{"id":533782,"date":"2023-05-18T14:00:16","date_gmt":"2023-05-18T14:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=533782"},"modified":"2024-06-11T14:36:44","modified_gmt":"2024-06-11T14:36:44","slug":"toncoin-ton-price-plummets-as-bears-overpower-bulls-in-market-downturn","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/toncoin-ton-price-plummets-as-bears-overpower-bulls-in-market-downturn\/","title":{"rendered":"Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Toncoin is <\/span><span style=\"font-weight: 400\">trading in the <a href=\"https:\/\/coinmarketcap.com\/currencies\/toncoin\/\" rel=\"nofollow\">red today<\/a><\/span><span style=\"font-weight: 400\">, losing some of its price gains in the past week. Its 24-hour trading volume is down over 3% at press time, indirectly contributing to today&#8217;s price slump.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">TON traded at the $2 price level since January 1, 2023, slowly accumulating its gains. However, the bears forced a price decline to the $1.9 price level on May 9, 2023, where the asset trades today.\u00a0<\/span><\/p>\n<h2>TON\u2019s Movement Suggests A Bearish Trend Ahead<\/h2>\n<p><span style=\"font-weight: 400\">TON is in a downtrend, forming a red candle. It has dropped below its 50-day <\/span><span style=\"font-weight: 400\">Simple Moving Average (SMA)<\/span><span style=\"font-weight: 400\">, confirming the bearish trend. <\/span><span style=\"font-weight: 400\">Also, TON&#8217;s <\/span><span style=\"font-weight: 400\">Moving average Convergence\/Divergence (MACD)<\/span><span style=\"font-weight: 400\"> is below its signal line and shows a negative value, which is also bearish sentiment.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <\/span><span style=\"font-weight: 400\">Relative Strength Index (RSI)<\/span><span style=\"font-weight: 400\"> is 42.65, dropping out of the neutral zone as it approaches the oversold region 30. The indicator is also moving downwards, reflecting the pressure from the bears.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/pepe\/pepe-vs-doge-vs-shib-frogs-rise-compare-predecessors\/\">PEPE Unlikely To Be As Big As DOGE &amp; SHIB, Says Santiment<\/a><\/div>\n<p><span style=\"font-weight: 400\">TON&#8217;s price will likely decline till it rests on its nearest support level and the bulls rally again. Moreover, TON\u2019s 200-day SMA shows a long-term bullish sentiment.<\/span><\/p>\n<figure id=\"attachment_533786\" aria-describedby=\"caption-attachment-533786\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-533786 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/TONUSDT_2023-05-18_16-43-12.png?resize=860%2C471\" alt=\"Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn\" width=\"860\" height=\"471\"><figcaption id=\"caption-attachment-533786\" class=\"wp-caption-text\">Toncoin price continues downward trend l <a href=\"https:\/\/www.tradingview.com\/x\/if48koLp\/\" rel=\"nofollow\">TONUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">TON is just above the $1.8422 support as the bears mount pressure. A decline below this level will cause a price drop to $1.7525, its next support level.\u00a0<\/span><span style=\"font-weight: 400\">The bearish pressure at the $1.9918 resistance led to the current price drop for the asset. TON will likely continue its downtrend in the short term.\u00a0<\/span><\/p>\n<h2>Recent Development Trends On Toncoin Network Likely To Influence Its Price<\/h2>\n<p><span style=\"font-weight: 400\">The Ton Foundation <\/span><a href=\"https:\/\/blog.ton.org\/ton-grants-2023-q2-r1\" rel=\"nofollow\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> the latest network developments in a blog post for community members. These developments could lead to a positive price action soon.\u00a0<\/span><\/p>\n<p><strong>Ton Wallet For KaiOS<\/strong><span style=\"font-weight: 400\"><strong>:<\/strong> Ton Wallet is currently available for KaiOS users. KaiOS is the world&#8217;s third largest operating system (OS), functional in over 160 million devices.\u00a0<\/span><span style=\"font-weight: 400\">This wallet enables users with low-specification phones to work on KaiOS, mostly Asian, African, and South American users.<\/span><\/p>\n<p><strong>Ton.Ski Ecosystem<\/strong><span style=\"font-weight: 400\"><strong>:<\/strong> This consists of various applications combined on the network. Agorata helps users create TON DNS subdomains and build and host simple TON sites. <\/span><span style=\"font-weight: 400\">Also, Nonstorage allows users to upload files to TON storage through a web interface, making contracts with storage providers.