The TON price pumped 3% today and is now trading around $6.75. Despite recent market fluctuations, Toncoin continues to show resilience and potential for growth.
According to altFINS, the price of TON remains in an uptrend, although it experienced a bearish breakout from a Rising Wedge pattern after being rejected twice around $8.30. The current pullback to the $6.75 support level could present an attractive swing trade entry point in the ongoing uptrend, with a potential 20% upside back to $8.30. Traders considering this opportunity might set a stop loss at $6.46.
The short-term trend for TON is down, while the medium-term trend is neutral. However, the long-term trend remains strongly up, indicating overall positive momentum for the token.
Momentum indicators suggest a bearish sentiment but show signs of potential reversal. The MACD line is currently below the MACD signal line, but the rising MACD histogram bars hint at a possible upcoming upswing in momentum. The RSI-14 levels indicate that the price is neither overbought nor oversold, providing a balanced outlook for potential trades.
For those tracking key price levels, the nearest support zone for TON is at $6.75, followed by $6.00. On the upside, the nearest resistance zone is at $8.30, with the next significant level at $10.00.
It’s worth noting that altFINS recently issued a bullish fundamental research report on TON, suggesting a potential 80% upside based on comparable valuations of other Layer-1 and Layer-2 networks. This analysis, combined with the technical indicators, paints an interesting picture for TON’s future price action.
Read also: Here’s Why Bitcoin Cash (BCH) Price is Pumping
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