The Toncoin price has retraced below the 50-day EMA mark and has directed profit booking in the past trading sessions. Per the price action, the token still has room to drag gains toward $4.30.
Since the beginning of March 2024, the TON crypto has gained fresh buying momentum and skyrocketed over 140% to date, making a top around $7.
Following the negative sentiments across the crypto market, buyers could not hold out the gains, and profit booking led to the erosion of gains over 25% this month.
At press time, the Toncoin crypto (TON) price traded at $4.87 with an intraday gain of 2.78%, displaying retracement in the last trading sessions. It has a monthly return ratio of -9.20% and 121.90% yearly.
The pair of TON/BTC is at 0.0000838 BTC, and the market cap is $16.92 million. Analysts are neutral and suggest that the TON crypto may stretch the selloff and retest the 100-day EMA mark ahead.
Can Toncoin Price Retest 100-Day EMA Mark Ahead?
The Toncoin crypto has reversed its direction, signifying fresh selling momentum was displayed. A bearish crossover was spotted, and the TON crypto has justified profit booking.
Amidst the notable decline of over 12% this week, the trading volume remained average, and investor interest decreased significantly. The trading volume decreased over 35.20% to $143.75 million in the intraday session.
Per the analysis of technical indicators, 11 indicators have given a sell rating, 7 have given a neutral call, and 8 have given a buy call, suggesting a neutral trend.
The Momentum Indicator (RSI) displays a negative divergence, and the curve sharply fell toward the oversold region,
Additionally, the MACD indicator showed a bearish crossover and noted red bars on the histogram.
What Does Price Volatility and Weighted Sentiment Data Indicate?
Amidst the price correction, the price volatility significantly increased this week, justifying that many investors are eyeing to sell. The volatility curve spiked 7.89% to 0.024, noting a sharp selloff this week.
However, the weighted sentiment still looked neutral, and the value stayed near the midline region, noting around -0.171, signifying short-term bearish data.
Meanwhile, the long-term perspective is bullish, and the Toncoin crypto is a no-brainer and is a suitable pick to go long for the upcoming months.
Development Activity and Derivative Data Insights
Per the Santiment data, the development activity data slid below the midline, noted at 0.0095, signifying a decline in the development data.
.However, the derivative data showcased long unwinding data, and the open interest dropped over 3.56% to $88.24 million during the intraday session.
Per the Fib levels, the Toncoin price trades near the 38.2% support zone and is close to the mid-Bollinger Band support zone, directing profit booking in the past sessions.
The total supply of TON crypto is 5.11 billion, whereas the volume-to-market cap ratio is 0.00917, ranked 10 in the global crypto market cap.
Summary
The TON price has regressed below the 50-day EMA and may stretch to the $4 mark. Additionally, the higher top and higher bottom sequences have breached, and the token slipped below the trendline support mark of $5.
Technical Levels
Support Levels: $4 and $3.50
Resistance Levels: $5.20 and $5.40
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
