Over the past month, the Toncoin (TON) token has exhibited a remarkable bullish trend, with its price soaring to impressive heights. According to data sourced from CoinStats, TON has surged by 80.51% within this period. Starting from an opening price of $2.63, the token experienced a notable upward trajectory, reaching a monthly peak of $5.68. However, it did encounter a brief dip to $2.45, marking its lowest point for the month.

Zooming out to the medium-term perspective, the bullish sentiment persists, with TON showcasing an impressive 125.23% increase over the last three months. This momentum extends even further when considering the long-term outlook, as TON currently boasts a notable 113.48% change in price over the past year.

TON/USD 1-Day Chart (Source: CoinStats)

Despite these positive trends, recent daily fluctuations have introduced some volatility. As of the latest update, TON is trading at $4.91, marking a decrease of 8.83% from its recent high. The daily chart reveals a significant decline from an intraday peak of $5.49, establishing $5.49 as the 24-hour resistance level. Conversely, the intraday low of $4.87 now serves as immediate support.

Notably, TON's performance today diverged from the broader cryptocurrency market, which experienced a 7.20% decrease in total market capitalization, plummeting to $2.46 trillion. Against Bitcoin, TON recorded a loss of 1.87%, indicative of its underperformance compared to the world's largest cryptocurrency.

In tandem with the price decline, TON's market capitalization also took a hit over the past 24 hours, dropping to $17.15 billion, representing a decrease of 9.66%. Nevertheless, amidst this bearish sentiment, trading volume has shown resilience, surpassing expectations by increasing 0.51% to over $240 million.

TON/USD Technical Analysis

On the 4-hour chart, the TON token clearly demonstrates a robust bearish trajectory, with prices steadily aiming for lower lows. At present, the latest candlestick presents itself as a long-legged doji candlestick, a signal of market indecision. However, amidst this uncertainty, the prevailing sentiment leans heavily towards the bears.

TON/USD 4-Hour Chart (Source: TradingView)

Should the bearish momentum persist, market analysts anticipate a continued downward movement for the TON token, with immediate attention drawn toward the support level at $4.78. Should this crucial support level falter, the trajectory points even lower, with a projected target of $4.61. Conversely, if bullish forces manage to wrest control, attention will shift towards challenging the resistance zone spanning from $5.40 to $5.60, potentially surpassing the 50% Fibonacci levels.

TON/USD 4-Hour Chart (Source: TradingView)

Supporting this bearish outlook is the Relative Strength Index (RSI), currently positioned below the signal line at $45.73 and trending downwards. This positioning underscores the prevailing selling pressure, suggesting a continuation of price declines in the near term.

Similarly, the Rate of Change (ROC) indicator corroborates the bearish sentiment, residing below the zero line in the negative region at 4.35. This placement indicates momentum favoring sellers, further reinforcing the downward pressure on TON token prices. Should these indicators persist in their weakness, TON token prices will likely encounter sustained downward pressure in the forthcoming days.