Toncoin Faces Bearish Sentiment Amid Market Downturn

Toncoin (TON) has experienced a significant decline, dropping -3.47% against the US Dollar in the past 24 hours. The cryptocurrency also fell -3.55% against Bitcoin (BTC) and -4.03% against Ethereum (ETH). Currently trading at $5.20, Toncoin is 23.48% below the predicted price of $6.80 for October 10, 2024.

Despite a 6.82% gain over the last month and a 144.43% increase over the past year, the medium-term outlook remains bearish. Key support levels are at $5.34, $5.28, and $5.24, while resistance levels stand at $5.44, $5.48, and $5.55. With 81% of indicators signaling a negative forecast, the overall sentiment for Toncoin is bearish.

The broader cryptocurrency market also saw a decline, with the total market cap decreasing by -2.67%. The Fear & Greed index is currently at 49, indicating a neutral sentiment among investors. As the market remains unpredictable, close monitoring of key metrics and sentiment is essential.