- Toncoin (TON) observed a decline of 13.25% over the past 30 days.
- The altcoin hit a 7-week low of $4.517 this October.
Asian morning hours opened on a bullish note with Bitcoin (BTC) marking its entry into the $71K zone. Consequently, brief spikes of altcoins, mostly all members, have been triggered in the last 24 hours. The recent buzzing alt Toncoin, the native token of TON (The Open Network) blockchain, seats amid the tokens that witnessed the lowest gains.
Over the past 24 hours, TON noted a minimal spike of 0.88% and resumed its trajectory within the $5 range. Will this Telegram-associated altcoin exhibit an upside or fail by exuding mixed signals? This article will help you analyze it. (Beginner’s Level!)
Can This Indicate A Bullish Reversal in Toncoin (TON)?
Toncoin (TON) recorded its 7-week-low at $4.517 on October 25. On Saturday, it picked bullish cues to surpass $5. At press time, TON traded at $5.026 with a market cap of $12.78 billion.
The 4-hour price chart of Toncoin (above chart) highlights the movement of the Relative Strength Index (RSI) in the neutral zone (50). Moreover, the daily trading volume surged 23.64% in the past 24 hours to $161.52 million.
Conversely, the Chaikin Money Flow (CMF) indicator reflected an upward movement, highlighting the increased capital inflow into Toncoin (TON). This also signifies the rise in buying pressure. Hence, there may be a possibility for TON to exhibit a crucial price correction and move higher.
Is TON Taking Up the Bearish Route?
A descending triangle pattern is seen when analyzing Toncoin’s (TON’s) trajectory since the start of 2024. This pattern indicated a bearish sentiment. However, the CMF’s indication of a rise in capital inflow points at mixed signals. This contrast in technical analysis could indicate a potential turning point in the form of a trend reversal. Increased buying interest or accumulation may mitigate or reduce the intensity of the downward pressure.
If a bullish breakout at $5.250 is observed, Toncoin (TON) might move upward and test resistance levels such as $5.449, $6.079, $6.876, and $7.715. Conversely, under a continued bearish TON will be at the mercy of support levels such as $4.505, $3.540, and $2.208.
DISCLAIMER: The opinions expressed in this article are those of the author and do not constitute investment or financial advice. TheNewsCrypto team strongly advises all readers to conduct their own research before investing.
