Toncoin [TON] Maintained Its Bearish Trajectory and Fell Below the $6 Level

With Bitcoin [BTC] struggling near the $60k mark, the crypto market does not have a bullish outlook in the short term.

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.