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- 1 Toncoin price is currently trading at $2 while witnessing a decrease of -0.2% during the intraday session.
- 2 Ton price trades below 20,50,100, and 200-day EMAs.
- 3 The 24 hour trading volume of Toncoin is $16,112,140.
Recently, toncoin price did breakout below $2.03 and formed a support at $1.85 level. The previous candle gained bullish momentum to retest the $2 level for further meltdown. The price action and market structure for toncoin has turned out to be pretty messy in 2023.
The uptrend for toncoin began at the start of 2023 which moved price upward to retest the highs of $2.90 created on December 19, 2022 but received a firm rejection from $2.64. The price then dropped to $2 and buyers jumped into the market to push price above $2 level left a long wick to downside on february 10.
Ton price consolidated in the region below $2.70 level for the past four months and finally did a breakout below $2 level. There has been bearish sentiment hovering over Toncoin.
If bulls are able to push price again in the consolidation zone and ton price gains bullish momentum, there is higher probability for the price to retest april highs of $2.37 level. On the other hand, if sellers are able to gain bearish momentum and break recent support of $1.85 level, there is a possibility that TON price might head down to $1.70 and furthermore below the yearly lows to $1.30.
Recent Development In Toncoin Network
Trust wallet now supports toncoin. Users of trust will now able to transfer and save toncoin which can be considered as a massive development for Toncoin network.
Tondrive.io is also among the recent developments in the Toncoin network. It will act as a “Google drive” on Ton. They plan to create complete infrastructure with upload,download, contract binding, archive function and security technology by the end of Quarter 2 of 2023. Tondrive.io will eliminate the traditional email login and provide access through Ton wallet.
Will Ton Price Enter The Consolidation Zone Again?
Ton price was trading at the lower band of bollinger since the end of April indicating strong bearish momentum. As price gained bullish strength yesterday, it has reached near the 20-day SMA and the current candle has started to turn bearish indicating rejection from $2 level.
Chaikin money flow score is 0.09 indicating a bit of bullish strength in the market. The RSI has started to rise and is currently at 42.26 after crossing above the oversold zone indicating a chance of reversal in the price.
The longs/shorts ratio is 1.01 with 50.43% longs and 49.57% shorts indicating an increased buying position in the market. Although the long position previously was 51.05% and is currently decreasing.
Conclusion:
Toncoin price paints a bearish picture as both the price as well as the technical indicator are showing bearish sentiment in the market on the higher time frame. While daily basis show an increase of bullish pressure over the price.
Technical Levels:
Major support: $1.85 and $1.70
Major resistance: $2.37 and $2.68
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
