The bulls have kept Toncoin (TON) price above the moving averages but are struggling to initiate a strong recovery.
TON/USDT Daily Chart | Source: TradingView
If the price rises from the current level and breaks above $5, it will indicate that the bulls are trying to make a comeback. The TON/USDT pair could rise to $6, which is an important level to watch. If buyers overcome this barrier, the price could rise to $7.
Conversely, if the price falls below the moving averages, it will indicate that the bears are in control. The bulls will need to defend the $4.44 level at all costs, as a break of this level would complete a bearish head and shoulders (H&S) pattern. The price could then drop to $3.50.
