Toncoin Price Analysis: TON Fails to Sustain Breakout, Tests Support at $6.88, Wills Bulls Recover?
Toncoin (TON) has experienced bearish momentum over the past 24 hours, with bulls failing to sustain a breakout above the intra-day high of $7.70. This has led to a dip in TON’s price to an intra-day low of $7.44, establishing a support level. As of now, TON is trading at $7.52, reflecting a 1.40% decline from its recent resistance level. The dip in Toncoin’s price has been accompanied by a decrease in its market capitalization and 24-hour trading volume, falling by 1.40% and 20.30% respectively, to $18,489,553,369 and $210,082,163. This indicates a decrease in investor interest. Earlier in the week, Toncoin tested the ascending trendline support before bouncing back by about 10%, reaching fresh weekly highs around $7.65 on Thursday. Despite the recent dip, Toncoin has the potential to break its previous all-time high. Since April 11, the price has managed to record three consecutive higher lows and four almost equal highs, forming an ascending triangle pattern on the daily chart. On June 14, TON experienced a breakout from this ascending triangle, reaching a new all-time high of $8.29. However, this breakout was a fakeout, trapping traders with long positions and leading to a nearly 15% retracement. This brought TON back to the ascending trendline support around the 61.8% Fibonacci retracement level of $6.886. Adding a positive note, the Financial Services and Regulatory Committee of Kazakhstan has approved Toncoin for trading on regulated exchanges. After undergoing a comprehensive audit, Toncoin met all the stringent listing requirements set by the financial regulator. This approval not only confirms the credibility of TON but also enhances its accessibility to potential investors. On-chain data reveals significant whale activity, which could be a precursor to a price rally. Notably, large-scale transactions spiked on June 23, with June 27 recording a transaction volume of 172 million TON, indicating increased interest from whale wallets. Crypto analyst Ali Martinez has highlighted the bullish prospects for Toncoin, suggesting that the cryptocurrency’s breakout from an ascending triangle pattern could lead to a price increase of up to $9, or 12%. Additionally, there has been a sharp increase in open interest in TON, rising by 19.5% from $255.28 million on June 20 to $305.16 million on June 27. The Relative Strength Index (RSI) for Toncoin stands at a neutral 57, indicating neither overbought nor oversold conditions. A move towards an RSI level of 70 could signal a bullish trend and potentially encourage price rallies. Despite the recent bearish momentum, Toncoin’s technical indicators and increasing whale activity suggest potential for a bullish recovery. The approval from Kazakhstan’s financial regulator further strengthens TON’s position, making it an interesting cryptocurrency to watch in the coming days.
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