Toncoin (TON) Struggles to Stay Afloat as $4 Target Looms 📉
Toncoin (TON) recently retested $6 but has since fallen to $5.40, marking a struggle to maintain its price above key levels. The altcoin's price chart reveals a bearish 'death cross,' suggesting further potential declines.
Despite attempts to recover, the Exponential Moving Average indicates bearish momentum as both the 20 EMA and 50 EMA stand above the Telegram-native coin's price. This signals a likelihood of the price dropping below $5 if the trend continues.
On-chain data shows rising realized losses, with investors losing confidence in a rebound. A lack of buying pressure might prolong the downward trend, exacerbating TON's challenges in regaining value.
Price predictions indicate bearish control, with recent movements falling below the $5.41 support. Resistance at $5.68 hinders potential rebounds, forecasting further declines to $4.89 or even $4.63, unless bulls manage to breach the resistance and push towards $6.69 and possibly $7.29.
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