![Toncoin Faces Buying Pressure, Eyes Potential Drop Below $6](https://cryptotale.org/wp-content/uploads/2024/08/CT_Jonathan_28-Jun-2024_4014.jpg)
Toncoin (TON) is experiencing increasing bearish pressure. The cryptocurrency has been trending downward across multiple timeframes. Recent data suggests that further losses are likely. Over the past two days, the spot market activity hinted at a short-term bounce to $6.8. However, this optimistic outlook is clouded by conflicting volume indicators and an overall bearish trend on higher timeframes.
The market sentiment for Toncoin remains bearish. Bitcoin (BTC) also faced bearish pressure, disrupting hopes for a bullish September. This market-wide sentiment contributed to TON falling below the range it had established in early June. Since then, Toncoin has traded within a range from $6.74 to $8.27. Last week, the price breached the lows of this range and turned it into a resistance zone.
The On-Balance Volume (OBV) indicator continued its downward slide. This signals that the recent price movement is a continuation of the past month’s downtrend rather than a temporary deviation. The daily Relative Strength Index (RSI) is also bearish. The Fibonacci retracement levels show the next support levels at $6.21, $5.86, and $5.36. Failing to defend the range lows indicates that a move below $6 is likely in August.
Bitcoin Dominance at 53.05%; ETH, SOL, TON SurgeFutures market data presented some hope, but the overall outlook remains bleak. Open Interest has fallen from $257 million to $246 million in the past two days. This drop coincided with a rejection at the $6.84 short-term resistance, which has been a barrier since July 26. All these factors point to a bearish future for TON. However, the spot Cumulative Volume Delta (CVD) showed surprising upward movement, indicating increased buying pressure over the past few days.
Despite this buying pressure, it may not be enough to initiate a significant price recovery. The conflicting signals from OBV and CVD create an uncertain outlook. The recent rejection at $6.84 and the declining Open Interest suggest that the bearish trend will continue. Traders should watch for potential support levels and be prepared for further declines.