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- 1 The Toncoin price is trading at $1.371 with a gain of 0.73% during the intraday trading session.
- 2 TON price trades below 20,50,100 and 200-day EMAs.
- 3 The year-to-date return of Toncoin is -37.16%.
During the start of 2023, the Toncoin (TON) price entered into a wide consolidation zone ranging from $2 to $2.60, consolidated till the start of May 2023. As May started, the price gained enough bearish momentum to wreck the support level of $2. Since then, the price has been falling. The price did consolidate below the $2 level ranging between $1.80 and $2 for May 2023. June 2023 brought uncertainty in the crypto market due to various legal actions taken by the Securities and Exchange Commission (SEC).
The price fell below $1.80 straight to form a low at $0.96 level. The candle of 10 June 2023 left a long lower wick as the price rejected $0.96. Bulls were not in favor of the price staying below $1. The active participation of buyers helped in pushing back the price above the $1 level.
Recently, Ton price formed a support at $1.34 and tried to gain bullish momentum but the move was halted at $1.50. Toncoin price again retraced the recent support of $0.34 level. The previous candle did break the support but bulls pushed the price back into the zone. The current candle has broken the upper wick of the previous candle and is headed toward the resistance level of $1.50.
If the price can rise above $1.55, there is a clean price toward $1.710 only if the price possesses enough bullish momentum. On the other hand, if bears take control and break the support level of $1.34, there is the possibility that the price might fill the lower wick of the 10 June 2023 candle and break below the $1 psychological level.
Will Ton Price Hit $1.50 Next Week?
The cryptocurrency price trades below 20,50,100 and 200-day EMAs indicating bearish momentum in the price. The 20-day EMA has been acting as resistance since the start of June 2023. Chaikin money flow score is -0.01 indicating slight weakness. CMF took a dip after touching the 0.20 mark. RSI trades at 35.62 rising after touching the 30 mark indicating a rise in the participation of bulls.
Ton price has rejected the lower band of bollinger and has started to rise toward the upper band which resides near the resistance of $1.50. There is the possibility that the price might reject the 20-day SMA of bollinger as the overall trend of price is still bearish.
The long/short ratio is 1.37 with 57.96% longs and 42.04% shorts indicating a higher participation of buyers in the last 24 hours.
Conclusion
The market structure and price action of Ton price are slowly shifting towards a bullish approach. The technical parameters indicate that there is a rise in the participation of bulls and currently the price is headed toward the immediate resistance of $1.50.
Technical Levels
Major support: $1.34 and $1
Major resistance: $1.50 and $1.71
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.
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.
