Key Takeaways:
- The Toncoin bounces back strongly after having briefly corrected to the $2.73 mark.
- Momentum indicators record accumulated sustained bullish pressure building in the market.
- The price consolidates tightly in the $2.90 and $3.05 resistance zone.
Toncoin (TON) is stable at $3.01 despite having registered a sudden dip and quick recovery earlier this week. The cryptocurrency has a 24-hour trading volume of $229.07 million and a market cap of $7.43 billion.
This is the current price level that is registered with stability after an unsteady cycle that was witnessed with the token slumping abruptly before regaining momentum. As the week progressed, Toncoin pulled off a crucial recovery phase that boosted investor spirits after an initial selling pressure wave.
The 7-day chart outlines a whole reversal of market sentiment. Toncoin dropped from more than $3.05 to $2.73 in a series of sessions due to frantic short-term profit-taking and declining market volume.
Source: CoinMarketCap The intensity of selling vanished quickly, however, giving way to the renewed interest among buyers. The recovery pushed the token beyond its short-term resistance levels, and it reclaimed the $2.95 level without serious resistance.
Even with closing in on the psychological $3.00 level, the token witnessed consolidation as the traders remained cautious, evident in minuscule candlesticks and decreasing volume.
Price stability has created a tightening area between $2.90 and $3.05, which is the key area for the future direction. Support at this level is displaying bullish undertones, yet the market awaits a definitive breakout.
This sideways price action often leads to a directional push, and technical signals are supporting upper continuation. The Toncoin daily chart shows a strong bullish lean, with the token sitting above both its 20-day and 50-day exponential moving averages.
These levels, registered at $2.8979 and $2.9699, respectively, are classically considered key indicators of short-term momentum. Staying above both averages further supports the argument for further gains.
Also Read: Toncoin Price Faces Resistance, Eyes Breakout Above $3.10
There are still indicators supporting the bulls. The RSI is still moderately positioned at 57.09, showing advancing buyer interest without signaling overbought territory.
Meanwhile, the MACD reveals a positive crossover, which is confirmed with larger green histogram bars. These signals indicate that momentum is building strength.
If Toncoin is successful in crossing the 100-day EMA at $3.15, its next significant gain destination could be $3.60. However, inability to sustain current support might stall the advance.
Source: TradingView But with the existing structure still intact, Toncoin is likely to experience sustained advancement during the upcoming sessions.
Also Read: Toncoin (TON) Eyes Breakout as Market Sentiment Turns Bullish
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
