- Toncoin price shows that the retracement phase has over this week.
- TON Crypto is observing a wide horizontal range between $0.80 to $2.0 support to resistance.
- Market cap is up 5.8% in the last 24 hour, reflecting opportunity for bulls.
Toncoin was suffering from the retracement phase as bears dumped it at $2.0 zone. This week buyers back into games and manage prices above the $1.0-red zone of volatility. It seems that TON crypto has completed its retracement phase as daily candlesticks show price closing in green.
However, buying force is not strong for price sustainability. Buyers need more altcoin gathering to maintain asset above support trendline which stays from the 60 day’s low. TON crypto may retest the annual low if bears break this support trendline with huge trading volume, otherwise, it seems bullish opportunity.
Amid pump and dump, TON Crypto is observing inside the wide horizontal range between $0.80 to $2.0 support to resistance for over the past 5 month. This consolidation brings an unexpected price rally ahead if trading volume will be higher close to resistance. Meanwhile Tonecoin against the USDT is trading at $1.34 mark at press time.
Stoch RSI is Rising From Lower Levels
Trading volume is low this week, hence, price is not moving much higher. Although, buyers were accumulating coins overnight, thus volume increased 18% at $16.6 Million. In addition, the Stoch RSI indicator is overcoming the oversold region to move higher over the daily price chart. This bullish sign may influence buyers for range breakout.
The pair price of TON crypto along with the Bitcoin pair is up 6% at 0.00007032 satoshis. Notably the Market cap is up 5.8% in the last 24 hour. This bullish momentum occurs because buyers found support at the lower-band Bollinger bands indicator and they aim to escape the mid-band soon.
Conclusion
The Toncoin bulls are aiming to break the mid-band of the Bollinger Band indicator in the upcoming week. Due to the wide horizontal range, buyers need extreme accumulation to overcome the long-term consolidation phase.
Support level- $1.0 and $0.8
Resistance level- $1.5 and $2.0
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 the financial investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/02/toncoin-price-prediction-buyers-stays-at-1-0-support-amid-increasing-prices/