As a researcher with extensive experience in cryptocurrency markets, I have closely monitored the recent price fluctuations of various coins, including Toncoin (TON). Based on the current market situation and technical analysis, I believe that TON is showing signs of weakness. The coin has dropped by 0.3% over the last day and is currently near the support level of $6.20 on the hourly chart.
According to CoinStats, the cryptocurrency market is currently exhibiting lateral movement. Some coin prices are climbing upward, whereas others are descending.
TON/USD
The price of Toncoin (TON) has dropped by 0.3% over the last day.
On the hourly chart, the rate of TON is near the support level of $6.20.
If potential buyers don’t have the opportunity to act before the end of the day, the built-up momentum could lead to a significant price surge toward the $6 to $6.10 range.
Daily chart indicates a return to the $6.2063 support level for the price. A potential breakout could lead to further drops towards $5.8 to $6 by the month’s end.
Looking at the mid-term perspective, it’s important to keep an eye on the significant range around $6. A further decline could potentially lead us to revisit the price level of $5.50.
TON is trading at $6.34 at press time.
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2024-05-23 19:22