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- 1 TON’s price is currently trading at $2.350 while seeing a change of 8.82% in 24-hour trading volume.
- 2 TON’s price recorded a decline of 0.43% in the last 24 hours.
The investor’s sentiments have been bullish regarding the TON price for the previous 9 months. The TON price is also trading above all the major key averages on the daily timeframe. After taking support from the $0.800 price point TON token made a reversal from the bear trend in the favour of bulls during which the price surged up to more than 95%. Followed by the bullish reversal the price started trading on a major bull trend.
At present, the price is giving bearish indications. The TON price is trading near the neck level of its previous high which may act as the current resistance level for the price. Although the overall trend for the price is bullish and it has strong support hence this reversal might only act as a small bearish correction. The oscillators are also trading near the oversold levels which increases the probability of a bearish correction.
TON Price Trading on a Significant bull trend
TON coin, after taking from the $0.800 near end of August changed its trend in the favour of bulls and started moving on a bull trend. Since making a bullish rally of 95% near early September the TON price almost doubled its value in the major bull trend.
Although after taking resistance from $2.600, the price made a correction of 15 made the price found buyers’ support and started trading under a short consolidation, the buyers made a strong bullish move. At present, the price is making another attempt to resume its bull trend.
Technical Analysis of the Tron Price
The RSI line recently crossed above the 14 SMA and is trading on a bull trend. The current value of RSI is 57.31 point’s which is trading above the 14 SMA. The current value of 14 SMA is 50.49 points. The RSI line is making a downward curve moving toward the median line. The RSI indicator is suggesting that the price can take a bearish correction in the near future.
The Stochastic RSI is trading near the oversold levels while the %K and %D lines are suggesting that they might provide a bearish crossover. The current value of stochastic RSI is 96.44 points.
Conclusion
The price at present is trading above all the major key averages. On the other hand, the Oscillators are trading above the demand zone and there is a declining volume. Essentially, the technical indicators are giving bearish indications.
Technical levels –
Support -$2.100 and $2.200
Resistance – $2.600
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.
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.
