Toncoin (TON) price has shown strong recovery, gaining 4.45% over the past 24 hours to trade at $5.30. This rebound comes after the cryptocurrency experienced a 3% dip the previous day.
Analysts are now optimistic about Toncoin’s potential, projecting bullish targets that could take the asset higher in the coming weeks.
Toncoin Rebounds with Steady Momentum
Toncoin began the trading session at $5.07 and rose to $5.30 during the last trading session. The rates remain positive, indicating the renewed interest on the part of the buyers, which is suggestive of another round of upswing.
It has been observed that Toncoin has been able to hold some important levels in the present market downturn. This resilience has also enhanced the expectations of its rebound and the traders are now looking for a break out above the present resistance levels.
Toncoin market capitalization has also increased to $13.45 billion as it aligns with the recent price surge. The trading volume recorded in the past one day stood at $211.73 million which is a 3.42% rise, which indicates that the market is active.
Golden Cross and RSI Indicate Bullish Momentum
Another sign that can be seen on the Toncoin’s 4-hour chart is the Golden Cross where the 13-period moving average is crossing the red 49-period moving average.
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This crossover is a bullish signal that indicates that buyers are in the process of taking over this market.
As of now, the Relative Strength Index (RSI) is at 54.66, only slightly above the middle line of 50. This is a moderately bullish signal and the RSI has more room to rise before going overbought.
The RSI has recently bounced back from 43.99, which is the level that is usually over-sold. This bounce back can be attributed to the enhanced purchase trends and the improving perception amongst the market players.
Analysts Eye $7.43 Target After Consolidation
The upcoming days might be favorable for Toncoin as per the support and resistance levels of the experts. According to Rose Premium Signals @VipRoseTr Toncoin is currently in consolidation at the $4.515 support area which also coincides with key demand zones.
A pullback from this support could lead to a bullish breakout with the first target at $7.43. This projection is quite in line with the overall trend of Toncoin and as such it is quite conceivable that buyers may continue to see more gains as the cryptocurrency carries on to the next higher level.
For the next month, the predicted rise in the Toncoin price is 228.94%, so the price will be $17.37. But for the moment it remains negative, as depicted by technicals as well as the Fear and Greed Index, which currently hovers at 63 or greed territory.
Toncoin has been trading in the green zone for 13 days out of the last 30 days with an average price change of 4.93% localized per day. Although this reflects moderate upward movement, it also shows that the cryptocurrency is volatile in the short-term.
The levels to watch are the resistance at $5.30 and support at $4.515. The breakout above the current resistance level may signal the start of a more extended bullish trend with the target at $7.43 per share, analysts said. However, if there is no further support then the lower levels may be tested again.
Source: https://www.thecoinrepublic.com/2025/01/14/toncoin-price-gains-4-analysts-predict-7-amid-bullish-momentum/