Toncoin’s recent bullish momentum has come to an abrupt halt, with the cryptocurrency slipping back to the critical $6 level. After showing signs of a strong rally, TON has faced significant selling pressure, pushing it down to this crucial support zone. The pressing question now is whether the bulls can defend this level and prevent a deeper bearish breakdown, or if Toncoin is on the brink of further decline as bearish sentiment grows.
Toncoin’s Price Action: A Closer Look
Over the past 24 hours, Toncoin has experienced a 5.19% drop, currently trading around $6.27. The cryptocurrency’s market capitalization stands at over $15 billion, with a trading volume exceeding $373 million at the time of writing. Notably, while TON’s market cap has decreased by 5.21%, its trading volume has surged by 43.65%, indicating heightened market activity amid the price drop.
The $6 Battleground: Will Bulls Hold the Line?
On the 4-hour chart, Toncoin is showing signs of a potential bullish recovery after hitting the $6 mark. The price is attempting to move above the 100-day Simple Moving Average (SMA), aiming for the $6.7 level. This suggests that the bulls may be regaining strength and could drive the price higher.
Additionally, the 4-hour Relative Strength Index (RSI) indicates that after dipping below 50%, the signal line is now rising again, pointing to increasing buying pressure. This could lead to further upward movement for TON.
On the 1-day chart, while Toncoin is still trading below the 100-day SMA, the price is making an effort to move toward the $6.7 resistance level after a bullish rejection at $6. This indicates that the bulls are beginning to take control and could potentially push the price higher. The 1-day RSI also shows the signal line climbing above 50% from the oversold zone, signaling growing bullish momentum for the cryptocurrency.
What’s Next for Toncoin: Bullish Defense or Bearish Takeover?
Recent trading activity suggests that Toncoin is mounting a bullish defense at the $6 level, with an attempt to move toward the $6.7 resistance. If TON manages to break above this level, it could trigger a further move toward the next resistance at $7.7 and possibly beyond.
However, if the bears take over and TON’s price breaks below the $6 mark, the cryptocurrency could continue to decline, with the next support level at $4.6. A breach of this support could lead to a further drop, testing the $3.3 level, and potentially lower if bearish momentum persists.
The coming days will be crucial for Toncoin as it battles to hold the $6 support. Whether the bulls can stage a comeback or the bears drive the price lower will determine TON’s next major move.
Notice:
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