Why TON & PENDLE Prices Are Down Today?

Share This Post

Why TON & PENDLE Prices Are Down Today?

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. 

TON price chart

Tradingview

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. 

PENDLE price chart

Tradingview

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. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections?

After skyrocketing above $72,000 earlier last week, the Bitcoin price has experienced an unexpected crash below the $70,000 mark ahead of the US Presidential elections Reports have cited the

Bitcoin Price Prediction for Next 48 Hours: Will It Drop Below $66k?

The post Bitcoin Price Prediction for Next 48 Hours: Will It Drop Below $66k appeared first on Coinpedia Fintech News Amid the heightened hype of the US 2024 elections, which has seen pro-crypto

Binance Expands Trade Offerings For POPCAT & MEW; Memecoins To Rally?

The post Binance Expands Trade Offerings For POPCAT & MEW; Memecoins To Rally appeared first on Coinpedia Fintech News Crypto exchange Binance has made an important announcement today on 2 meme

Hellish US Debt Scenario Could Propel Bitcoin to $1 Million by 2030

Sebastian Serrano, CEO of the Argentina-based cryptocurrency exchange Ripio, has predicted that bitcoin will reach $1 million by 2030, driven by the rise of US public debt and the devaluation of the

Big Money Investors Are Betting Big on Rexas Finance (RXS) Over Cardano (ADA) and Dogecoin (DOGE); But Why?

The post Big Money Investors Are Betting Big on Rexas Finance (RXS) Over Cardano (ADA) and Dogecoin (DOGE); But Why appeared first on Coinpedia Fintech News High-net-worth investors are always in

What’s Next for Bitcoin, Ethereum and Solana Ahead of US Elections? BTC Confirms Rally Above $70k

The post What’s Next for Bitcoin, Ethereum and Solana Ahead of US Elections BTC Confirms Rally Above $70k appeared first on Coinpedia Fintech News Right now, as the US election unfolds, it’s