- Safepals’ statement of support for TON does not result in a persistent rise
- As of press time, TON faces resistance at $1.70.
- Bulls lose steam as bears retake control of the TON market.
After a brief bullish surge, bearish dominance has returned to the Toncoin (TON) market, as prices have fallen by 1.16% as of press time to a value of $1.73.
Bears are in charge of the market despite SafePal’s declaration of support for the TON blockchain and its native currency.
The market capitalization and 1-day trading volume declines of 0.20% to $2,112,097,366 and 7.93% to $5,703,498 are contributing to this bear run.
TON/USD 24 hour price chart (source: CoinMarketCap)
On the 4-hour price chart, Keltner Channels are contracting, with the upper band touching at 1.387337174 and the lower band touching at 1.613845549. This Keltner channel motion indicates a bearish trend of declining market volatility. This slide is accompanied by price fluctuations toward the bottom band.
On the TON trading graph, there has been a bearish crossover as the MACD recently crossed the signal line and is now pointing south with a reading of 0.021677018. This suggests that the bear’s hold on the TON price is becoming tighter.
As the Stoch RSI reads at the oversold level with a reading of 7,28, there is a hope for a bullish reversal to transpire. The indicator suggests that the market trend is likely to reverse at this level, as it is about to come to an end.
TON/USD 30 min price chart (Source: CoinMarketCap)
The Chaikin Money Flow (CMF) has reverted to the negative zone, endorsing the downward trend in TON prices, with a value of -0.07 and pointing south.
Additionally, with a value of -3.72, the rate of change is also heading downward, confirming the idea that the downturn will continue.
TON/USD 30 min price chart (Source: CoinMarketCap)
The current downward trend on the charts must be reversed by bulls holding the resistance level and driving prices higher.
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