The Recent Toncoin price analysis reveals a significant rally in Toncoin (TON), with an 80% price increase over the past month. This bullish run has escalated TON’s market cap by $8 billion, hitting a substantial $17.2 billion. Yet, a closer look at the trading volumes indicates a potential waning of trader interest, seen in a 68% decrease within four days – a drop from $445 million to $173,975,665. Despite the decline in volume, TON shows resilience as it trades around $5.20, a remarkable 5.17% in the last 24 hours.Toncoin has maked a significant price pump from the beginning of the month when it was priced at $2.70,as per CoinMarketCap’s data.
Toncoin Faces Resistance at $5.23
The technical outlook for TON is cautiously optimistic. As it rebounds from the 38.2% Fibonacci retracement level at $4.78, the next resistance goal for the bulls lies at $5.69. This is underpinned by the upward trend of the moving averages, which traditionally suggests buyer control.
For TON to maintain its climb, it’s critical for the price to hold above the pivotal $4.78 mark. A downturn resulting in a breach below this level might amplify selling pressure, possibly dragging TON to the 20-day EMA around $4.30. This is a decisive support level for bulls, as falling below it could indicate a shift to a short-term bearish trend.
Looking at the daily chart for Toncoin (TON), TON coin has been on a notable upward trend, with the price currently sitting above $5.20. The Exponential Moving Averages (EMAs) on the chart showcase a strong bullish signal, with the price trading well above the 20-day EMA ($1.38), the 50-day EMA ($1.50), the 100-day EMA ($1.69), and the 200-day EMA ($1.82), all of which are trending upwards and indicate a robust uptrend in the market.
The Positive Volume Index and Negative Volume Index are both at 0, which doesn’t provide any immediate indication of buyer or seller dominance based solely on volume changes on days with increased volume.
Considering the overall market sentiment and the sustained price level above the EMAs, Toncoin appears to have strong momentum. If TON can maintain its stance above these moving averages, it could potentially test higher resistance levels. The next key resistance is around the recent high of $5.23.
On the downside, should there be a correction, the first level of significant support would be at the 20-day EMA of $1.38, which could serve as a new base for buyers. A fall below this might signal a short-term bearish trend, possibly leading to further tests of lower supports at the 50-day, 100-day, and 200-day EMAs.
TON Holds Above Key Averages: A Bullish Technical Breakdown
The 4-hour chart for Toncoin (TON) presents a positive outlook, with the price recently making a high at $5.23. The MA (Moving Average) Cross is bullish, with the 9-period MA at $5.01 positioned above the 21-period MA at $4.97, indicating a potential continuation of the uptrend.
The RSI (Relative Strength Index) is hovering around 60.97, which is slightly above the midpoint of 50, suggesting a moderate bullish momentum without being overextended into the overbought territory. It signifies a healthy buying interest without immediate signs of a reversal due to being overbought.
The MACD (Moving Average Convergence Divergence) is also showing positive momentum, with the MACD line (blue) above the signal line (orange) and both lines above the zero mark. This indicates growing bullish momentum, as the MACD line remains above the signal line.
Taking these indicators into account, Toncoin (TON) maintains a solid position above pivotal support levels, demonstrating a bullish stance. Key support to monitor is situated at approximately $4.30, a region where buyers have consistently shown interest, indicating a robust floor for the price. On the ascent, TON faces a notable resistance at the $5.69 mark, which, if surpassed, could pave the way for a more significant climb, potentially reaching higher psychological levels.
