Toncoin Plunges 17% Post ATH! Will TON Price Recover Again?

The bearish trend continues to hover over the cryptocurrency industry as the market has recorded a correction of 4.37% within the past 24 hours with top tokens recording significant drops in their respective portfolio.

Further, the TON price has experienced a correction of approximately 12% during the same time, making it the biggest loser among the top 10 cryptocurrencies by market capitalization.

Toncoin Displays Bearish Reversal After Hitting A New ATH!

After displaying a neutral trend by trading in a closed range between $2.010 and $2.775 for the first two months, the TON price made multiple attempts to break out of its upper level but repeatedly failed. This resulted in the altcoin hovering close to its support/resistance level of $2.775 for a short period.

TON Price Analysis — TradingView: TON/USDT

As the volatility in the market grew, the bulls successfully broke out of the resistance level and recorded a jump of approximately 197% over the next 30 days. Following this, the TON coin price achieved a new all-time high (ATH) of $7.65 on 11th April. Since then, the price has been displaying a mixed sentiment.

TON Crypto’s Market Sentiments:

The technical indicator, MACD, shows a rising red histogram, indicating increased selling pressure in the crypto industry. Moreover, the averages display a bearish convergence, suggesting a high possibility of negative price action for the altcoin in the coming time.

On the other hand, the Cross EMA 50/200-day displays a bullish sentiment, highlighting a mixed sentiment in the crypto space. This further indicated uncertainty in the future price action for this altcoin.

Also Check Out : Toncoin Enters the Top 10 Rankings, Surpassing Cardano & Dogecoin; Is XRP Next?

Is Toncoin A Good Buy?

If the market holds the price above the support level of $6.340, the bulls will regain momentum and test its resistance level of $7.275. Maintaining the price at that level will set the stage for the TON price to surpass its previous ATH and attempt to test its upper resistance level of $8.00 in the coming time.

Conversely, if the bulls fail to regain momentum, the price will break down its support level and fall to test its lower level of $5.50. Moreover, if the bears continue to overpower the bulls, the price may further plunge and test its lower level of 4.425.