- The trading volume has dropped by 32% in the past 24 hours.
- TON declined by 23% in the past 3 days and reached the major support level.
Since April, TON has been defending the major support level of $5 and is struggling to exceed the $8 mark. The price has dipped twice in August and has dropped below the 200-day EMA. It recovered in the first week of August after liquidating below the 200-day EMA.
At press time, the Toncoin price slipped below the 200-day EMA, which is a bearish sign. However, it has reached the major support level of $5, and a bounce-back can be anticipated in this zone.
Based on the technical chart, the Toncoin crypto price has displayed price rejection from the $8 territory. It has been bullish from the beginning, but it was interrupted near the $8 hurdle.
Is TON Price Ready to Shoot Up Soon?
Based on a source on X, the TON chart hinted at bullish momentum. In a 4-H time frame, the RSI displayed a bullish divergence, which is a bullish sign. The Toncoin price is likely to defend the $5 mark and might witness strong buying pressure.
$TON
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Technical Indicators
The Toncoin price has triggered a fake breakdown from the Bollinger Band (BB), and a reversal is expected. If it sustains over the Lower BB, it may eye for the Base BB and Upper BB.
RSI has generated a bullish divergence on a daily and 4-H time frame, which is a bullish signal. It was at 36 at press time, has taken support near the oversold zone, and is trying to bounce back.
Technical Analysis of TON Price Over 1-D Timeframe
Toncoin crypto was being traded at $5.39 at press time with an intraday gain of 5.21%. The market capitalization was $13.66 Billion, and the 24-hour trading volume was $973.46 Million at the time of writing.
Source: TON/USD Price 1-D Chart By TradingView
As per the chart structure, the Toncoin price has dropped to the major support level of $5. It would be a bearish signal if the price starts trading below the major support level. The breakdown from this level may wipe out all the previous gains in a week.
On the other hand, buyers may become confident if the digital asset price manages to defend the $5 mark. Suppose the price smashes the $8 hurdle; strong buying momentum can be anticipated and may approach the $10 mark.
TON Price Forecast
The technical analysis shows that TON has reached the critical support level of $5. If the price holds above this level, a rebound and a move towards the $8 hurdle is likely.
A bullish divergence on the RSI and the potential to bounce back from the major support level suggested buyers may regain confidence.
However, if the price fails to hold above the $5 mark, it could result in a bearish signal.
Therefore, the next trading sessions would be crucial in determining its future direction.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
