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- Toncoin price had defended the $2.00 support level rising upwards.
- TON prices are sustaining above the 50 and 200 day EMA
- MACD has generated positive crossover and RSI curve remains at the neutral level.
Toncoin prices are trading with mild bearish cues and bears are trying to drag the prices below 50 day EMA, however buyers are equally participating to keep the prices in the favor of bulls. Currently, TON/USDT is trading at $2.2886 with an intraday loss of 1.14% and the 24-hour volume to market cap ratio at 0.012.
Will the TONCOIN reward the bullish investors ?
On a daily time frame, Toncoin crypto prices are on the bullish momentum and rising upward while forming higher high swings. In the mid of December, Toncoin prices had broken out of the $2.00 hurdle level which triggered the positive sentiment and prices shot up 46% approx while hitting a high at $2.9000 indicating some genuine buyers might have taken the long positions and expecting the prices to continue the upward momentum.
Recently, TON prices had re-tested the breakout level at $2.00 and reversed upward while forming bullish engulfing candles indicating the bulls are still active at lower levels but prices seem to be stuck in the narrow range between $1.9275 to $2.8348 and does show any signs of breakout in the coming weeks. The bulls have succeeded in keeping the prices above the 50 and 200 day EMA which indicates the trend to remain in the buyers grip and any dip towards the support zone will provide an opportunity to accumulate at lower levels.
According to technical analysis, prices are on slow and steady rise and expected to consolidate in the narrow range for the coming months. However, if crypto market sentiment improves we may see some wild spikes in a short span of time. The MACD had generated a positive crossover but the curve sloping sideways indicating the lack of momentum and the RSI at 55 denotes the neutral sentiment between bullish and bearish positions.
Summary
The Toncoin prices had created a hope for bullish investors but unfortunately prices got stuck in the narrow range and did not show any signs of breakout in the coming months. The technical analysis suggests that prices are expected to consolidate in the narrow range discussed above and it might take time to reward the short term investors. Therefore, Aggressive traders should look for mean reversal trading opportunities by keeping $1.800 as SL. However if prices slipped below $1.800, the short term trend may reverse in the favor of bears.
Technical levels
Resistance levels : $2.8348 and $3.5000
Support levels : $1.9275 and $1.1934
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.
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.
