TonCoin Drops 6.33% to $1.31 - Key Insights for Investors
The price of TonCoin's TON token has fallen over the past day, dropping 6.33% to $1.31. Trading volume was relatively low at $32.62 million in the last 24 hours. Zooming out, TON is down 4.51% for the week, 10.63% for the month, and has lost nearly half its value over the last 6 months with a 48.69% decline.
Looking at the price chart, TonCoin has been in a sustained downtrend throughout 2022 and 2023 so far as bearish sentiment weighs on the crypto markets. The drop below $1.50 in May accelerated the selling pressure, leading to the recent lows around $1. Support may emerge around the $1 level, but a break below it could see TON test the 2022 lows near $0.80.
Is Now a Good Time to Buy TonCoin?
With the ongoing downtrend, TonCoin remains in a precarious position. Long-term investors could dollar cost average, but momentum is decidedly negative at the moment. It may be prudent to wait for an inverse head-and-shoulders bottom or other bullish reversal signal before entering new positions.
What's the Outlook for TON for the Rest of 2023?
Given the severity of the downtrend, a swift recovery for TonCoin seems unlikely in the near-term. However, if the broader crypto market can find a bottom and start to regain some positive momentum, TON could potentially bounce back towards the $2 - $2.50 range later this year. But further losses cannot be ruled out if bearish sentiment persists.
