As an experienced financial analyst, I’ve seen my fair share of market fluctuations and trends. Based on the current data presented by CoinStats regarding Toncoin (TON), it seems that bears have once again taken control of the price action. Over the last day, TON has experienced a significant drop of 11.46%.
Bears have seized the initiative again, according to CoinStats.
TON/USD
The price of Toncoin (TON) has dropped by 11.46% over the last day.
As I examine the hourly chart for TON‘s price action today, the downward trend appears ominous. Should the daily bar close near our current levels, there is a strong possibility that this bearish momentum could carry us towards the $6.80 zone in the near future.
Regarding the larger perspective, the TON price has hit the midpoint within its broad range. For present trading considerations, it’s essential to zero in on the pivotal zone at around $7.
If its breakout happens, one can expect a test of $6.50 within the next few days.
Looking ahead from the midpoint, bears are aiming to take control. If the weekly bar shuts without extended wicks, the downtrend could extend towards the $6 to $6.50 range in the near term.
TON is trading at $7.0418 at press time.
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2024-06-18 18:59