Toncoin In Bears Hold; Will TON Break Below $5 Mark?

Bears Haunting Toncoin; Pulling the TON Price Down

The cryptocurrency market has recently experienced a significant downturn, leading to a sharp decline in the prices of most digital currencies. Toncoin (TON) has been particularly affected, grappling with a persistent bearish trend following the arrest and later release of Telegram CEO Pavel Durov. Despite these challenges, Toncoin is making efforts to recover, as investor sentiment seems to be turning optimistic once again.

Source: Defillama

Toncoin's Total Value Locked (TVL) witnessed a significant decline in recent months. At the start of July 2024, Toncoin’s TVL was at a peak of $776.6 million, and INJ’s worth was $8.00. However, when this article was written, its TVL had declined to $344.52 million, with TON's price at $5.21.

Toncoin On The Technical Chart

TON crypto price has been in a downtrend since july 2024, and in a bearish trend till then, trading below the key exponential moving averages. Recently its price bounced back from a key support level of $5.00 but failed to surpass the major EMA level suggesting weakness on the technical chart.

At the time of writing TON was trading at the level of $5.21 with a minor intraday gain of 0.45% with a 24-hour trading volume of 197.75 Million. At press time its market cap stands at 13.17 Billion with a circulating supply of 2.53 Billion.

Year to date TON was surged by almost 120.92% showcasing a prolonged bullish trend that took a break recently. Moreover, It was down by almost 23.32% in the last 3 months and 10% last week indicating bear dominance.

According to a technical summary of Trading-view out of 26 indicators, 17 are indicating a sell signal, 8 are neutral and 1 on the buy-side suggesting bearish sentiment in TON price.

However, recent developments in  Toncoin and the success of its ecosystem coins like Notcoin, Dogs and others hint at a potential bounce back for the Toncoin price. If TON price rebounds it may reach the $10 mark shortly.

Conclusion

Toncoin (TON) has faced significant challenges recently, with its Total Value Locked (TVL) and price experiencing notable declines. Despite a prolonged bullish trend earlier in the year, TON has struggled with bearish sentiment, as indicated by technical analysis. However, recent developments and the success of related ecosystem coins suggest a potential recovery, with the possibility of TON rebounding to the $10 mark in the near future.

Also Read: Toncoin Faces Volatility Amid Recent Outages and Market Shifts