This article analyzes Toncoin’s recent price action, highlighting its drop to the critical $6 support level after a bullish run. Toncoin is currently trading at $6.27, down 5.19% in the last 24 hours.
Its market cap is over $15 billion, with a trading volume of $373 million. While the market cap has fallen by 5.21%, trading volume has increased by 43.65%.
Toncoin Price Analysis: Bullish Signs Emerge After Recent Dip
Currently, Toncoin’s price is showing signs of a bullish recovery on the 4-hour chart after hitting the $6 support level. The price is moving towards the $6.7 mark and attempting to rise above the 100-day Simple Moving Average (SMA). This indicates that bulls are gaining strength and could push the price higher.
The 4-hour Relative Strength Index (RSI) also supports this bullish outlook. After dropping below 50%, the RSI is now rising again, suggesting increased buying pressure and potential for further upward movement.
On the 1-day chart, Toncoin is still trading below the 100-day SMA but is trying to move up towards the $6.7 resistance level following a bounce off the $6 mark. This indicates that bulls are gaining control and might drive the price higher.
Moreover, the daily RSI is climbing from the oversold zone towards 50%, signaling growing bullish momentum for Toncoin.
Toncoin’s Price Potential: Key Resistance and Support Levels
Recent trading indicates that Toncoin is showing bullish strength at the $6 support level and is aiming to move towards the $6.7 resistance. A successful breakout above $6.7 could lead to further upward momentum, with potential resistance at $7.7 and beyond.
Conversely, if the price fails to hold above $6 and falls below this mark, Toncoin may experience a decline toward the $4.6 support level. A breach of this support could lead to further drops, with the next significant support at $3.3 and potential lower levels if this price is also broken.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
