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Toncoin acts as a native token for the TON ecosystem and has multiple use cases. The token is like other native tokens like Solana (Sol) and Ethereum ETH has performed well, seeing a significant price increase, especially with the launch of… Not a currency (Not recently.
Based on TON’s previous price movements, the token has successfully formed a double-top chart pattern, which is usually followed by a decline in price. With a 10% drop in trading volume in the past day to $152 million, TON price is indicating a downward trend.
In the last 24 hours, TON fell by about -0.39% with a market cap of about $15.52 billion and the price was traded around $6.44. TON is currently trading above the 1-day simple moving average (SMA), but on the 4-hour time frame, it is trading below the range.
Technical indicators indicate a continued downward trend for the ton
From the 4-hour time frame, the price increased Tons It is trading below the 100-day simple moving average, which is a clear signal that it may be ready for a downward move.
The 4-hour Moving Average Convergence Divergence (MACD) also indicates that TON may move lower as the MACD histograms are already trending below the MACD zero line. In addition, both the MACD signal line and the MACD line have crossed and are heading towards the MACD zero line, below which they are likely to move.
On the 1-day time frame, it can also be observed that the TON price is showing signs of a downtrend as it attempts to move towards the 100-day simple moving average.
Given that the MACD histograms are trending below the MACD zero line, the 1-day moving average convergence divergence indicates a potential downtrend ahead. Both the MACD line and the MACD signal line have crossed and are moving towards the zero line direction, as shown in the 4-hour time frame.
Critical points to determine the next step
From TON’s previous price action, it can be seen that it has managed to create some highs and lows, which are key points in determining its next destination.
There is currently one major resistance level at $7,677 and two major support levels at $4,688 and $3.34. If TON price continues to move lower and falls below the support level at the $4.688 mark, it may move further to test the $3.34 support level.
However, if it fails to break the $4,688 level, it will continue its upward trend towards the $7,677 resistance level. If the price breaks above this resistance level, it may move further to create a level New high.
Featured image from Pinterest, chart from Tradingview.com
