Toncoin Price fell 23%; Will TON crypto price breakdown $1.00?

• Toncoin Price fell 23% approx in the current month and attempts to break the crucial support.
• TON Price dropped below both the EMA and displayed a death crossover. 
• The pair of TON/BTC is trading at 0.00005312 with an intraday decline of -0.30%.

Toncoin Price fell 23% in the current month and sellers attempted to break down the crucial support of $1.00. However, the buyers defended $1.00 and closed the session by forming a long tail hammer candle. 

Toncoin Price faced rejection from $2.600 and slowly the prices reverted in downward direction. From, past few months TON Price consolidated in the range between $1.800 to $2.600. 

Buyers tried multiple times to expand the range upward but prices faced rejection. Slowly and steady prices declined and dropped below the 50 and 200 day EMA. It turned the positional as well as short term trend in the downward direction. 

In the beginning of June, TON price broke the lower range of consolidation and showed a sharp decline. However, the prices took support near to the demand zone and buyers came forward to absorb the recent selling.

Toncoin Price is trading at $1.401 with an intraday decline of 0.92%. The 24 hours volume to market cap is 0.09%. The TON/BTC pair is trading at 0.00005312 with an intraday decline of -0.30%. The correlation between TON and BTC is 0.31 which is quite low.

Will Toncoin Price recover or decline further?

Toncoin Price did not perform well in 2023 and disappointed the expectation of long term investors. It corrected 46% approx from the recent swing high and eroded the majority portion of its previous gains. 

Presently, the price is near to $1.00 which will act as a strong support in the coming months. Till TON Price holds and $1.00 the possibility of rebound is high. But trend reversal will be visible when buyers are able to regain the $2.00 mark. 

However, if the TON Price drops below $1.00 then more downside will open and bears will try to drag it down to multi-year low. The technical analysis suggest, Toncoin price is near to the demand zone and possibility of $1.00 breakdown remains low. 

Will the downfall TON crypto take halt near $1.00?

TON crypto price formed a mild bearish candle on the weekly time frame. The downfall seems to be taking halt and prices may enter consolidation for the base formation. If the overall crypto market recovers then it may positively impact the prices of Altcoins and vice versa. 

The MACD displayed a negative crossover but presently the curve is sloping sideways. It indicates responsive buyers are active at lower levels. The RSI at 26 denotes weakness but near to the oversold territory. Therefore, a short term pull back rally may arrive. 

Conclusion

Toncoin Price fell 23% in the current month which raised a concern for the long term investors. However, TON price took support near to the demand zone and downfall might take halt. 

The technical analysis suggest, Toncoin price is expected to enter consolidation and probability of $1.00 breakdown is low. 

Technical levels

Resistance levels: $1.800 and $2.00

Support levels: $1.00 and $0.800

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.