Toncoin in Big Trouble As Bears Claim Domination Near $5 Level?
Toncoin in Big Trouble As Bears Claim Domination Near $5 Level?
Toncoin price slumped below the psychological $5 level indicating a bearish dominance.
The TON price DAA divergence indicator curve was headed towards the zero line indicating buyers losing confidence.
Toncoin has slipped below the psychological $5 level amid the increasing selling pressure. The price has been hovering constantly for the last two sessions indicating the bear's control at the psychological $5 level.
At the time of writing, Toncoin was exchanging hands close to $4.74, recording a 1.25% loss in intraday. TON price has been under strong selling pressure since the arrest of Telegram's CEO Pavel Durov in France.
Moreover, the Open Interest data as well as price DAA divergence suggests that the selling pressure might continue to dominate in the short term. Let’s analyze whether bulls may reclaim $5 or Toncoin may suffer more.
TON Price DAA Divergence Indicates More Worse Scenario In The Loop
Toncoin has dropped nearly 11% a week and has made a strong psychological support of $5 level. Moreover, in tandem with the price drop, there has been a significant development in Open Interest contracts and Price DAA divergence metrics.
<iframe title="Santiment Chart: Total Open Interest in USD (TON), Price (TON)" width="800" height="425" src="embed.santiment.net/chart?ps=toncoin&pt=TON&df=2024-07-29T18:30:01.542Z&dt=2024-08-30T18:29:59.542Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The Open Interest contracts were nearly $290 Million a week ago, which has dropped to $253 Million at present. The drop in the number of OI contracts in parallel to the price drop highlights the liquidation of positions on the long side.
Moreover, As per the data obtained by an on-chain analytics website app.santiment.net, Toncoin's 24 hour active addresses have dropped significantly due to which price DAA (Daily active address) curve was headed towards the zero line indicating fading buyers interest.
<iframe title="Santiment Chart: Price (TON), Price DAA Divergence (TON)" width="800" height="425" src="embed.santiment.net/chart?ps=toncoin&pt=TON&df=2024-07-29T18:30:01.542Z&dt=2024-08-30T18:29:59.542Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
The daily active address reflects the total number of unique users that have taken part in any transaction. A decrease in DAA indicates the fading interest of the users. Toncoin has a live market capitalization of $11.95 and ranks 10th by market cap.
The volume to market cap ratio at 3.3% suggests low volatility in the crypto. It has a circulating supply of 2.53 Billion TON tokens.
Can Toncoin Reclaim $5 Level or Suffer More?
From a technical point of view, Toncoin price has withdrawn below all the key exponential moving averages of 20, 50 and 200 days suggesting a bearish domination over the trend.
Talking more precisely, TON price has slumped below the psychological $5 level and was not able to recover in the last couple of sessions indicating a sellers dominance. On the lower side, the price may find support near $4.5 and $4 levels.
From the daily chart it is evident that the sellers influence may continue to drag prices below three months low. Also, the broader market's weakness could further widen the losses. The OI data and price DAA divergence indicator suggests the buyers failure to defend the lower levels.
At the time of writing, the Relative strength index RSI line was placed close to 32 points and that of the 14 day Simple moving average line was placed at 35.98 points. Both the lines were headed towards south indicating a bearish trend prevailing in the short term.
Toncoin price slumped below the psychological $5 level indicating a bearish dominance.
The TON price DAA divergence indicator curve was headed towards the zero line indicating buyers losing confidence.
Toncoin has slipped below the psychological $5 level amid the increasing selling pressure. The price has been hovering constantly for the last two sessions indicating the bear's control at the psychological $5 level.
At the time of writing, Toncoin was exchanging hands close to $4.74, recording a 1.25% loss in intraday. TON price has been under strong selling pressure since the arrest of Telegram's CEO Pavel Durov in France.
Moreover, the Open Interest data as well as price DAA divergence suggests that the selling pressure might continue to dominate in the short term. Let’s analyze whether bulls may reclaim $5 or Toncoin may suffer more.
TON Price DAA Divergence Indicates More Worse Scenario In The Loop
Toncoin has dropped nearly 11% a week and has made a strong psychological support of $5 level. Moreover, in tandem with the price drop, there has been a significant development in Open Interest contracts and Price DAA divergence metrics.
<iframe title="Santiment Chart: Total Open Interest in USD (TON), Price (TON)" width="800" height="425" src="embed.santiment.net/chart?ps=toncoin&pt=TON&df=2024-07-29T18:30:01.542Z&dt=2024-08-30T18:29:59.542Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>
The Open Interest contracts were nearly $290 Million a week ago, which has dropped to $253 Million at present. The drop in the number of OI contracts in parallel to the price drop highlights the liquidation of positions on the long side.
Moreover, As per the data obtained by an on-chain analytics website app.santiment.net, Toncoin's 24 hour active addresses have dropped significantly due to which price DAA (Daily active address) curve was headed towards the zero line indicating fading buyers interest.
<iframe title="Santiment Chart: Price (TON), Price DAA Divergence (TON)" width="800" height="425" src="embed.santiment.net/chart?ps=toncoin&pt=TON&df=2024-07-29T18:30:01.542Z&dt=2024-08-30T18:29:59.542Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
The daily active address reflects the total number of unique users that have taken part in any transaction. A decrease in DAA indicates the fading interest of the users. Toncoin has a live market capitalization of $11.95 and ranks 10th by market cap.
The volume to market cap ratio at 3.3% suggests low volatility in the crypto. It has a circulating supply of 2.53 Billion TON tokens.
Can Toncoin Reclaim $5 Level or Suffer More?
From a technical point of view, Toncoin price has withdrawn below all the key exponential moving averages of 20, 50 and 200 days suggesting a bearish domination over the trend.
Talking more precisely, TON price has slumped below the psychological $5 level and was not able to recover in the last couple of sessions indicating a sellers dominance. On the lower side, the price may find support near $4.5 and $4 levels.
From the daily chart it is evident that the sellers influence may continue to drag prices below three months low. Also, the broader market's weakness could further widen the losses. The OI data and price DAA divergence indicator suggests the buyers failure to defend the lower levels.
At the time of writing, the Relative strength index RSI line was placed close to 32 points and that of the 14 day Simple moving average line was placed at 35.98 points. Both the lines were headed towards south indicating a bearish trend prevailing in the short term.
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