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Bears have seized the initiative again, according to CoinStats.
TON/USD
The price of Toncoin (TON) has dropped by 11.46% over the last day.
Despite today's sharp drop, the rate of TON is looking bearish on the hourly chart. If the daily bar closes around the current prices, the decline may continue to the $6.80 zone tomorrow.
On the bigger time frame, the price of TON has reached the middle of the wide channel. At the moment, traders should focus on the vital area of $7.
Denys SerhiichukIf its breakout happens, one can expect a test of $6.50 within the next few days.
From the midterm point of view, bears are trying to seize the initiative. If the weekly bar closes with no long wick, the correction may continue to the $6-$6.50 area shortly.
TON is trading at $7.0418 at press time.
Alex Dovbnya
Dan Burgin
Vladislav Sopov
U.Today Editorial Team