Toncoin (TON) Price Plummets As Bears Overpower Bulls in Market Downturn

Toncoin is trading in the red today, losing some of its price gains in the past week. Its 24-hour trading volume is down over 3% at press time, indirectly contributing to today’s price slump. TON traded at the $2 price level since January 1, 2023, slowly accumulating its gains. However, the bears forced a price decline to the $1.9 price level on May 9, 2023, where the asset trades today. TON is in a downtrend, forming a red candle. It has dropped below its 50-day Simple Moving Average (SMA), confirming the bearish trend. Also, TON’s Moving average Convergence/Divergence (MACD) is below its signal line and shows a negative value.

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