Toncoin Investors Alert! TON Price Bearish Pattern Signals 20% Drop?

Despite, Bitcoin price recording a significant correction by hitting a low of $69,192 during the early trading hours today. The altcoin leader, ETH Price records a positive price action by adding 2.53% to its portfolio within the past 24 hours.

This indicates a significant rise in the interest of investors toward altcoins as a positive outcome of the Ethereum ETFs pending approval by the SEC could trigger the Ethereum price toward $4K. This could potentially result in an altcoin rally.

Toncoin Token Hints At A Bearish Price Action:

In spite of increased price volatility in the crypto market, the TON price has displayed a weak price action by recording a correction of 4.99% with a trading volume of $257.020 Million, a drop of 8.12% within the past day. This resulted in the altcoin hovering close to its $6.325 level.

Positively, in spite of recording a correction of approximately $2 Billion in its portfolio within the past seven days, the Toncoin token continues to hold its place in the top 10 cryptocurrencies by market cap with a valuation of $21.878 Billion at the time of writing.

However, the technical indicator, SMA, acts as a resistance to the price chart in the 1D time frame. This suggests an increase in the bearish sentiment in the crypto space and further highlights a negative outlook for this Layer-1 token.

On the other hand, the Relative Strength Index (RSI) fails to breach the over-bought range, resulting in it displaying a significant fall towards its mid-point. Furthermore, the averages show a neutral trend, suggesting uncertainty in future price action.

Will TON Price Hit $7 This Month?

The approval of the Ethereum ETF could act as a catalyst with the crypto space experiencing a fresh price rally. Further, this could result in the bulls attempting to test their upper resistance of $7.250 this month.

Maintaining the price at that level will set the stage for the TON token to retest its all-time high of $7.650.

Conversely, a delay in the decision by the SEC could result in the market experiencing increased buying and selling pressure. With this, the Toncoin coils retest their support level of $5.450 in the coming time.

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