TON faces significant resistance at $8.000, hindering upward movements despite strong support at $6.800-7.000.
Strategic patience advised for $NOT entry, observing .0199 supply zone dynamics amid Bitcoin stability.
Volume spikes near key levels like $8.000 indicate active trader engagement, influencing $NOT’s price direction.
Even as TON continues to show strong performance in the cryptocurrency market, analysts are closely watching $NOT, a token within the TON ecosystem, as it navigates critical resistance and support levels.
For those considering an entry into $NOT, a patient approach seems prudent. As highlighted by prominent crypto analyst Altcoin Sherpa, observing its behavior around the $0.0199 supply zone or waiting for a more favorable Bitcoin environment could inform a well-timed decision.
$TON: Still 1 of the strongest charts in crypto. Buying $NOT seems like a decent idea if you think btc stabilizes.I'll buy NOT if I see it continually testing that supply zone at .0199 OR if I see a dip + btc looks ok. Not rushing in though. https://t.co/Vbetcehcoc pic.twitter.com/sYnvB6YjTS
— Altcoin Sherpa (@AltcoinSherpa) June 14, 2024
One of the key challenges facing TON lies at the $8.00 level, a formidable resistance point that has repeatedly thwarted upward breakthroughs. This resistance indicates significant selling pressure, as evidenced by repeated price reversals at this critical juncture.
Conversely, robust support emerges in the $6.80-$7.00 range, evidenced by consistent bounces off this zone during recent market corrections. These reliable support levels are pivotal in sustaining the current price structure and warrant close monitoring for any shifts in market sentiment.
Volume analysis reveals notable spikes during pivotal price movements. Increased trading activity near resistance levels like $8.00 and during tests of support zones suggests active engagement among traders, potentially influencing future price directions.
Source: Altcoin Sherpa
The trend analysis paints a cautiously optimistic picture, characterized by incremental highs and lows over recent weeks. A notable ascent from the $6.800 support to the current proximity of $8.000 indicates bullish momentum, albeit tempered by the persistent challenge of definitively breaching the resistance ceiling.
Source: Altcoin Sherpa
Currently trading at $0.021161 the immediate outlook hinges on $NOT’s ability to decisively surmount the 0.0199 resistance level convincingly. A successful breach could propel it towards higher milestones, with the .023544 resistance as the next target. Failure, however, might prompt a retreat towards the supportive .017028 level, shaping short-term market dynamics.As at press time, Toncoin (TON) is trading at $7.99, reflecting a 5.06% increase in the past 24 hours. The cryptocurrency has demonstrated robust trading activity, with a 24-hour volume totaling $545,388,718.
The post TON on the Rise, but Can $NOT Crack the Code to $8? appeared first on Coin Edition.
