Toncoin is likely stuck below $6 until the end of October
2024-10-03

Toncoin (TON) price has experienced turbulent movement in recent weeks, with failed attempts to secure $5.96 as a support level. Since then, the price of the Telegram-linked cryptocurrency has faced a correction, and it is currently trading below key support levels. 

This downward trend has raised concerns among investors, with many questioning whether TON can regain its bullish momentum and potentially break above $6 by the end of October.

The Ichimoku Cloud indicator is signaling considerable bearishness for Toncoin. The cloud is positioned above the candlesticks, which is generally viewed as a negative indicator for price action. 

Meanwhile, Toncoin is currently trading at $5.29, below the crucial support level of $5.37, following an 11.5% drawdown over the past week. If the selling pressure continues, TON may drop further, with a potential decline to $4.86. This would extend the recent losses and place additional strain on the coin’s outlook.

The range between $5.37 and $4.86 has acted as a consolidation zone in the past, meaning that TON could enter another period of stagnation. If consolidation occurs, it would likely prolong investor losses and delay any potential recovery.

To invalidate this bearish outlook, Toncoin would need to reclaim $5.37 as support. Securing this level could provide a much-needed boost, allowing the cryptocurrency to make another attempt at $5.96, bringing it closer to the $6.00 target.