Despite the bearish trend, Toncoin's bullish reversal potential has resurfaced near the $4.65 support area. Will this lead to a breakout rebound to $6?
As bearish pressure increases, Toncoin has returned to the key support area around $4.65. The bearish dominance indicates a negative crossover in the EMAs, thus increasing the risk of a collapse.
Toncoin is approaching a triangle breakout.
Toncoin maintains a downtrend on the daily chart, facing significant bearish pressure. However, despite the pressure, the key support level at $4.65 still keeps the TON price resilient.
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The demand zone at $4.65 aligns with a descending triangle pattern. The increasing bearish influence has led to a death cross event between the 50-day and 200-day EMAs.
Additionally, the 100-day and 200-day EMAs are approaching a bearish crossover. This increases the bearish signals, with MACD and the signal line aligning in the negative area, showing a gradual trend of negative histogram.
Overall, Toncoin's daily chart presents an extremely bearish outlook. However, the potential dynamics of the key support level at $4.65 suggest the possibility of a bullish comeback.
The daily RSI line shows bearish divergence as Toncoin finds support near the demand zone. Toncoin has gained 0.41% during the session, currently trading at $4.84, suggesting a potential bullish recovery.
Will Toncoin recover to $6?
As Toncoin approaches the apex of the descending triangle pattern, the likelihood of a high momentum move increases. If broader market conditions improve after the U.S. elections, Toncoin may break through the 20-day EMA, consistent with the resistance trend line above.
According to price action analysis, a triangle breakout rebound may face resistance around $5.33 before reaching the psychological level of $6. A successful breakout could further increase the chances of Toncoin climbing to $8.18.
On the other hand, a drop below $4.65 would test the level of $4.34, potentially reaching the psychological support level of $4.00.
