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.
