A crypto analyst is sounding the alarm that Toncoin (TON), the native token of the Telegram Open Network (TON) blockchain, could continue its downward trajectory despite the recent launch of the highly-anticipated Notcoin (NOT) project.

In a detailed analysis on TradingView, analyst pejman_zwin argues that technical indicators suggest TON has further room to fall, potentially declining by as much as 30% from current levels; hinting that TONUSDT is expected to dip to $4.5.

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The crux of pejman_zwin’s bearish thesis stems from the Elliott Wave Theory, a technical analysis approach that identifies recurring price patterns to forecast future trends. According to the analyst, TON has completed a “second corrective wave” with a zigzag structure on the resistance lines, typically preceding further downside.

Reinforcing the negative outlook, pejman_zwin points to a “regular divergence” between two consecutive price peaks as well as sell signals from the 50-period simple and exponential moving averages. “I expect Toncoin (TON) to continue to fall at least to the targets I have outlined on the chart,” states the analyst.

Notcoin, a new play-to-earn crypto gaming platform built on the TON blockchain, has generated significant buzz since its unveiling by the TON Foundation. However, pejman_zwin suggests the project’s launch may do little to buoy TON’s price, particularly if Bitcoin resumes a downtrend.

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“If Bitcoin starts a downward trend, the TON token will be more affected,” warns the analyst. “And if Bitcoin goes up, the TON token will take a less upward trend or even become range-bound.”

While offering a bearish outlook, pejman_zwin emphasizes the importance of risk management, advising traders to implement stop losses and avoid overexposure driven by greed. Analysts like pejman_zwin will continue to monitor whether Toncoin can defy the bearish technicals or if the launch of Notcoin proves insufficient to fuel a sustainable recovery.

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The post Analyst Warns Toncoin (TON) Price Will Continue to Fall Despite Successful Telegram’s Notcoin Launch: Here’s the Expected Target appeared first on CaptainAltcoin.

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