- Since the coin price bounced off the demand zone, the price of the TON coin has been increasing.
- The price of the TON coin is currently consolidating close to the supply zone, where it is currently trading.
- The price of the TON/BTC pair has increased by 1.69% over the previous 24 hours to 0.00007495.
The TON coin price has recently bounced off the demand zone while trending upward. The cost of coins continues to revolve on the supply. However, it has formed a bearish rejection candlestick pattern on a daily time horizon. It has established a daily pattern with a symmetrical triangle.
The price of the TON currency is producing higher high and higher low formations on a daily period. After overcoming all short-term barriers, the coin price is now trading in the supply zone. The price of the TON coin is currently trading at the upper band of the Bollinger band indicator after recovering from the lower band. In the daily time frame, the price of the TON coin has broken out above its 14 SMA and 50 MA. It is resting at these Moving averages at the moment.
Despite recent bullishness, the coin price has not yet crossed above the 100 Moving Average. As a result, the coin price may experience upward rejection before experiencing a sharp decline. Despite the bullish disaster of the previous day, volumes have dropped. Investors should therefore exercise caution and wait for a distinct trend.
The TON coin price is forming a symmetrical triangle pattern on the daily time frame
Average Directional Movement Index: As the currency keeps rising, the ADX curve has been rising in a higher time frame. The ADX curve has fallen out of the 35 levels and turned upwards on a daily time frame. As of 4 hours, the coin price is in the short-term demand zone. It is encouraging for the price of coins. Investors want to hold off until a bullish candle formation forms in the demand zone.
Relative Strength Index: RSI curve is trading at the level of 63.75. The RSI curve has crossed the halfway mark of 50. Once the coin gives a breakout of a rounding bottom pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Supertrend: Supertrend indicator is positive as the coin price broke the important small-term supply zone on the daily timeframe. Since then the coin price has failed to give a breakout of the supply zone in a larger time frame. As of now, the coin price has broken the super trend sell line which has triggered a buy line.
Conclusion: TON coin price has been hovering around the supply zone. The technical parameters suggest a bullish move in the upcoming days. The price action is also suggesting the same. It remains to see if the coin price will break the rounding bottom pattern or fall heavily
Support: $2.0 and $1.8
Resistance: $2.7 and $2.9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/11/ton-coin-price-analysis-ton-coin-price-surges-to-the-supply-zone/