Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we’re diving into the world of cryptocurrency with a focus on Toncoin and its recent price movements.
Looking at the daily price chart for TON/USDT, we can see that on May 1, there was a bounce in the price of Toncoin. Interestingly, at that time, the daily relative strength index (RSI) for Toncoin was around 39, just above the oversold threshold of 30. Fast forward to July 4, and the RSI is hovering around the same level, indicating the potential for a rebound in the coming days.
If the rebound does happen, Toncoin’s next upside target is likely to be around its current ascending trending resistance, which also acted as a top for the rebound move in May. This suggests that TON’s price could rally towards $8.25, representing a gain of approximately 22.65% from the current price levels.
So, why has the Toncoin price been trending downwards? The dip in Toncoin’s price is part of a broader market trend affecting other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and more. Traders have been moving their assets out of the crypto market for two main reasons: the German government’s liquidation of seized Bitcoin tokens worth hundreds of millions, and the Mt. Gox trustee’s reimbursement of over 140,000 BTC valued at around $8 billion to creditors following the exchange’s hack in 2014.
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