Toncoin (TON) price appears to be under pressure, with recent technical indicators pointing to a potential oversold phase. The Relative Strength Index (RSI) is showing signs that selling momentum has taken over, although a rebound could be on the horizon.
At the same time, the recent increase in TON supply on exchanges suggests that some holders may be preparing to sell, adding potential short-term pressure.
TON RSI indicator shows oversold phase
TON’s RSI is currently at 29.69, slightly higher than its recent low of 26 a few days ago. This level suggests that the coin is approaching the oversold zone, where selling momentum has been dominant.
RSI, or Relative Strength Index, measures the speed and volatility of price movements. Levels below 30 indicate oversold conditions, and levels above 70 indicate overbought conditions. RSI below 30 can indicate undervaluation, and often hints at a potential bounce in price.
This recent rise in TON’s RSI could mean that the price is preparing to recover. However, the rebound may not be immediate, as historical patterns show that TON’s RSI has dipped below 30 — sometimes as low as 15 — before a reversal occurs.
This suggests that while oversold levels are present, downward pressure is still possible before a strong recovery occurs.
Coin holders sent 30,000 tons to the platforms.
Recent data shows that users have transferred around 30,000 TON to exchanges over the past few days. When users send coins to exchanges, it usually indicates a bearish outlook, as these transfers indicate that they may be preparing to sell.
Conversely, when coins are withdrawn from exchanges, it often reflects a bullish sentiment, as users are more likely to hold coins and avoid selling.
The addition of 30,000 TON on exchanges suggests that some holders may be preparing to sell in the near future, although this amount is relatively modest.
This flow may cause slight selling pressure, but it is not a large volume that is likely to cause significant price changes on its own.
TON Price Prediction: Is a Bounce Possible Soon?
The EMA chart of TON reveals a bearish setup, as its price is trading below all EMA lines and the short-term lines are placed below the long-term lines, indicating a continued downtrend.
This consensus suggests that sellers are currently in control, and the downtrend may continue. If this pattern continues, TON price is likely to test support around the $4.45 level, where it could seek stability.
TON's EMA lines, support and resistance.
However, with the RSI indicating that TON may be entering the oversold zone, a potential bounce could be on the horizon. If buying interest picks up and TON reverses its downtrend, it could aim to test the resistance at $4.91.
This scenario is based on a change in momentum, highlighting the current key levels that TON may face.
