Toncoin Price Loses Below Crucial Structure Level: What’s Next?

• Toncoin price traded in green for 14 days in the last 30 days.
• The TON token price traded close to its cycle high.

Toncoin (TON) price has outperformed 83% of the top 100 crypto assets in the last 1 year. The Toncoin price was up 160% from the press time in the previous 1 year.

The TON crypto price traded flat over the previous 24 hours from the press time. This resulted in a market cap value of $11.89B, leading to a strong market presence. It was followed by a market cap dominance of 0.59%.

The token’s traded volume value declined 34% in the last 24 hours. That resulted in a traded value of $264.813M, leading to a volume/market cap ratio of 2.25%, showing lower liquidity in the token price. This might make buying or selling the token difficult in certain market conditions.

At press time, 6.972M addresses held TON crypto, and its most prominent holding address held 25.77% of the total supply. Additionally, the IntoTheBlock data showed that 25% of the token’s holders were in profit. Moreover, the large holders’ concentration in the token was 60%.

Where are Toncoin’s derivatives taking the price?

Toncoin’s trading volume has sharply declined 32% within the last 24 hours. It signaled a reduction in overall trading activity and traders’ interest in the token. This decrease reflects a shift in market sentiment, with fewer participants actively engaging in trades.

Despite the declining volume, the TON crypto’s open interest remained relatively stable. It registered a minor increase of 0.07% over the same period. This suggests that, while trading activity has slowed, consistent interest remains in maintaining positions.

Additionally, there was a noticeable imbalance in liquidations, with higher long liquidations recorded than shorts. Specifically, long liquidations amounted to $449.62K, slightly outpacing the $439.09K in short liquidations.

This indicates a dominance of bearish sentiment in the market, with longs being more heavily impacted during this period.

What do the Technicals say about TON crypto’s price direction?

The TON token has been trading within a wide and volatile range for an extended period. Over the past month, the Toncoin price has experienced a sharp decline of 40%, falling from a swing high of $8.14.

This downward movement has contributed to a dynamic trendline, indicating increasing selling pressure.

As the price continued to drop, sellers gained dominance, pushing the token further into bearish territory. The TON token eventually broke below a critical support level at $4.70, marking a significant break in the structure.

The break confirmed a bearish trend in the TON crypto. Additionally, this breach underscores the growing weakness of the token’s price action.

Have TON Token’s technical indicators lost below crucial levels?

While the 50-day and the 200-day EMAs traded in a golden cross, the Toncoin price slipped below the following EMAs. It showed higher possibilities of change in the token’s trend to bearish.

TON/USD Chart by TradingView

The MACD and the signal line also traded in a death cross. Also, the following metrics were sustained in the negative trajectory in the TON crypto chart.

The RSI also exhibited weakness in the token price as the RSI traded at the level of 30.9 at press time. Additionally, the RSI had declined below the 14-day SMA and sustained below the same.

The Toncoin price might take support at $2.0 and $3.30, followed by the resistance levels of $7.0 and $8.30.

Disclaimer

This article is for informational purposes only and does not provide any 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.