Toncoin’s price has reached a key resistance level that could hold its price down for only a short period. The resistance history suggests it may not hold the price for long.
The first time the price reached this level (the yellow line in the chart) was in April. Then, it broke through without any issues within the same day.
Following this, the price came for a retest, and the resistance (that had turned to support) held for 10 days before it finally broke down again.
This led to a price decline of 20%. The price tested the same resistance again after some days, and this time, it could only resist for four days before another breakout above it. The same point held as support once but could not maintain the same strength the next time.
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As TON price approaches this resistance again, it is possible to see some delay in price increase; however, there is a high likelihood that the TON price will break above it.
Breaking above the crucial level at around $6 could make the price spike 35% to around $8.2.
RSI Showing Recovery But Still Bearish
The RSI is at 33, which reflects that the sellers are still much more in control of the price. However, it shows a great deal of recovery from 21, where the price was 2 days ago.
The RSI-based MA also shows the need for caution as it is currently acting as resistance to the price.
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Show more +For Toncoin’s TON to continue its run, we need to first see a break above the $6 resistance. By this time, the RSI must have also broken above the RSI-based MA, then the price might have a lot of room to run until it becomes overbought.
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