After a phase of decline, Toncoin has shown renewed interest, although struggling to sustain it. Let's examine the upcoming projections for the trajectory of $TON
Toncoin experienced a rapid increase, reaching a historic peak of $8.28. However, this level triggered considerable selling pressure, causing a decline of more than 45% in its quote. Nevertheless, the cryptocurrency found new momentum near $4.45, generating revitalized interest.
The recent fluctuations of TON have shaped a double bottom pattern, often indicative of a direction change. This formation was broken upwards, allowing the price of Toncoin to reach the resistance of $6.8. Unfortunately, this barrier was not breached, causing a new wave of selling pressure on the price of the cryptocurrency.
Indeed, at the time of writing this analysis, the value of TON is around $5.46. It is relevant to note that this price level is just above a noteworthy value area, which is located at the first monthly pivot support. Consequently, the cryptocurrency has recorded a downward retracement of approximately 78.60% in relation to its last daily advance, naturally calling into question its short-term trend.
However, it is crucial to highlight that medium and long-term trends remain optimistic. This outlook is reinforced by the bullish intersection of the 50-day and 200-day moving averages. Still, all these downward variations have undoubtedly affected the positive dynamics of the cryptocurrency, impacting both its price and its oscillation indicators.