Home
News
- The price of Toncoin reversed last night and is up 10.7% in just one day.
- On the 4-hour price chart, the crypto price remains above the all-important moving averages throughout the intraday trading session.
- The recent bounce has formed a high-low formation, which is drawing a bullish trend line.
After a substantial time period, the price of Toncoin has left the tight range of consolidation. Due to the last 24 hours directional trend buyers pushed the crypto price into higher territory. This rapid surge took the market sellers by surprise and they started selling in haste and as a result the prices went up by more than 10% in a single day.
Toncoin ranks at level 32 according to the CMC ranking system. Toncoin’s market cap rose 9.7% overnight to register $1.64 billion. Buyers have been aware of Toncoin since they started making deposits this week. Meanwhile, the bulls successfully reached a 10-day high of $1.407 on October 20.
Recent bounce back formed the higher-lows formation, which draws a bullish trendline (above the chart). Later on, on a 4 hour chart, Toncoin price sustained above the all-significant moving averages in intraday trading sessions. Notably trading volume hiked over 230% in last 24 hours, suggesting directional trend may take stand for long term.
Ongoing weekly candle shows aggressiveness in market as buyers regained nearly 11% return so far. Thus, the Toncoin price against the USDT pair is trading at $1.384 mark at press time. However, buyers seem exhausted in intraday trading sessions as crypto is down 0.5% as of now. Moreover, the Toncoin connection with the Bitcoin pair is green by 9.8% at 0.0000709 satoshis.
The RSI indicator is showing further signs. Now the peak of the RSI has moved above the semi-line (50 level), which favors the bulls for a rising trend. Moreover, the MACD started moving higher after the crossover, at the same time, the histogram is forming higher-highs.
Conclusion
Later in the last 24 hours the price of Toncoin rose again. The two leading indicators, the RSI and MACD, are positive, but still do not give buyers confidence in the renewed upside in the price of Toncoin. The bullish trendline is the best gathering area for the bulls, the price may move higher near this point in the upcoming trading sessions.
Support level – $4.1 and $3.0
Resistance level – $5.0 and $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
