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Will Toncoin Price Crash to 0?
- Toncoin (TON) price has been struggling to regain bullish momentum and is currently hovering just under $3 with consistent weakness across daily and hourly charts.
- The daily chart displays a steady downtrend since mid-April, with moving averages in a bearish order and price unable to break above key resistance levels.
- Recent candles show indecision in the market, and a bearish continuation pattern is evident with lower highs and lower lows.
- The hourly chart reflects a weak picture with TON price trading below key SMA levels and lacking bullish control in the short term.
- Volume has decreased, and sellers are dominating, leading to the potential for further decline if support levels are breached.
- While a complete crash to $0 is improbable under normal market conditions, the risk of a prolonged bearish phase remains concerning for traders.
- A calculation based on the current monthly rate of decline suggests potential price levels by September if the bearish trend persists.
- However, a fundamental collapse would be necessary for Toncoin price to crash to zero, which is not anticipated at present.
- For a recovery, TON price needs to surpass key resistance levels and attract bullish momentum with significant volume.
- At present, the trend is downward, and caution is advised for traders as support levels may determine further downside moves.
- While Toncoin price is not expected to crash to zero, the current decline suggests a bearish outlook unless significant positive developments occur.
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