Will Toncoin Break Below $6 or is a Surge Coming?
Toncoin is yet to register any notable price improvements in the last five days. The downtrend worsened during the current intraday session as the crypto market suffered massive losses. The global cryptocurrency market cap is down by almost 2%.
Toncoin’s trading volume increased by over 50% amidst the bear takeover. However, prices show that the bulk of the trading involved funds leaving the asset. The latest declines come roughly three days after the cryptocurrency reported a massive increase in active addresses.
The ecosystem also saw increased activities with more tokens being introduced to the market almost daily.
On July 15, TON peaked at $7.64 after it started trading at $7.42. The asset also closed at the high, sparking speculation of an attempt at $8. However, this did not play out as intended, as the cryptocurrency started a downtrend that saw it lose a huge chunk of its value.
Toncoin Lost 14%
Since the current price decline started, the altcoin has lost over 14%. One of the biggest happened on July 15 when it retraced from $7.63 to $7.26, losing almost 5%. it lost almost 3% the next as rebound was underway.
Following two days of small gains, it has failed to register any significant gains, losing over 10%. Will it continue with the losses?
Indicators are Still Bearish
A look at indicators suggests that the downtrend may continue. For example, all of the major trend and volume metrics are printing sell signals.
The post Will Toncoin Break Below $6 or is a Surge Coming? first appeared on Cointab.
