Can Toncoin return to the top 10? Toncoin [TON] is facing a tough challenge with the constant developments happening in the crypto market. Let’s dive deeper into the current trends and see if Toncoin has the potential to break out of the recent decline and regain its place among the top cryptocurrencies.
Toncoin has seen a slight positive trend in the last 24 hours, but don’t be fooled by it. After several days of significant declines, the overall sentiment remains negative. The big question is: will Toncoin continue its decline or bounce back strongly?
Looking at the technical side, the price of Toncoin has been declining steadily since peaking at around $6.00 in late July. As of now, it is hovering around $4.72 with a slight increase. Unfortunately, the price is still below the 50-day and 200-day moving averages – two crucial resistance levels that indicate a bearish trend in both the short-term and long-term.
And there’s more bad news – the Death Cross is looming. This occurs when the 50-day moving average crosses below the 200-day moving average, which usually signals a deeper negative trend. But all hope is not lost. The RSI, or Relative Strength Index, is in oversold territory, which could mean a potential reversal or relief bounce could be on the horizon.
Despite these challenges, Toncoin is still in the game, but it has some work to do. Currently, Toncoin is outside the top 10 cryptocurrencies, with a market capitalization of around $11.9 billion. To get back into the top 10, TON will have to overtake Cardano, which is in tenth place with a gain of $200 million.
However, it’s not going to be easy. Among the top 20 crypto assets, Toncoin has seen the biggest drop in the last seven days, falling by more than 11%. This significant drop has made its journey back into the top ten even more challenging.
But there is a ray of hope. Analysis of Toncoin’s funding rate shows a slight positive change recently, with the rate increasing to around 0.0073%. This indicates some short-term optimism and an increase in long positions. But is it enough to turn the tide?
While this surge is promising, sustained positive momentum will require more than just a small increase in activity. Toncoin needs consistently bullish market sentiment and increased trading volumes to balance out recent negative trends.
So, can Toncoin get back into the top 10? It is possible, but the road ahead is filled with challenges. It will depend on how it overcomes key resistance levels and whether market sentiment can change in its favor. “We will be keeping a close eye on Toncoin’s progress, so be sure to hit that subscribe button and stay tuned for more updates.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
