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Toncoin price attains neutrality and maintains significant moving averages with gains. Bulls were trying to conquer and register a fresh breakout above $2.2000. Toncoin continues to form lower lows and couldn’t break the upper trendline as buyers face to pass.
The price action indicates that sellers are active and trying to push below the 200-day EMA to mark fresh bearishness in the coin. However, the coin maintains in order to sustain above $2.0000, indicating buyers do not want to give up.
At the time of writing, Toncoin trades at $2.20, dropping 0.98% in the intraday trading session. Toncoin is willing to attain gains, but the 50-day EMA is now a barrier.
Toncoin daily chart structure
On the daily chart, Toncoin price action shows that the coin is trading within the band between $2.00 to $2.50, buyers enter the dip, and sellers enter at highs. This sequence makes the price caged in the limited range but unable to register fresh breakout. Moreover, the ascending triangle formation suggests that Toncoin will gain strength once it crosses the pattern’s neckline above $2.3000.
As per the price action, Toncoin makes lower lows swings and ideally, sellers are leading for the past days, which brings the price towards 200 days EMA to retest. Meanwhile, buyers are trying to hold and maintain the ideal support zone near $2.1000. In the last session, the price slipped below the middle Bollinger band, which favors the sellers to stretch towards more downside.
As per Fib retracement, Toncoin is between 23.6% and 38.2% Fib levels near the price of $2.1500, and if the price attains above $2.2000, then bulls will gain momentum and raise the price to fetch a 50% level near $2.3500. On the other hand, if the price slips below the 23.6% level, then immediate support of $2.0500 will react as a make-or-break level for buyers.
Ton Shows Selling Pressure on the Short-Term Chart
On the 4-hour chart, Toncoin breaks the lower Bollinger band and shows signs of bearishness. Moreover, support from traditional indicators RSI and MACD also signifies the seller’s participation. The RSI slipped below neutrality in the last session and headed towards the oversold region. The negative divergence in the curve favors the bearish trend.
The MACD indicator noted with bearish crossover and indicated downward action has more to come. However, crossover exhibits selling pressure continuity and more weakness in Toncoin will be there in upcoming sessions. Last week, Toncoin fell by more than 8% shows bears involvement.
Technical Levels
Support Levels: $2.1500 and $2.0000
Resistance Levels:$2.2000 and $2.3500
Conclusion
Toncoin price shows seller’s participation and rising volatility for the last few sessions with volume shocks. The strong support of the 200-day EMA is the range from where buyers expect a bounce.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
