Toncoin shows both bullish and bearish signs. So, what’s next?
Toncoin (TON) has been making headlines lately, with a significant drop from its recent highs of around $8 down to now $5.51 at press time.
Toncoin’s net network growth stood out at press time, showing a 9.03% increase. This bullish signal indicated a steady inflow of new users into the network, reflecting growing interest.
However, without significant buying pressure, this growth alone might not be enough to reverse the downward trend.
From a technical analysis perspective, the relative strength index (RSI) was at 41.82, nearing oversold territory. Thus, Toncoin could be due for a short-term bounce, although it does not confirm a sustained reversal.
The Bollinger Bands (BB) showed that Toncoin was consolidating, with the price nearing the lower band at $5.43. The lower band could indicate support, with volatility likely to increase.
The upper band was at $5.60, and a breach of this level could signal upward momentum.
Toncoin’s indicators provided a mixed outlook. While Network Growth and whale accumulation were positive, the decline in large transactions and a neutral “In the Money” showed caution.
Combined with technical signals like RSI and Bollinger Bands, Toncoin looked to be at a key point.
The market’s next move could be influenced by rising volume and a potential breakout from the current consolidation phase.
Toncoin’s net network growth stood out at press time, showing a 9.03% increase. This bullish signal indicated a steady inflow of new users into the network, reflecting growing interest.
However, without significant buying pressure, this growth alone might not be enough to reverse the downward trend.
From a technical analysis perspective, the relative strength index (RSI) was at 41.82, nearing oversold territory. Thus, Toncoin could be due for a short-term bounce, although it does not confirm a sustained reversal.
The Bollinger Bands (BB) showed that Toncoin was consolidating, with the price nearing the lower band at $5.43. The lower band could indicate support, with volatility likely to increase.
The upper band was at $5.60, and a breach of this level could signal upward momentum.
Toncoin’s indicators provided a mixed outlook. While Network Growth and whale accumulation were positive, the decline in large transactions and a neutral “In the Money” showed caution.
Combined with technical signals like RSI and Bollinger Bands, Toncoin looked to be at a key point.
The market’s next move could be influenced by rising volume and a potential breakout from the current consolidation phase.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.