Toncoin Price Prediction: Bullish Trend With Caution

The coin seems to be under the bullish dominance since the start of its launch. During the most recent intraday trading session, the price of Toncoin, which is currently trading at $2.26, fell by 1.39% over the daily price chart. Although the buyers are involved in the trade, the coin might reverse and TON may lose its potential. The coin may move towards the downward curve if the sellers successfully get into the trade.

If the TON coin price breaks through this level and the bullish trend continues, the price may move toward the secondary resistance of $2.68. The bullish trend may cause the price of the coin to hit the primary resistance of $2.46. If sellers enter the market at that point, the price might go as low as the primary support level of $1.94. But if the downward trend of the coin persists, then the trend keeps on, it could also fall as low as the secondary support level of $1.30. The coin might face a trend reversal as the sellers are continuously attempting to manipulate the trade.

During the intraday trading session, volume dropped by 45.29%, indicating the seller’s intervention in the deal. The volume-to-market cap ratio is 0.001 and short selling is increasing. TON’s price is ahead of 20 and 100-day Exponential Moving Averages and is behind the 50-day of Daily Moving Average.

Technical Analysis of TON

Technical indicator shows that the positive cross can be seen by the collision of the MACD and MACD indicators. The Relative Strength Index is being actively pushed by the sellers into the oversold territory. The current value of the RSI is 49.97, which is more than the average RSI of 42.15. The RSI could shift toward neutrality; the buyers must push themselves to drag RSI towards the neutrality.

Conclusion

The current price of Toncoin is $2.47, with a gain of 1.17% during the last intraday trading session. The coin seems to be under the bullish dominance since its launch, but sellers are continuously attempting to manipulate the trade. Technical analysis shows that the Relative Strength Index is being actively pushed by the sellers into oversold territory, and the current value of the RSI is 49.97

Technical Levels

Support Levels: $1.94 and $1.30

Resistance Levels: $2.46 and $2.68

Disclaimer

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