Toncoin Price Prediction: TON Crypto Market Cap Collapse Below $2 Billion Again, What’s The Next Support?

• Toncoin price again received an upside price rejection near the $2.0 resistance level.
• In the 4-hour chart, buyers are maintaining the crypto price above the all-important exponential moving average.
• The digital currency gained 8.7% over the past 24 hours, thus reporting a market capitalization of $1.99 billion.

Investors are hoping to hit the $2.0 billion mark in market capitalization. However in the recent rally, buyers reported a market cap of above $2 billion as a whole on October 25. Due to some bullish hurdles, it failed to maintain the higher price momentum and once again fell below key levels.

Amid roller-coaster ride, price action draws higher-lows pattern so far. Meanwhile, bulls connected each lower peak and formed a support trendline (below the chart). Thus Toncoin price again turned bullish after support’s trendline retest, resulting in, crypto is trading at $1.63 mark at press time. 

In terms of the 4 hours chart, buyers maintain crypto price above all vital exponential moving averages like 20,50,100 and 200. The 200 EMA (white) acts as a support. Nevertheless, the $2.0 zone stood to be a key defending area of bears. This zone interrupted the ascending trend twice and if buyers fail to maintain the support trendline, price action may suggest double top formation. 

During retesting the support trendline, trading volume suddenly spiked, showing buyers are standing close to this level and more rebound is expected ahead. Last night, trading volume reported at $21 Million with a gain of 100%.

Toncoin Price Prediction on Daily Price Chart

On the daily price scale, buyers found trend-changing points on the 20-day exponential moving average. If price starts a retracement phase then still valid as a support level.

The simple RSI does not appear to be strong enough for an upward trend in Toncoin. At that time, the RSI peak remained at 56 levels looking slightly sideways. Conversely, the Stoch RSI indicator is about to complete an oversold zone on the daily price scale. Both the RSI indicators are showing bearish divergence.

Conclusion

Toncoin price did not move much above the 20-day exponential moving average. This is the only support level remaining in case buyers want to ignore any sharp fall in the price. 

Technical Levels

Support level – $1.5 and $1.0

Resistance level – $2.0 and $3.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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