Despite the current bearish trend, a potential bullish reversal is emerging near Toncoin’s key support level of $4.65. Could this signal a rally that might push the price toward $6?
Toncoin Tests Key Support at $4.65
With increased bearish pressure, #Toncoin has returned to the critical support zone around $4.65. The dominance of bearish sentiment suggests a negative crossover on the exponential moving average (EMA), adding to the risk of a price drop.
The question remains whether Toncoin will bounce off the $4.65 support zone and break through the upper trendline. Let’s analyze the situation further.
Toncoin Near Triangle Pattern Breakout
On the daily chart, Toncoin maintains a downward trend and faces substantial bearish pressure. However, the support level at $4.65 appears to be a stronghold, keeping the TON price above this threshold.
This support level at $4.65 forms part of a descending triangle pattern. The growing bearish influence has led to the formation of a "death cross" between the 50-day and 200-day EMAs.
Bearish Signals on Toncoin’s Chart
Additionally, the 100-day and 200-day EMAs are close to a bearish crossover. This move is reinforced by the MACD indicator and signal lines in negative territory, showing a steadily increasing negative histogram.
The overall outlook on Toncoin's daily chart is distinctly bearish. However, the crucial support level at $4.65 indicates a potential for a bullish reversal.
The daily RSI line reflects #BEARISH📉 divergence as Toncoin finds support near the demand zone. It is currently trading at $4.84, with an intraday gain of 0.41%, suggesting a possible bullish recovery.
Will Toncoin Reach $6 Again?
As Toncoin nears the peak of its triangle pattern, the likelihood of a strong momentum move increases. If broader market conditions improve following the U.S. elections, Toncoin could surpass the 20-day EMA, breaking above the upper resistance trendline.
Price action analysis indicates that a triangle breakout could face resistance around $5.33 before reaching the psychological $6 mark. A successful breakout might further increase the chances of Toncoin reaching $8.18.
On the other hand, a drop below $4.65 could test the $4.34 level before potentially hitting psychological support at $4.00.
#TON , #CryptoPredictions , #CryptoNewss
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