- Toncoin (TON) is nearing a critical support level at $3.250, with potential resistance targets at $5.262, $6.175, and $7.105 if buying pressure resumes.
- The Relative Strength Index (RSI) is at 21.17, signaling oversold conditions, but a bearish MACD suggests lingering downward momentum.
- A bounce above $3.250 could spark recovery, while a breach below this level may push TON toward $3.00 or lower.
The Toncoin (TON) price is critical at $3.250, generating short-term buying triggers for a bullish run. According to market analysts, such sustained buying momentum can drive TON towards significant resistances at $5.262, $6.175, and $7.105 in a matter of a week
Currently, Toncoin is at $3.79, with a 24-hour value of $521.28 million, a value in the marketplace of $9.42 billion, and a 0.29% marketplace dominance. Over the past 24 hours, TON saw a fall of 5.08% and is in a critical position.
The Relative Strength Index (RSI) is 21.17, an oversold reading in most instances preceding a short-term bull run in case buyers re-enter the marketplace. However, the Moving Average Convergence Divergence (MACD) continues in a downtrend, with MACD below its signal line and a negative histogram. These indications indicate a contest between a probable bounce and sustained bear momentum.
If Toncoin holds above the $3.250 support level, buyers can capitalize and go long searching for a rebound. However, a fall below such a critical level will push TON towards $3.00, even below, before any counterattack can gain traction.
Best_analysts refer to a fall wedge pattern for a break-out catalyst. In such a scenario, TON will face resistance at $5.262, $6.175, and $7.105. All three resistances align with previous resistances and Fibonacci retracements, and thus, could be areas for taking profit.
Toncoin Funding Rates Show Market Indecision
The funding rate for TON weighted with open interest (OI) has recently been near zero, indicative of a lack of strong bull or bearish bias. High funding will mean demand for longs, and low funding a preference for shorts. In between, indecision in the market is happening, with investors waiting for clearer cues to go long.
Toncoin’s price has fallen significantly from its high in December at $7.89, with a reduced funding level, a sign of bearish sentiment and forced sales. On the other hand, funding is near-neutral, but again, this agrees that investors are in a state of wait-and-see.
Data also reveals that most TON owners are at a loss, with most wallets’ average basis over the current price at $3.79. Only a minor section of owners, having purchased TON at below level, stand in profit, with others at break-even level.
For Toncoin to reverse its bullish, it will have to break through resistances. Buying volumes explosion and a change in sentiment can ease sell-offs and underpin long-term reversal. Meanwhile, investors and speculators will closely monitor $3.250 level of support as a key inflecting point.
As the overall crypocurrency market keeps wobbling, TON’s fate will most likely depend on a mix of technical, sentiment, and marketplace factors. Can Toncoin go back to its December highs, or will it fall even deeper? In a span of a matter of a few weeks, it could become a reality.
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