Technical analysis by TheLastLuftwaffe about Symbol TON: Sell recommendation (7/31/2024)

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.