TON Price Reverting From All-Time High: Will Defend 200-Day EMA?

• The Toncoin price has been struggling between the 20-day and 200-day EMA.
• TON crypto price has gained 180 YTD, indicating buying momentum.

The TON price has witnessed strong buying pressure throughout this year and reached an all-time high of $7.67 on April 11, 2024. In April, the price reached an all-time high but couldn’t hold, and selling pressure was seen. 

Toncoin price lost around 40% in the 19 days after its first attempt at ATH. In mid-May, the price endeavored again to sustain the $7 hurdle, but sellers are again dominating. 

The RSI is 54, generating a death crossover between the RSI and the RSI-based moving average. The TON price has been sustaining over the 20-day EAM but has returned to the EMA.

At press time, the Toncoin price traded at $6.43, which has lost 2.60% in the past 24 hours. The market capitalization is $22.27 Billion, and the 24-hour trading volume is $319.69 Million. The circulating supply is 3,474,242,873 TON, and the total is 5,106,728,017 TON.

Toncoin Price Formed a Double-Top Pattern: Bears Ready to Dominate?

During the daily time frame, the TON crypto price formed a double-top pattern. The digital asset price has approached an all-time high twice, but sellers seem weak. It has dropped to the 20-day EMA.

Suppose the Toncoin price slips below the 20-day EMA, then the price may melt to the major support level of $4.80. Strong selling pressure can be expected if the TON price starts trading below the neckline of $4.80.

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On the other hand, if the TON price takes support on the 20-day EMA and gains buying momentum, it may approach an all-time high. If the trading volume supports the buying momentum, then a bullish trend for a longer time can be expected.

Trading Volume Dumped by 60%: What’s Next?

In the past few hours, the Toncoin crypto trading volume has decreased by 60%, and the price has also been negatively affected. The trading volume surged 500% in a week but couldn’t hold. Trading volume is not holding, which is not a good sign for buyers.

Price vs. Development Activity Analysis

In a broader frame, the Toncoin price has remained in an uptrend, but development activity has not increased. Moreover, for the past 4 days, development activity has occurred in the Toncoin crypto, but the price is showing bearish momentum. According to this data, investors should wait for their next move.

Conclusion

Since 2023, the TON price has been in a strong bullish trend and reached an all-time high. The Toncoin price has formed a double-top pattern at the high, indicating a bearish forecast. The trading volume has dropped by 60% in the past few hours, which is a bearish sign. Most of the technical indicators and santiment metrics favor negative forecasts in the short term.

Technical Levels

According to the technical chart, the Toncoin price would face resistance from $7.50 because it is a major resistance level, and another resistance level would be $8.50. The TON price may take support on the $4.80 and $3.50 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.