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Following Pavel Durov’s arrest, Toncoin saw a significant 27% drop to $5.04. Although it has slightly recovered since then, the situation surrounding the Russian equivalent of Zuckerberg and ongoing investigation continues to be volatile for Toncoin. The analysis ahead discusses the key factors pointing towards a potentially unfavorable trend for Toncoin, regardless of the investigation’s final outcome.
Table of Contents
Toncoin slips below 50 and 200 MAs
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Additionally, Toncoin is encountering the possibility of what’s known as a “death cross,” where its 50-day moving average could dip beneath the 200-day moving average. This is typically a very bearish indication and has been followed by significant price drops in the past.
Bollinger Bands signal weakness for Toncoin
On a weekly basis, TON‘s current trade position is beneath the midpoint of the Bollinger Bands and close to the lower band. When a price falls below the middle band, it often implies that the asset isn’t meeting its recent average performance level. Additionally, being near the lower band suggests that the price might be approaching the lower end of its predicted range, which could indicate overbought conditions.
Stochastic RSI shows no relief for Toncoin
On Toncoin’s weekly chart, the Stochastic RSI currently resides in the oversold territory, falling below the 20 level. Essentially, the selling force has been overwhelming, almost depleting itself. Despite a recent bullish crossover hinting at a potential reversal, this signal turned out to be deceiving. Conversely, a bearish crossover has materialized, intensifying rather than lessening the downward trend. This suggests that Toncoin is still under heavy selling pressure and there’s scant evidence of an imminent rebound.
Toncoin’s MACD shows growing downward pressure
On Toncoin’s weekly chart, the Moving Average Convergence Divergence (MACD) has signaled a bearish trend. This shift was marked by a crossing of the MACD line below the signal line, which we call a “bearish crossover.” The increasing gap between these two lines, as shown by the broader histogram, suggests that the selling pressure is not only persistent but also growing stronger, indicating an intensifying downtrend.
Toncoin’s recovery unlikely as DMI stays bearish
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Closing thoughts
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2024-09-03 13:58