Toncoin (TON) has been under notable pressure lately, with its price dropping 12% over the last 30 days. This decline coincides with a shift in RSI to a neutral 44.50, reflecting reduced buying pressure and increasing uncertainty among traders.
The growing supply of Toncoin on exchanges, now at 1.7 million, further signifies potential selling pressure, as investors might be preparing to offload some of their holdings.
The EMA lines maintain a bearish configuration, though narrowing gaps suggest a weakening of this momentum and a potential shift towards bullish sentiment.
Key support lies at $4.56, with a potential further drop to $4.44 if this support doesn't hold. Conversely, overcoming resistance at $5.40 to $5.80 could pave the way for a rise toward $6.13, potentially driven by a surge in new users on the TON network.
