- The TON coin price as per the price action is trading at the supply zone on a daily time scale.
- At present, the coin price of forming a symmetrical triangle pattern on a daily time frame.
- The pair of TON/BTC is trading at the price level of 0.00007598 with a decrease of 1.24% in the past 24 hours.
The TON coin price as per the price action is trading at the supply zone, following the bullish trend in the overall cryptocurrency market from the last 3 months. Before the current movement, the coin price was trading at the bottom near the long term demand zone.
TON coin price indicates reversal
Recent bounce back has resulted in the coin price crossing the important 50 and 100 Moving Averages. At present, the coin price has surpassed these MAs with a strong bullish candlestick pattern indicating the legitness of the bullish trend. Moving upwards the coin price can be seen resting at these MAs while tracing back in an uptrend. The coin price is currently forming a higher high and higher low price structure on a daily time frame.
TON coin price is currently trading at the upper band of the Bollinger band indicator. This comes after the coin price stormed past the 20 EMA with a strong bullish trend from the demand zone. Volumes have increased causing the volatility to increase and therefore the investor should remain cautious and wait for a proper movement.
The TON coin price is forming a symmetrical triangle pattern on a daily time frame
The ADX curve has been on a rise following the trend of the coin price. As the coin price bounced off the demand zone, the ADX curve was also seen rising from lying below the mark of 20 levels. Recent bounce back has resulted in the ADX curve crossing the mark of 15 and transacting at 22.07. An investor should look out for a future trend before taking any action as the ADX curve almost reaches the threshold.
The MACD indicator has been supporting the coin price since it started using from the bottom. The TON coin price showed a bullish movement and the same was seen in the indicator. The bike line crossed the orange line on the upside, supporting the trend. Moving towards if the coin price breaks the supply zone, the MACD lines can be seen widening supporting the trend.
TON coin price showed a frantic movement in the past week. But overall the coin price had been rising continuously. Despite the bullish momentum in the coin price from the past couple of days the RSI curve is yet to cross the halfway mark of 50 and is trading at the level of 45.34. Therefore investors should remain cautious and wait for a proper breakout for the supply zone.
Conclusion: TON coin price as per the price action is in a bullish trajectory and the same is depicted in the technical parameters. Therefore investors should wait for a clear trend as the coin price consolidates near the supply zone. Although, the coin price has broken an hourly resistance multiple times is necessary for the coin price to break the supply zone on a daily time scale, for a long term bullish movement.
Support: $2.19 and $2.11
Resistance: $2.91 and $3.11
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
