Toncoin (TON) Market Analysis: Anticipating a Drop Towards 6.5

Hello, Traders and Investors!

Today, we're examining Toncoin (TON), which is anticipated to experience a price drop towards the 6.5 region. Let's explore the factors influencing this potential movement.

Price Action:

Toncoin is currently under pressure, with expectations of a drop towards the 6.5 region.
This anticipated decline is driven by various market factors, including an increase in the supply of Toncoin.
Technical Analysis:

Support Levels: The key support level to monitor is at 6.5. If Toncoin continues to drop, it could test this support soon.
Resistance Levels: On the upside, resistance is expected around 7.2. A break above this level could signal a potential recovery.
Moving Averages: Both the 50-day and 200-day moving averages are currently flat, indicating a lack of strong directional movement.
RSI (Relative Strength Index): The RSI is approaching the oversold territory, suggesting that we might see a rebound if buying pressure increases.
Market Sentiment:

The market sentiment for Toncoin has been affected by the excess supply in the market.
Telegram's ongoing 50% APY giveaway is contributing to the increase in Toncoin supply, putting downward pressure on the price.
Fundamental Analysis:

The excess Toncoin available due to Telegram's APY giveaway is a significant factor in the expected price drop.
Keep an eye on any news related to Telegram's distribution and other fundamental factors that could influence Toncoin's price.