Toncoin is Going to Zero as TON Price Plummets 12% and This New Coin Just Raised $150,000 in 24 Hours – What Does it Do?
Toncoin (TON) is heading for zero, as sell pressure continues to dominate price action for this struggling cryptocurrency.
The downside move comes following three-months of cascading downside movements which have seen ranks of loyal TON holders bleed-out almost -48% since the end of April.
Caught in a tight trading channel, Toncoin's technical unravelling has left price trading low at a current price of $1.20 (a 24-hour change of +0.64%).
The recent -12% fall was triggered by rejection from the upper trendline in the trading channel on July 22, a rejection that has now wiped -21% off Toncoin's value.
Worse still, the downside move has seen TON lose critical support from the 20DMA (currently stood at $1.33), leaving price in free-fall with few technical supports near-by for the cryptocurrency.
Markets this week have seen an attempt at stabilisation for this struggling altcoin, with $1.20 forming a bedrock of localised support for much needed consolidation.
One reason for this foothold could be the RSI, which has cooled-off dramatically with the recent move down - now signalling a bullish 32.97 - a classic oversold signal.
However, there is no confirmation from the MACD, which remains bearish at -0.0162.
Upside potential on the short-time frame would target a return to the 20DMA at $1.33 (+10.75%), whereas downside risk remains less significant at lower trendline support around $1.13 (-5.5%).
Overall, TON has a reasonable risk: reward ratio here of 1.93, which may imply that TON isn't going to zero just yet.
Yet, with Toncoin pushing down, smart money are turning their attention to a rapidly growing crypto project with moon-shot potential.
XRP20, a distinctive proof of stake Ethereum token. XRP20 is engineered to emulate the
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