conflicting volume indicators and an overall bearish trend on higher timeframes.The market sentiment for Toncoin remains bearish. <a href="https://cryptotale.org/bitcoin-witnesses-mvrv-lows-3rd-time-in-the-past-30-days/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) also faced bearish pressure, disrupting hopes for a bullish September. This market-wide sentiment contributed to TON falling below the range it had established in early June. Since then, Toncoin has traded within a range from $6.74 to $8.27. Last week, the price breached the lows of this range and turned it into a resistance zone.The On-Balance Volume (OBV) indicator continued its downward slide. This signals that the recent price movement is a continuation of the past month&#39;s downtrend rather than a temporary deviation. The daily Relative Strength Index (RSI) is also bearish. The Fibonacci retracement levels show the next support levels at $6.21, $5.86, and $5.36. Failing to defend the range lows indicates that a move below $6 is likely in August.<a href="https://cryptotale.org/toncoin-faces-buying-pressure-eyes-potential-drop-below-6/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Toncoin Faces Buying Pressure, Eyes Potential Drop Below $6

CryptoTale

Other articles published on Aug 5, 2024

Will Filecoin Price Hold $3 Support Ahead of the Waffle Upgrade?

Vitalik Buterin Raises Concerns About AI and Safety

Why VPS AI is a Name to Watch in the World’s Best Crypto Presales ? – Learn More About Emerging P...

OKX's Venture Arm and Aptos Foundation Announce $10M Fund to Boost Aptos Ecosystem

Cardano’s Downward Spiral: Analyzing the Storm of Bearish Indicators

Global Market Crash: Robinhood Halts Trading For 24 Hours!

Join our free newsletter for daily crypto updates!