Toncoin Struggles to Hold Gains Amid Crypto Market Uncertainty

The cryptocurrency market remains in a precarious position, with major assets like Bitcoin and Ethereum struggling to break free from the bearish grip.

Toncoin (CRYPTO: TON) prices fell by more than 4.42% on Wednesday. The move lower comes as major crypto assets continue to struggle to break free from the bearish grip.

What Happened: Among the affected altcoins, Toncoin saw one of the more significant declines, slipping from highs of $3.79 to lows of $3.52.

At the time of writing, TON was trading within the $3.58 range.

Toncoin had a market capitalization of $8.89 billion and a 24-hour trading volume of $169 million. Approximately $901,360 worth of Toncoin positions were liquidated over the past 24 hours, showcasing the strong volatility present in the market.

Over the past week, however, TON had performed relatively well, gaining over 22.12%. The asset began the week trading at $2.94 before surging to its current range.

Toncoin Price Action:

Toncoin’s technical indicators were sending mixed signals, with some pointing toward an extended bearish phase.

One of the most notable indicators, TD Sequential, had triggered a sell signal on Toncoin’s daily chart, hinting at the possibility of short-term selling pressure or a price pullback.

According to Benzinga's analysis, if Toncoin closed lower on Wednesday, it could open the door for further bearish trends.

One indicator suggesting that bearish momentum might continue was the Moving Average Convergence Divergence (MACD). The MACD line was below the signal line, which indicated that there was more selling pressure than buying pressure.

Chaikin Money Flow (CMF) was currently at -0.20, which signaled that more money was flowing out of the asset rather than into it. This could indicate that any upward trends might be weak, and a breakout above key resistance levels would be needed for a sustained move higher.

However, the Relative Strength Index (RSI) was positioned in neutral territory at 50.74. This signaled that neither the bulls nor the bears were in clear control.

If the RSI dropped below 40, it could indicate that the bears were in control, and if it rose above 60, it could suggest that the bulls were in a strong position.

If Toncoin broke above the key resistance level of $4.0, it could indicate a strong move higher. Conversely, if it broke below the major support level of $3.0, it could signal a continuation of the bearish trend.

One factor to watch closely was the declining daily trading volume, which had decreased by over 36.60%. Lower trading volumes could indicate weaker market participation.

The Bull Bear Power (BBP) indicator was also in bearish territory at -0.048, further indicating that the sellers were in a stronger position.

If BBP broke above zero, it could signal a shift in momentum towards the bulls.