TONCOIN (TON) Price Drops As Bears Overcome Bulls During Market Downtrend

toncoin is trading in red todayThere has been some moderation in its price gains in the past week. Its 24-hour trading volume is down more than 3% at press time, indirectly contributing to today’s price decline.

TON has traded at the $2 price level since January 1, 2023, gradually increasing its gains. However, the bears forced the price to drop to the $1.9 price level on May 9, 2023, where the asset is trading today.

TON movement indicates further bearish trend

TON is in a downtrend, forming a red candle. it has gone below its 50 days Simple Moving Average (SMA)Confirmation of bearish trend. In addition, tons Moving Average Convergence/Divergence (MACD) is below its signal line and shows a negative value, which is also bearish.

Relative Strength Index (RSI) 42.65, falling out of the neutral zone as it approaches the oversold area of ​​30. The indicator is also trending down, which shows pressure from the bears.

TON price could decline until it hits its nearest support and the bulls rally again. Furthermore, the 200-day SMA of TON shows a long-term bullish sentiment.

TON traded above the $1.8422 support as the bears are under increasing pressure. A break below this level will send the price down to $1.7525, which is the next support. The asset is currently declining under bearish pressure near the $1.9918 resistance level. TON is likely to continue its downtrend in the near term.

Recent development trends on the Toncoin network may affect its price

ton foundation announced Latest network developments in a blog post for community members. These developments may soon lead to positive price action.

TON Wallet for KaiOS, TON Wallet is currently available for KaiOS users. KaiOS is the third largest operating system (OS) in the world, serving over 160 million devices. This wallet enables users with low-spec phones to work on KaiOS, mostly Asian, African and South American users.

Ton Ski Ecosystem, It consists of various applications combined over a network. Agorata helps users create TON DNS subdomains and create and host simple TON sites. In addition, Nonstorage allows users to upload files to TON storage via a web interface, contracting with storage providers.

monitoring platform, It enables users to create projects, view messages and add contracts to it ton community,

EVA protocol, It is the first decentralized lending protocol on the network that allows users to borrow native or wrapped assets directly.

ton.app, It is an open-source marketplace for tons of apps already in the ecosystem. Also users can submit proposal for projects to feature on this app.

These innovations could help TON’s price action if more users adopt the token based on utility and value. However, there is no guarantee of an increase in prices as cryptocurrencies are volatile.

Featured image from Pixabay and Chart from Tradingview