Toncoin (TON) has skilled a destructive worth decline, leading to a bearish sentiment amongst traders of the altcoin. TON has been exhibiting a bearish power on a month-to-month timeframe, primarily based on knowledge from CoinMarketCap.
Throughout the final 30-Day buying and selling session, the asset is down by 15,67%, indicating a excessive bearish power with low shopping for strain.
As of the time of writing, the asset is experiencing a decline in worth, because it’s down right now by 2.76%. This downward pattern has resulted within the asset, TON, reaching a low level of $1.91.
The lower in worth displays a brief setback available in the market, indicating a lower in investor confidence. It additionally detects a shift within the provide and demand dynamics surrounding the asset.
Toncoin (TON) Bears Maintained Their Positions
Toncoin (TON) witnessed a pointy worth decline on Might 23, from $2.03 to its present value of $1.89. This worth decline represents a lack of 6.89%.
This decline displays the dominance of bearish sentiment available in the market, which exhibits a scarcity of investor confidence and a shift within the provide and demand dynamics.
In line with the market sentiment indicator, the present market sentiment is bearish, whereas the Worry & Greed index worth is a impartial 49. Notably, a Worry & Greed index worth beneath 50 factors to a rise in bearish momentum.
Conversely, an vital resistance degree is famous at $2.080, representing a major hurdle for potential upward motion.
Toncoin trades beneath the 50-day and 200-day Easy Transferring Common (SMA). The SMAs fashioned a Dying Cross within the TON market on Might 21, 2023.
This confirms the bearish sentiment current available in the market, indicating a possible promote sign and additional worth decline.
The Relative Power Index (RSI) momentum oscillator worth is 40.98 and factors downwards. RSI is a well-liked indicator displaying whether or not a cryptocurrency is oversold or overbought.
If TON RSI drops beneath 30, it could ignite excessive promoting strain and additional worth decline.
TON Demand Index and Bollinger Bands Indicators Bearish Actions
The TON/USDT buying and selling pair demand index is at -0.449, suggesting comparatively weak demand for the asset available in the market.
Word {that a} demand index beneath zero is mostly thought of a scarcity of shopping for strain. It additionally signifies that the promoting strain outweighs the shopping for curiosity.
As well as, the asset is heading towards the decrease a part of the Bollinger Bands indicator. This implies a rise in promoting strain and excessive bearish momentum.
Featured picture from Pixabay and chart from Tradingview.com
