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Toncoin Struggling to Break $6 Barrier Until End of October Due to Bearish Momentum
Oct. 04, 2024. 1 min. read.
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Toncoin struggles below $6 due to bearish signals from the Ichimoku Cloud and major investor sell-offs, with further declines likely unless key support at $5.37 is regained.
Toncoin (TON) has been struggling to maintain a steady upward trend after failing to secure $5.96 as a support level. The Telegram-linked cryptocurrency has since faced a price correction, raising concerns among investors about whether it can regain momentum and surpass $6 by the end of October.
The Ichimoku Cloud indicator, a widely respected technical analysis tool, is showing a strong bearish signal for Toncoin. Positioned above the candlesticks, this cloud formation suggests that bearish pressure may continue to weigh on the price, limiting any immediate recovery. The bearish outlook is expected to persist through the end of October, making it difficult for TON to make significant gains in the short term.
Adding to the concern is the behavior of Toncoin whales—large wallet holders who own at least 0.1% of the circulating supply. In the past 24 hours, these major investors have sold approximately 21.8 million TON, equivalent to $115 million. This selling activity represents the largest outflow in nearly six weeks, signaling growing uncertainty among the biggest investors about the coin’s near-term prospects.
Toncoin is currently trading at $5.29, below its critical support level of $5.37, after an 11.5% decline over the past week. If the selling pressure continues, the price could drop further, potentially reaching $4.86. This range, between $5.37 and $4.86, has acted as a consolidation zone in the past, meaning the coin could stagnate if it doesn’t regain support.
To reverse the current bearish trend, Toncoin would need to reclaim the $5.37 support level. Achieving this could provide the necessary momentum for the cryptocurrency to make another attempt at reaching $5.96, bringing it closer to the $6 target.
Source: Toncoin Likely Stuck Below $6 Until the End of October – Here’s Why
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