TON Price Outlook
Market performance
After briefly showing a neutral trend, the 13th-ranked cryptocurrency showed a significant upward trend. TON price has gained 23.72% in the past 24 hours and 31.29% over the past week, highlighting positive price action in the coming days.
Bullish Momentum
Recently, bulls have regained momentum with the valuation rising by just over 42% in 24 hours, indicating a strong bullish reversal in the market. However, the price was rejected at $3.499 and has been trading under a bearish influence since then.
Technical indicators
The RSI continues to trade above the overbought territory, indicating strong buying and oversold pressures in the cryptocurrency market. Furthermore, these averages show the possibility of a long-term bearish convergence, indicating uncertainty about future price action.
Price Outlook
Bullish scenario:
If the market can sustain the price above the $3.499 support, the bulls will regain momentum and will be ready to test the $3.944 resistance. Moreover, if the bulls can keep the price above this level, it will test its overhead resistance at $4.250 in the coming week.
Bearish scenario:
On the downside, a trend reversal could pull the price towards the $3.211 support level. Moreover, if the bearish trend persists, TON price will be ready to test its lower support at $2.897.
