Hello, Traders and Investors!
Today, we're examining Toncoin (TON), which is anticipated to experience a price drop towards the 6.5 region. Let's explore the factors influencing this potential movement.
Price Action:
Toncoin is currently under pressure, with expectations of a drop towards the 6.5 region.
This anticipated decline is driven by various market factors, including an increase in the supply of Toncoin.
Technical Analysis:
Support Levels: The key support level to monitor is at 6.5. If Toncoin continues to drop, it could test this support soon.
Resistance Levels: On the upside, resistance is expected around 7.2. A break above this level could signal a potential recovery.
Moving Averages: Both the 50-day and 200-day moving averages are currently flat, indicating a lack of strong directional movement.
RSI (Relative Strength Index): The RSI is approaching the oversold territory, suggesting that we might see a rebound if buying pressure increases.
Market Sentiment:
The market sentiment for Toncoin has been affected by the excess supply in the market.
Telegram's ongoing 50% APY giveaway is contributing to the increase in Toncoin supply, putting downward pressure on the price.
Fundamental Analysis:
The excess Toncoin available due to Telegram's APY giveaway is a significant factor in the expected price drop.
Keep an eye on any news related to Telegram's distribution and other fundamental factors that could influence Toncoin's price.
Today, we're examining Toncoin (TON), which is anticipated to experience a price drop towards the 6.5 region. Let's explore the factors influencing this potential movement.
Price Action:
Toncoin is currently under pressure, with expectations of a drop towards the 6.5 region.
This anticipated decline is driven by various market factors, including an increase in the supply of Toncoin.
Technical Analysis:
Support Levels: The key support level to monitor is at 6.5. If Toncoin continues to drop, it could test this support soon.
Resistance Levels: On the upside, resistance is expected around 7.2. A break above this level could signal a potential recovery.
Moving Averages: Both the 50-day and 200-day moving averages are currently flat, indicating a lack of strong directional movement.
RSI (Relative Strength Index): The RSI is approaching the oversold territory, suggesting that we might see a rebound if buying pressure increases.
Market Sentiment:
The market sentiment for Toncoin has been affected by the excess supply in the market.
Telegram's ongoing 50% APY giveaway is contributing to the increase in Toncoin supply, putting downward pressure on the price.
Fundamental Analysis:
The excess Toncoin available due to Telegram's APY giveaway is a significant factor in the expected price drop.
Keep an eye on any news related to Telegram's distribution and other fundamental factors that could influence Toncoin's price.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.