Toncoin Price Faces Major Plunge! TON Price To Hit $5?

The post Toncoin Price Faces Major Plunge! TON Price To Hit $5? appeared first on Coinpedia Fintech News

Despite increased bullish sentiment in the crypto market, the Toncoin price has experienced a significant drop in its valuation over the past week. The prime reason for this is considered to be the arrest of Telegram’s CEO Pavel Durov.

With questions like “How low will Toncoin price go?” and “Will TON price rise back up?’ on a constant rise. Dive in as, in this article, we have covered the market sentiments, price analysis, and possible short-term price targets of the Toncoin (TON) crypto token.

TON Crypto Price Fails To Break Its Resistance Trendline:

The Toncoin price formed a symmetric triangle pattern in the 1D time frame and has continued to trade within it since mid-July. This indicates a weak bullish sentiment for the altcoin in the crypto space.

In spite of recording a jump of approximately 1% in the past day, the Toncoin price has plunged 16.33% over the past week and 17.26% over the past 30 days. However, the altcoin has managed to hold its position as the 10th largest cryptocurrency with a market cap of $14.29 Billion.

Toncoin Market Sentiments

The SMA indicator has recorded a bearish convergence in the 1D time frame. This indicates an increase in the selling pressure.

Further, the RSI has failed to hold its value above the mid-point. On the other hand, its average trendline displays a bearish action in its price chart. This suggests that the altcoin will continue trading under a bearish sentiment.

Will TON Price Reclaim $6.5?

If a bullish reversal occurs, the Toncoin price will head toward its resistance level of $6.415. Further, if the market continues to gain momentum, the altcoin will prepare to test its upper resistance level of $7.680 in the coming time.

Conversely, if the bears continue to dominate the crypto market, the TON price will plunge toward its low of $5.155 this month.