<\/span><\/p>\n<p><strong>Monitoring Platform<\/strong><span style=\"font-weight: 400\"><strong>:<\/strong> This enables users to create projects, view messages, and add contracts in the <\/span><a href=\"https:\/\/t.me\/evaaprotocol\" rel=\"nofollow\"><span style=\"font-weight: 400\">TON community<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-top-in-historical-crossover-anything-go-by\/\">Historical Crossover Suggests Ethereum (ETH) Top Is In<\/a><\/div>\n<p><strong>EVAA Protocol<\/strong><span style=\"font-weight: 400\"><strong>:<\/strong> This is the first decentralized lending protocol on the network giving users access to borrow native or wrapped assets directly.<\/span><\/p>\n<p><strong>Ton.app<\/strong><span style=\"font-weight: 400\"><strong>:<\/strong> It is an open-source marketplace for Ton apps already existing in the ecosystem. Also, users can <\/span><span style=\"font-weight: 400\">submit proposals<\/span><span style=\"font-weight: 400\"> for projects to feature on this app. <\/span><\/p>\n<p><span style=\"font-weight: 400\">These innovations could help TON&#8217;s price action if more users adopt the tokens based on utility and value. However, there are no guarantees of a price increase since cryptocurrencies are volatile.<\/span><\/p>\n<p>Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Toncoin is trading in the red today, losing some of its price gains in the past week. Its 24-hour trading volume is down over 3% at press time, indirectly contributing to today&#8217;s price slump.\u00a0 TON traded at the $2 price level since January 1, 2023, slowly accumulating its gains. However, the bears forced a price decline to the $1.9 price level on May 9, 2023, where the asset trades today.\u00a0 TON\u2019s Movement Suggests A Bearish Trend Ahead TON is in a downtrend, forming a red candle. It has dropped below its 50-day Simple Moving Average (SMA), confirming the bearish trend. Also, TON&#8217;s Moving average Convergence\/Divergence (MACD) is below its signal line and shows a negative value, which is also bearish sentiment. The Relative Strength Index (RSI) is 42.65, dropping out of the neutral zone as it approaches the oversold region 30. The indicator is also moving downwards, reflecting the pressure from the bears. Related Reading: PEPE Unlikely To Be As Big As DOGE &amp; SHIB, Says Santiment TON&#8217;s price will likely decline till it rests on its nearest support level and the bulls rally again. Moreover, TON\u2019s 200-day SMA shows a long-term bullish sentiment. TON is just above the $1.8422 support as the bears mount pressure. A decline below this level will cause a price drop to $1.7525, its next support level.\u00a0The bearish pressure at the $1.9918 resistance led to the current price drop for the asset. TON will likely continue its downtrend in the short term.\u00a0 Recent Development Trends On Toncoin Network Likely To Influence Its Price The Ton Foundation announced the latest network developments in a blog post for community members. These developments could lead to a positive price action soon.\u00a0 Ton Wallet For KaiOS: Ton Wallet is currently available for KaiOS users. KaiOS is the world&#8217;s third largest operating system (OS), functional in over 160 million devices.\u00a0This wallet enables users with low-specification phones to work on KaiOS, mostly Asian, African, and South American users. Ton.Ski Ecosystem: This consists of various applications combined on the network. Agorata helps users create TON DNS subdomains and build and host simple TON sites. Also, Nonstorage allows users to upload files to TON storage through a web interface, making contracts with storage providers. Monitoring Platform: This enables users to create projects, view messages, and add contracts in the TON community. Related Reading: Historical Crossover Suggests Ethereum (ETH) Top Is In EVAA Protocol: This is the first decentralized lending protocol on the network giving users access to borrow native or wrapped assets directly. Ton.app: It is an open-source marketplace for Ton apps already existing in the ecosystem. Also, users can submit proposals for projects to feature on this app. These innovations could help TON&#8217;s price action if more users adopt the tokens based on utility and value. However, there are no guarantees of a price increase since cryptocurrencies are volatile. Featured image from Pixabay and chart from Tradingview<\/p>\n","protected":false},"author":584,"featured_media":533788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[13217,1557,87713,88282],"class_list":["post-533782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bears","tag-cryptocurrencies","tag-toncoin","tag-tonusdt"],"acf":[],"yoast_head":"\n<title>Toncoin (TON) Price Plummets As Bears Overpower Bulls In Market Downturn<\/title>\n<meta name=\"description\" content=\"Toncoin is trading in the red today, losing some of its price gains in the past week. 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