Toncoin (TON) is showing a recovery as of Saturday, February 7, climbing back from early dips to reach $1.39, reflecting a 2.25% increase in the past 24 hours. The token experienced volatility earlier, dipping below $1.36 before rebounding sharply in the evening trading session.
Source: CoinMarketCap
At the time of writing, the token is trading at $1.39 with a 24-hour trading volume of $213.05 million, down slightly by 3.33%, while its market capitalization stands at $3.42 billion, signaling steady investor interest despite short-term fluctuations.
TON Eyes Critical Rebound After Key Support Breakdown
However, the crypto analyst CryptoPulse, as of Saturday, February 7, shows that the token has recently fallen below a vital zone of $1.42-$1.46, indicating weakness in the market in the short term.
But the token is currently trying to recover and reach this Support-Becomes-Resistance (SBR) zone. Traders are eager to see if $TON can re-enter this zone, as this may open the doors for a potential run towards the $1.6 mark.
Source: CryptoPulse X Post
Technical indicators are indicating a possible bullish reversal. The Relative Strength Index (RSI) has displayed a double bottom formation, a common bullish signal.
At the same time, the MACD is indicating a possible golden cross, a technical event that usually indicates a shift in momentum in favor of buyers.
At this stage, a wait-and-see strategy may be a viable option, as two successive four-hour candles closing above $1.42 may confirm a possible long entry.
TON Shows Signs of Recovery Amid Growing Momentum
According to TradingView, the token is attempting a bounce as it experienced a steep fall during the recent weeks.
After reaching a recent low of around $1.22, TON bounced back as it crossed the 20- and 50-period EMAs around $1.36-$1.38.
Widening Bollinger Bands indicate increasing volatility, but the price is approaching the mid-band around $1.44, which acts as resistance.
Source: TradingView
TON finds resistance at the 100- and 200-period EMA levels around $1.44-$1.52, which reinforces the bearish trend.
It may test $1.30-$1.25 if it fails to hold above the 0.38 level. It’s essential to see if the token consolidates around the mid Bollinger Band and EMA clusters before deciding if the rally will continue or not.
Also Read: Toncoin Eyes $2.00 Breakout After Holding Critical $1.50 Support
