- Safepals’ statement of support for TON does not result in a persistent rise
- As of press time, TON faces resistance at $1.70.
- Bulls lose steam as bears retake control of the TON market.
After a brief bullish surge, bearish dominance has returned to the Toncoin (TON) market, as prices have fallen by 1.16% as of press time to a value of $1.73.
Bears are in charge of the market despite SafePal’s declaration of support for the TON blockchain and its native currency.
The market capitalization and 1-day trading volume declines of 0.20% to $2,112,097,366 and 7.93% to $5,703,498 are contributing to this bear run.
On the 4-hour price chart, Keltner Channels are contracting, with the upper band touching at 1.387337174 and the lower band touching at 1.613845549. This Keltner channel motion indicates a bearish trend of declining market volatility. This slide is accompanied by price fluctuations toward the bottom band.
On the TON trading graph, there has been a bearish crossover as the MACD recently crossed the signal line and is now pointing south with a reading of 0.021677018. This suggests that the bear’s hold on the TON price is becoming tighter.
As the Stoch RSI reads at the oversold level with a reading of 7,28, there is a hope for a bullish reversal to transpire. The indicator suggests that the market trend is likely to reverse at this level, as it is about to come to an end.
The Chaikin Money Flow (CMF) has reverted to the negative zone, endorsing the downward trend in TON prices, with a value of -0.07 and pointing south.
Additionally, with a value of -3.72, the rate of change is also heading downward, confirming the idea that the downturn will continue.
The current downward trend on the charts must be reversed by bulls holding the resistance level and driving prices higher.
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 prices recently as bullish bursts waned. As of press time TON is down 1.16% to $1.73.){kind=link}