thecoinrepublic.com
- Toncoin price prediction favors the bulls and suggest a rise in the long term.
- Toncoin price defended the 200 day EMA support and showed minor recovery.
- TON price is up around 5.07% on a weekly basis.
Toncoin price prediction favors the bulls and is expecting upward momentum to continue in the coming months. Toncoin price is up by around 5.07% on a weekly basis and showed a decent recovery from its recent swing low. TON price witnessed massive sell-off on March 23rd 2023, and attempted to break the lower range but price gave a sharp bounce from the support. It indicates that responsive buyers are active at the lower levels.
TON price successfully defended the 200-day EMA showcase that the positional trend is still in the upward direction. Toncoin price is trading at $2.2283 with an intraday decline of -1.59% and the 24-hour volume to market cap ratio is 0.0142. The pair of TON/BTC is trading at 0.00007831 BTC with an intraday decline of 1.37% indicating weak correlation between the direction of both the pairs.
Toncoin price tried multiple times to break out of the $2.6062 hurdle but faced rejection and reverted back toward the 50 day EMA. While, from the past few months the 50 day EMA acted as a strong support, prices showed meaningful bounce. However, recently bears succeeded in pulling the price below the EMA triggering mild negative sentiments.
Will Toncoin Price Break Upside or Downside?
Toncoin price formed a hammer candle at the lower range support and buyers pushed it back to the equilibrium level. The chart pattern of Toncoin crypto does not show any strong signs of a breakout or breakdown. However, if the global market shows a sharp move in the coming months, then the probability of the range expansion will substantially increase. Technical analysis suggests TON price is forming a long term base near $2.0000 and is expected to consolidate for some more time.
TON Price Defends Previous Week’s Low
TON price managed to defend the previous week low at $1.8744 forming a small-sized bullish candle on a weekly basis. Toncoin price recovered around 20% from the recent low but still lacked the momentum on the higher levels. The MACD curve is reversing upward and might generate a positive crossover indicating mild bullishness. The RSI at 48 sloping sideways denotes neutral territory and a tussle between the buyers and sellers with neither yielding.
Conclusion
Toncoin price prediction suggested a rise in the long term but price will gain momentum only when bulls successfully break out of the higher range. However, the technical analysis suggests TON price does not indicate a strong side for range expansion and that prices might be consolidating for the base formation.
Technical levels
Resistance levels : $2.6000 and $2.8415
Support levels : $2.0000 and $1.8000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.