As a seasoned analyst with years of market experience under my belt, I must admit that watching the cryptocurrency market can be a rollercoaster ride at times. Today, it seems we’re heading downhill again, with all the top 10 coins showing signs of bearish behavior.
In a recent update from CoinStats, it appears that buyers have been unable to sustain the market recovery, with all of the leading cryptocurrencies now showing negative growth.
TON/USD
The rate of Toncoin (TON) has increased by 1.17% since yesterday.
Even though TON‘s price has increased today, it appears to be heading downwards in the short term. If the current candle ends below the $4.723 mark, there’s a strong possibility that its decline will persist tomorrow.
On the daily time frame, bears have seized the initiative after yesterday’s bullish closure.
If the downward trend persists, there could be sufficient amassed energy for a breakthrough of the current support, potentially propelling the price towards the $4.20-$4.40 region.
Looking at the mid-term perspective, the price of TON is hovering close to its crucial level of approximately $4.721. Should the weekly closing price remain in this vicinity, we might expect a deeper correction towards the $4 region.
TON is trading at $4.756 at press time.
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2024-09-06 18:50