The Open Network (TON) has continuously declined over the last 24 hours, with price action currently trading around $5.2081. This follows a steady downward trend visible on the 1-hour chart, with the asset struggling to regain bullish momentum. Technical indicators suggest that bearish sentiment is still dominant, creating a challenge for any potential upside in the short term.
EMA Signals Bearish Sentiment
The chart highlights several key Exponential Moving Averages (EMAs) that show a bearish configuration. The 20 EMA, currently at $5.2847, is crossing below the 50 EMA at $5.3967 and the 100 EMA at $5.5244. This suggests that short-term momentum is tilting heavily towards selling pressure. Additionally, the 200 EMA, located at $5.6147, is a critical resistance level that TON has failed to challenge.
The tightening of these EMA levels points to a growing bearish trend, making it difficult for the asset to break through resistance zones. The short-term price action forms lower highs, which signals weak buying interest as the bears maintain control.
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RSI and Divergence Indicate Weak Momentum
The RSI Divergence (5, 14) indicator is another key aspect to consider in this analysis. The current reading of -2.2010 reflects weak buying momentum and a possible continuation of the downward movement. Despite occasional attempts to recover, the overall RSI pattern indicates that the bearish momentum is far from being exhausted.
Lower highs in the RSI further validate the decline in buying pressure. Traders looking for a reversal should wait for clear RSI divergence with stronger signals, as the current setup doesn’t show any immediate signs of bullish momentum building up.
Price Outlook for the Next 24 Hours
Given the bearish tone of the EMA and RSI indicators, it’s likely that TON will continue to face selling pressure in the near term. The next immediate support is around the $5.10 level, while resistance remains strong around $5.40, close to the 50 EMA. If TON fails to hold its support, we could see a further slide towards the $5.00 psychological barrier, potentially marking a critical point for buyers to re-enter.
The downward pressure looks set to persist unless we see a notable increase in buying volume or a break above the 50 EMA. Until then, traders should remain cautious as the short-term outlook remains bearish.
