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- TONCOIN price trades within the previous candlesticks in the live market.
- The crypto remains well above the 20-day simple moving average.
- The market capitalization fell by 4.8% to $2.92 billion in the last 24 hours.
Recently the major cryptocurrency exchange Bitget added TONCOIN for spot price trading alongside the TON/USDT pair. To encourage speculator interest on TONCOIN, Bitget opened two staking pools for 80% and 40% APY. This news fueled the crypto growth in the crypto market.
Due to the recent fall in the crypto market, Toncoin hit its 90-day low at the mark of $0.7482. Amid the roller-coaster ride, buyers saw a rounding bottom recovery in the last three months. As per the price action, the dominance of the buyers is clearly visible when they are going to paint the third strong bullish candle this month. As a result, buyers have made a return of around 38% so far in December and further upside is expected.
Although price action has been forming higher-lows formation since. Amid price rally, buyers eventually reclaimed crypto price above $2.0 bullish hurdle, flipped into immediate support zone. Now $3.0 mark is observed as a next bear’s defending zone. In this zone, buyers may have trouble because trading volume is low this week.
Today bulls are leading positive momentum with the current price of Toncoin representing 2.18% gain at $2.43 mark. Despite buyers’ existence in market, market capitalization fell 4.8% in the last 24 hours, reported at $2.92 Billion.
While the Money Flow Index (MFI) remains stable at 70 points, when the price of Toncoin remains well above the 20-day simple moving average. Buyers can consider this level as a further hedge zone. Furthermore, the MACD could soon signal bearish as the histograms are slowly trending lower, suggesting less strength in the bullish momentum.
Conclusion
Toncoin’s latest price structure is broadcasting a sideways trend signal if buyers do not breach the weekly swing high soon. In any case, if a price retracement phase occurs, the 20-day moving average will be the next support zone.
Support level – $2.0 and $1.5
Resistance level – $3.0 and $4.0
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
