Recently, the price of Toncoin (TON) witnessed a rapid decline, causing investors and traders to worry about the asset’s potential. The bear’s refusal to surrender control can cause TON’s price to drop, increasing the negative market sentiment around it.
The entire cryptocurrency ecosystem is always volatile and unpredictable, with many price fluctuations based on various factors.
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Toncoin (TON) Witnessed A Sharp Price Decline
After a slight bullish movement, a bearish momentum returned to the Toncoin (TON) market as the price fell by approximately 15.182% to a value of $2 on April 17, 2023.
However, today the bulls are gaining momentum in the market as the price of TON has increased by 5.88% to $2.0 within the last 24 hours trading session.
Notably, the 24-hour trading volume is up today by 22.76%, reaching $16 million. This indicates significant buying and selling activities, which may increase price volatility. Despite the recent pressure from the bulls, the bears may still control the market for a longer timeframe.
According to the market sentiment indicator, the current market sentiment is bearish, while the Fear and Greed index value of 50, Neutral.
Toncoin (TON) Price Analysis
TON trades below its 200-Day and 50-Day Simple Moving Averages (SMA). This suggests the market sentiment is bearish, keeping the selling pressure higher than the buying pressure.
It also indicates that the bears are pushing the price to cause a potential downtrend in TON price movement both in the long and short term.
The Relative Strength Index oscillator is currently showing 41.82, neutral. This indicates the market is now in the neutral zone; no pressure from any trend exists.
Lastly, the Moving Average Convergence Divergence (MACD) indicates bearish price movement as it is below the signal line. The massive pressure from the bears has caused the histogram to be below zero, confirming the bearish momentum.
TON is trading between its primary support level of $1.768 and resistance level of $2.099. The next significant support and resistance levels are $1.284 and $2.379, respectively.
Recent Development In The TON Ecosystem
Recently, TON published made a press release about the TON Foundation’s approved grant recipients for Round 1 of 2023 Q2.
This development will bring significant value to TON by improving the visibility of TON-based applications, enabling o-chain lending, and providing on-chain contract management.
The project will also introduce new user-friendly utilities for TON core services and will expose Toncoin (TON) to a larger audience through TON wallet integration with KaiOS. All these events will increase demand for TON, which may affect the price positively.
Featured image from Pixabay and chart from Tradingview