This article analyzes Toncoin’s recent price action, highlighting its drop to the critical $6 support level after a bullish run. Toncoin is currently trading at $6.27, down 5.19% in the last 24 hours.
Its market cap is over $15 billion, with a trading volume of $373 million. While the market cap has fallen by 5.21%, trading volume has increased by 43.65%.
Toncoin Price Analysis: Bullish Signs Emerge After Recent Dip
Currently, Toncoin’s price is showing signs of a bullish recovery on the 4-hour chart after hitting the $6 support level. The price is moving towards the $6.7 mark and attempting to rise above the 100-day Simple Moving Average (SMA). This indicates that bulls are gaining strength and could push the price higher.
Bullish comeback for TON Source: TONUSDT on Tradingview.com
The 4-hour Relative Strength Index (RSI) also supports this bullish outlook. After dropping below 50%, the RSI is now rising again, suggesting increased buying pressure and potential for further upward movement.
On the 1-day chart, Toncoin is still trading below the 100-day SMA but is trying to move up towards the $6.7 resistance level following a bounce off the $6 mark. This indicates that bulls are gaining control and might drive the price higher.
Toncoin targeting the $6.7 level | Source: TONUSDT on Tradingview.com
Moreover, the daily RSI is climbing from the oversold zone towards 50%, signaling growing bullish momentum for Toncoin.
Toncoin’s Price Potential: Key Resistance and Support Levels
Recent trading indicates that Toncoin is showing bullish strength at the $6 support level and is aiming to move towards the $6.7 resistance. A successful breakout above $6.7 could lead to further upward momentum, with potential resistance at $7.7 and beyond.
Conversely, if the price fails to hold above $6 and falls below this mark, Toncoin may experience a decline toward the $4.6 support level. A breach of this support could lead to further drops, with the next significant support at $3.3 and potential lower levels if this price is also broken.
TON trading at $6.3 on the 1D chart | Source: TONUSDT on Tradingview.com
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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