Toncoin's price has decreased by 6% in the last month, currently hovering at $5.19. With diminishing buying interest, bearish tendencies have taken over, posing challenges to its recovery.
Technical indicators, like Toncoin's current positioning below its Ichimoku Cloud, highlight a downtrend and dominant bearish sentiment in the market. This could further dampen Toncoin’s price potential, suggesting further decline.
TON’s Aroon Up Line at 0% signals a lack of new highs in its price in the recent period, underscoring continued bearish sentiment. Buyers' momentum seems to have waned, as the absence of new peaks suggests reduced market strength.
The Elder-Ray Index adds to the negative outlook with a reading of -0.11. This indicator reflects the dominance of bears, confirming prevalent selling pressure.
Analysts predict a potential 15% drop if selling pressure intensifies. This would push Toncoin to around $4.45, aligning with its previous September low and identified major support level.
However, a rise in demand could reverse this prediction. If increased buying power allows Toncoin to exceed current resistance indicated by its Ichimoku Cloud, it may initiate a rally towards $7.46.
