Toncoin has slowed down buying today due to a slight drop. It remains bullish but may keep losing steam if the bulls fail to sustain pressure.
Since TON bounced back from a major correction in May, the price has increased significantly as it continues to break through several obstacles on the way up. So far, it has seen over 80% surges near June’s high.
But due to the latest 2% decrease in the global market cap, the price has pulled back to where it trades at $7.97 at the time of writing. It appeared to be looking for close support on the hourly timeframe. A continuous drop from this trading level could bring a retest at April’s high.
However, if we look back from where the market started to gain strength recently, TON is yet to initiate a major rally due to low trading volatility. Technically, it appeared to be gathering liquidity on the daily chart.
This indicates an imminent price explosion is underway. A weekly close above the previous month’s high could fuel a huge surge in the future.
One thing to worry about here is the daily volume indicator, which has been on a steady decline since April. The disagreement between the price and volume might slow down the bullish signal. This may cause a little divergence in the existing trend before initiating a mega run-up.
TON’s Key Level to Watch
Today’s 2% loss has brought a small reduction near the $7.67 support – April’s high. A drop below it may trigger a divergence to the $6.76 and $6 supports. Lower supports to watch are $5.27 and $4.6.
A break above a close resistance of $8.28 could activate a surge to $9 and $10 in no time. The next buying level to keep in mind would be $20.
Key Resistance Levels: $8.28, $9, $10
Key Support Levels: $7.67, $6.76, $6
- Spot Price: $7.9
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!