TON is facing renewed selling pressure as its price falls again, jeopardizing its recovery efforts. Despite previous attempts to regain bullish momentum, the cryptocurrency is currently struggling to maintain its position as it falls further below key support levels. With the bears seemingly regaining control, the market is closely watching whether current support levels can hold. As TON struggles to maintain its position, the outlook becomes increasingly uncertain and more downside risks emerge.

The purpose of this article is to examine TON’s continuing struggle to regain its bullish trajectory as a fresh price decline threatens its recovery. By delving into recent market movements, support levels and technical indicators, we’ll assess the likelihood of a rebound or further declines and provide insight into what may be next for TON and whether the bulls can regain control.

Indicators point to further weaknesses

TON recently entered bearish territory on the 4-hour chart, dipping just below the 100-day elementary moving average (SMA) and approaching the key support level at $4.6. This drop below the 100-day SMA indicates weakening strength, and as sellers take control, the cryptocurrency is at risk of potentially larger losses.

Analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line has dropped to 40%, after briefly rising to the 50% threshold, suggesting that buying pressure is easing as the RSI moves deeper into bearish territory. Typically, an RSI reading below 50% means sellers are gaining control, which can lead to downward price pressure.

Additionally, TON showed mighty bearish momentum on the daily chart, trying to overcome the resistance at $6, which highlighted the formation of a negative candle. Given mighty seller control and no break above this key level, as well as continued trading below the 100-day SMA, there is potential for further declines. Without significant buying interest to counter selling pressure, digital assets could face deeper declines.

A closer look at the RSI indicator on the 1-day chart shows that the RSI signal line is currently at the 40% level, falling below the key 50% threshold. The trend of the RSI remaining at this level signals that selling pressure is increasing, potentially paving the way for further declines unless bulls can step in and reverse the market’s trajectory.

Potential scenarios: Will TON rebound or fall deeper?

TON is currently heading towards the support level at $4.6, where there could be a potential rebound if buyers manage to regain control. A successful rebound from this level could push the price higher, with the next target being the $6 resistance level, potentially reigniting the asset’s recovery momentum.

However, failure to maintain the current support level could result in further declines, with TON likely to fall towards the $2 price target or even lower.