Price Analysis: Toncoin (TON) Declines by 2.74% in the Last 24 Hours: Bearish Pressure Persists

Toncoin (TON) has shown limited upside potential over the past 24 hours as bearish momentum continues to influence price action. The chart reveals a series of rejections at key resistance levels, keeping the price trapped in a downward trajectory.

Price Action Overview

Over the past day, Toncoin opened at $5.2074 and managed to reach a high of $5.2178. However, it couldn’t sustain this upward movement. The price has since fallen back to $5.2024. This slight decline of 2.74% is part of a broader bearish trend that has persisted throughout the day.

Looking at the moving averages, it is clear that Toncoin is stuck below critical resistance levels. The 20-period EMA at $5.2161 and the 50-period EMA at $5.2757 are acting as barriers to upward momentum. For Toncoin to regain strength, it must break through these levels. The 200-period EMA at $5.5362 represents a longer-term challenge, reflecting the broader downtrend that Toncoin has been facing.

Bearish Momentum Dominates ASO Indicator

The Average Sentiment Oscillator (ASO) is currently showing a bearish crossover, with the red line at 53.5336 holding above the blue line at 46.4664. This crossover indicates that selling pressure is prevalent, and the market sentiment remains negative. The ASO’s current position suggests that any potential bullish reversal is unlikely in the near term unless buying pressure increases substantially.

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Outlook and Key Levels to Watch

Toncoin’s immediate resistance lies at $5.2178, followed by a more substantial barrier at $5.3515 (EMA 100). If Toncoin can overcome these hurdles, it may signal a potential shift in momentum. However, failure to break these levels will likely see the price retesting lower support at $5.1000 and possibly lower if selling pressure intensifies.

Toncoin remains in a bearish phase, with multiple indicators pointing toward continued downside pressure. The inability to break above key resistance levels coupled with bearish sentiment from the ASO indicates that further declines may be on the horizon. Traders should keep a close eye on the EMA levels and the ASO indicator for signs of any potential reversals.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.