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- 1 TON price has been moving on a bullish rally giving a move of 8%
- 2 After giving a rally TON price might be looking for a correction
TON price trending on an uptrend
While the overall market sentiments were trending on a bearish trend for the past couple of months for the crypto market the buyer’s sentiments regarding the TON price have been bullish even in the recent crypto winters. After breaking out of the bear trend in early October 2022 a few months back TOM price’s have been moving on a bullish trend giving a consistent move of 15-20% as can be studied by the historical price pattern.
Although Toncoin broke its own record near mid-December by giving a bullish move of 54% and making its 52-week high going to $2.800 almost moving towards a price of $3.00 which is acting as its most recent and critical resistance.
The overall market sentiments are currently trading near the neutral level around point 50 according to the Alternative (dot) me site which measures the market sentiments through various sources. The bulls are currently dominating the market by 51 to 62% according to the coin glass site which provides a futures trading and information platform.
Technical Analysis ( 1 Day Timeframe )
The TON price is trading on a bull trend above the 200 EMA and other major key averages while taking consistent support from the 50 EMA and trading above it from early December while giving a 15 – 20% move. Although according to historical price action, it might take a correction in recent days.
The TON price is moving in a bullish rally. However, the price is trading near its most recent resistance around the price of $2.65 while its next resistance is 17% above the current price of around $3.00 which it tried to cross above near mid-December but could not reach it. The recent support for the TON price is 10% below around level of $2.33 while its major support level is $2.17
The RSI line is after taking support from the 14 SMA while trading above the median line and is currently trading near the overbought level of around 63 points while the RSI curve is suggesting that it might start moving downwards.
Conclusion
The TON price is trading on a bull run. Even while being in the crypto winter TON price was trading on a bullish trend while most of the market was under a bear trend. This suggests that buyers are bullish about TON while the GlassCoin site’s analysis is also correlating with this statement.
Technical levels –
Support – $2.33 and $2.17
Resistance – $2.65 and $3.00
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
