Toncoin Price Holds Steady After Two-Month Low
Toncoin (TON) traded around $1.45 on Friday. This came after the token hit a two-month low the day before. The price drop continues despite the recent launch of xStocks on TON. Technical indicators suggest TON could fall further.
xStocks Launches Tokenized US Equities on TON
xStocks launched on TON on Thursday. It brings tokenized US stocks like Apple, Tesla, and Microsoft to TON wallets. Users can trade these stocks inside TON Wallet, Tonkeeper, and MyTONWallet. No need for separate apps or brokerage accounts.
The TON Foundation said, “xStocks fully on-chain is a big step for real-world asset adoption on TON. More than one billion users can now trade tokenized US equities as easily as sending a message on Telegram. It is instant, global, and fully self-custodied.”
This launch could boost TON’s long-term value by increasing real-world use and adoption. However, TON still dropped nearly 3% to $1.42 on Thursday.
Bearish Signals in Toncoin’s Derivatives Market
Derivatives data shows a negative outlook for Toncoin. Coinglass’s funding rate data turned negative on Friday at -0.011%. This means more traders expect TON to fall than rise. When funding rates go negative, Toncoin prices usually drop sharply.
The long-to-short ratio for TON was 0.36 on Friday, the highest in a month. A ratio below one shows more bearish bets. Traders expect the price to decline further.
Toncoin Price Forecast: Key Levels to Watch
Toncoin’s price fell nearly 14% on December 10 after being rejected at the upper trendline of a falling wedge pattern. It reached a two-month low of $1.42. On Friday, TON traded near $1.45.
If the price drops more, the next support is at $1.31. The Relative Strength Index (RSI) is 34, below the 50 neutral level, showing growing bearish momentum. The MACD indicator also gave a bearish crossover on Wednesday.
On the upside, if TON recovers, it could move up toward the 50-day EMA at $1.76.
