Toncoin (TON) Price Eyes Key Resistance Zones After Recovering From Oversold Levels

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As a seasoned researcher with extensive experience in the crypto market, I have witnessed countless bull and bear cycles. The current recovery of Toncoin (TON) intrigues me, as it seems to be defying some of the traditional indicators.

Toncoin (TON) has experienced a significant increase of over 7% in the past 24 hours, indicating a possible recovery as it edges closer to a market capitalization of $16 billion. Following periods of undervaluation with RSI levels dropping as low as 18, TON has bounced back to 47, suggesting potential for further growth.

As an analyst, I observed a notable decrease in Toncoin (TON) supply on exchanges from 1.91 million to 1.85 million within the past day. This reduction suggests that selling pressure may be diminishing.

TON RSI Recovered From The Oversold Zone

Toncoin Relative Strength Index (RSI) has recovered significantly, currently sitting at 47 after dropping as low as 18 between December 9 and December 10. This move marks a recovery from extreme oversold conditions, which often precede a rebound in price.

In the past 24 hours, the cost of TON has increased by over 7%, indicating a resurgence in buying activity as the Relative Strength Index (RSI) nears its neutral point. This surge in momentum implies that TON’s price might continue to climb if buying pressure remains steady.

The Relative Strength Index (RSI) is a tool that assesses the pace and intensity of price fluctuations, ranging between 0 and 100. Readings below 30 hint at oversold situations, implying a possible change in direction or reversal, while values above 70 signal overbought conditions, suggesting a potential pullback may occur.

Currently, TON’s Relative Strength Index (RSI) stands at 47, indicating it has left the oversold region and is approaching neutral grounds. This position hints that there may be further potential for the current surge, as TON hasn’t yet reached overbought thresholds.

Toncoin Supply On Exchanges Decreased to 1.85 Million

Since December 3, the amount of Toncoin held on exchanges has been gradually rising, going from 1.71 million to 1.85 million currently. This upward trend indicates an increase in selling pressure as more tokens are being transferred to exchanges, which is often interpreted as a bearish signal, suggesting that some holders may be planning to offload their coins.

In the past day, there’s been a reduction in TON’s supply on exchanges from 1.91 million to 1.85 million. This decrease might suggest a change in sentiment among users. It’s possible that they are removing their tokens from exchanges, perhaps for long-term storage or staking purposes.

The flow of coins between exchanges and personal wallets serves as a significant barometer of market sentiment. When more coins are transferred onto exchanges, it frequently signals an upcoming wave of selling, putting downward pressure on the price. On the other hand, a decrease in coins on exchanges implies that users are transferring their coins to private wallets, potentially easing immediate selling pressure and fostering a positive market trend.

As a crypto investor, I’m finding the recent decrease in TON supply on exchanges quite promising. However, it’s crucial to keep an eye on whether this downward trend persists. If it does, it might signal growing trust in the coin’s ability to bounce back, which is certainly good news for us investors.

TON Price Prediction: Can It Break Into $7 Again In December?

Yesterday, the cross pattern of Toncoin’s Exponential Moving Averages (EMAs) indicated a downtrend, as the shorter-term EMA lines dipped beneath the longer-term ones, suggesting a potential shift towards a bear market.

Although its current state, Toncoin’s price has been displaying indications of a rebound, as short-term Exponential Moving Averages (EMAs) are now trending upward. This implies that while there is still a bearish outlook, the potential for a turnaround persists if the momentum continues to strengthen. Consequently, Toncoin could be an excellent altcoin to consider investing in during December.

As a crypto investor, if the current downtrend continues with TON, I anticipate that its price may reach a support level around $5.68. A fall below this point could trigger additional declines, possibly targeting $5.19. However, it’s important to note that the Relative Strength Index (RSI) suggests there’s still some potential for growth in the near future.

In simpler terms, if TON recovers well, it could attempt to surpass the resistance at around $6.3. If it manages to do so, potential future goals would be $6.6 and $6.99. The latter has been quite a robust obstacle in recent times.

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2024-12-12 02:16