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Toncoin Price Gains After Key Support
Toncoinâs price discovered robust support at $6.5, bolstered by an ascending trendline, which enabled bulls to initiate a trend reversal. Traders have been contending with a pronounced downtrend since TON peaked at its all-time high of $8.28.
Bearish indicators from the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have prompted traders to short Toncoin. Since the beginning of July, the RSI has shown a consistent downward trend within the neutral zone.
Ton Chart
Ton Chart
Should the price remain above the trend line by weekâs end, bullish momentum might gain strength, potentially breaking through the $7.5 resistance level and advancing towards $10. The MACD could confirm a buy signal on the daily chart, further propelling the uptrend. Traders looking to leverage this indicator should wait for the blue MACD line to cross above the red signal line within an overall upward trend towards the neutral zone before placing buy orders.
The initial profit target is $7.5. However, if the price surpasses this level, Toncoin could rally to $8 and possibly enter a discovery phase, aiming for new all-time highs.
Conversely, a death cross pattern heightens the risk of a continued decline below the trend line and support at $6. This pattern emerged when the 20-day EMA fell below the 50-day EMA. Depending on the intensity of the market headwinds, a more significant sell-off to $5 cannot be ruled out.
