The post Why TON & PENDLE Prices Are Down Today? appeared first on Coinpedia Fintech News
With altcoins struggling to sustain the bull run amid the market chaos, Toncoin and Pendle are crashing below crucial levels. While Toncoin heads below $4.63 support, Pendle breaks the 50-day EMA support.
Will these altcoins continue to crash or find a solid support to bounce back? Find out more in our Toncoin and Pendle price analysis.
Toncoin (TON) Ready For Cup and Handle Breakout Rally?
The Toncoin price action shows a massive falling channel pattern in the daily chart. This keeps the overall Toncoin price trend in a bearish segway. Despite the broader market anticipating a bullish comeback in Toncoin from the $4.63 support level, the downfall continues.
Toncoin witnesses a 4-day continuing streak of increased supply, which has resulted in a 5.39% decline in the market cap with four consecutive bearish candles. The current market price of Toncoin is $4.60, with an intraday top of 2.13%.
The increased bearish momentum has led to a bearish continuation in the MACD and signal lines. As the downfall continues, the Toncoin is likely to reach the $4.50 mark. Meanwhile, the next support level for the meme coin stands near the $4.00 mark, close to the support trendline.
Pendle Under 50D EMA Risks 30% Downside
With a quick reversal from the $1.82 low in August, the Pendle price is up by 127%, as it currently trades at $4.15. Despite the massive recovery, the tone has dropped by 15% in the past three days, leading to three consecutive bearish candles.
The downfall has broken below the 50-day EMA and is stretching the local support trendline of a rising wedge pattern. The increased momentum of the recent negative cycle puts stress over the support confluence of the 50% Fibonacci level at $3.91, the 200-day EMA, the support trendline, and the $4 psychological mark.
Currently, it shows an intraday recovery of 1.06%, but the MACD and signal lines have diverged in a bearish alignment. While the bullish recovery depends on the broader market movement, the downside risk has significantly increased.
A breakdown below the 50% Fibonacci level will likely challenge the 23.60% level at $2.87. Meanwhile, the upside will likely reach the 78.60% level near the overhead resistance trendline at $5.44.
Also read: Toncoin price prediction 2024-2030.
FAQs
Will the TON Coin price crash to $4?
If the downfall continues, the downside risk warns of a pullback to $4.
Will Pendle break under the 200-day EMA?
If the rising wedge pattern fails to hold Pendle, the downfall will break the 200-day EMA.
What’s the downside risk in Pendle?
Based on the current price action, if the $3.91 support breaks, Pendle will test the $2.87 mark, which is 31% below the current market price.