Will TON plummet to 6 US dollars? TON coin 7-day price trend prediction

Will TON coin fall below $6 in the next 7 days? Last week, Toncoin [TON] bears dominated the market as the coin’s price chart remained red. The recent drop looks bearish as it pushed TON’s price down from a key resistance that would otherwise trigger a bull run.

What the editor of this website will share with you today is whether TON will fall below 6 US dollars in the next 7 days? Let’s take a look below!

Toncoin Bears Stand Up

Toncoin bears are clearly taking control as the token price dropped nearly 3% in the past 24 hours, according to data from CoinMarketCap market.

At the time of writing, TON is trading at $6.31, with a market capitalization of over $21.9 billion.

When the coin price turns bullish, it is consolidating in a bullish-falling wedge pattern.

Popular cryptocurrency analyst World of Charts posted a tweet highlighting this development as the price of TON approaches the upper limit of the pattern.

According to the tweet, a breakout of this pattern could trigger a bull run, sending TON soaring by 25%.

However, current price trends suggest that TON may not be able to break above the above levels. Therefore, AMBCrypto analyzed Toncoin’s on-chain metrics to better understand where the token is going.

What are your expectations for TON?

AMBCrypto’s analysis of Santiment data shows that TON’s exchange inflows increased last week, indicating strong selling pressure.

The token’s supply on exchanges has also dropped along with its Velocity, further proving the fact that investors are selling TON. This means that TON is used less frequently in transactions within a certain time period.

Another bearish indicator is the MVRV ratio, which has declined over the past few days.

AMBCrypto’s look at TON’s daily chart reveals quite a few bearish indicators. For example, the Money Flow Index (MFI) fell sharply.

The relative strength index (RSI) has also seen a similar downward trend. These technical indicators indicate that there is a high probability that the bearish price trend will continue.

If this is true, then investors could see TON hitting $5.9 in the coming days as it has strong support there. A plunge below this level could push the coin value further down to $5.3-5.

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