Why Toncoin (TON) Price is Plunging While the Broder Market Sentiments Have Flipped Bullish

The Toncoin price has started the day’s trade on a bearish note after failing to sustain above the gains at $7.63. The price is constantly being challenged by the bears suggesting the traders are now extracting profits at each upswing. As a result, the price is unable to maintain a stable ascending trend as it did during the end of the first quarter. However, the TON price is fair in defending the support zone, which keeps up the bullish perspective for the token. 

The TON price has entered a crucial zone and a bearish daily close may ascertain fresh lows for the month. If so, will the Toncoin price reach $6.5?

The Toncoin price marked new highs at $8.34 while trading within a rising wedge and slipped down below the support. The bulls managed to hold the levels above the crucial support zone which has kept the bullish hopes alive. However, the technicals suggest a continuation of a bearish trend which may cause another 10% drop in the TON price rally. 

As seen in the above chart, the TON price has been trading within a rising wedge ever since it reversed the trend from the lows below $5. This resulted in a decent pullback, while the lower support zone between $6.97 and $7.11 has held the levels pretty strongly. However, the technicals have turned bearish as the RSI is maintaining a descending consolidation, while the bearish MACD is about to enter the negative range, which may flutter bearish signals for the crypto. 

It is interesting to watch that the bears have tried multiple times to slash the price below the lower support zone. Moreover, the MACD shows the selling pressure has slowly increased, which may not be a good signal for the Toncoin price rally. Therefore, until the TON price sustains above the support zone, the bulls may trigger a rebound, which may raise the levels back above $8.