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Cryptocurrency News Articles
Toncoin [TON] Maintained Its Bearish Trajectory and Fell Below the $6 Level
Aug 05, 2024 at 08:00 am
With Bitcoin [BTC] struggling near the $60k mark, the crypto market does not have a bullish outlook in the short term.
![Toncoin [TON] Maintained Its Bearish Trajectory and Fell Below the $6 Level](/uploads/2024/08/05/cryptocurrencies-news/articles/toncoin-ton-maintained-bearish-trajectory-fell-level/image-1.jpg "Toncoin [TON] Maintained Its Bearish Trajectory and Fell Below the $6 Level")
Cryptocurrency prices have fallen sharply in recent months, and Toncoin [TON] is no exception. The token has fallen below the $6 mark, and technical indicators suggest strong selling pressure. However, Fibonacci retracement levels may provide some support for the bulls.
With Bitcoin [BTC] struggling near the $60k mark, the crypto market does not have a bullish outlook in the short term. A price bounce to hunt short liquidation levels might occur on Monday, and the downtrend might resume afterward.
The $5.8 and $5.36 levels under scrutiny
Source: TON/USDT on TradingView
The daily market structure was still bearish. There was a considerably large fair value gap around the $6.5 level. A price bounce to hunt liquidation levels could be rebuffed from this area.
The MACD has been trending downward throughout July and the CMF fell to a 4-month low. This showed extreme selling pressure and consistently bearish momentum for TON since the rejection at $7.7.
The 78.6% retracement level at $5.36 might be visited next week. Swing traders would be hopeful that the downtrend fades at that point and the market offers a buying opportunity.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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