Toncoin (TON) is testing a key support zone after rejection from higher resistance, with buyers attempting to stabilize the Toncoin price. A bounce could lead to short-term recovery, while a breakdown may extend losses. Momentum and trading activity are improving, but a confirmed breakout is still needed for bullish continuation.
At the time of writing, TON is trading at $1.69 with a 24-hour trading volume of $253.07 million and a market capitalization of $4.53 billion. After the 5.8% gain over the last 24 hours, the TON price structure points to a bullish breakout ahead.
Source: CoinMarketCap
Toncoin Price Could Surge to $2.20 After Holding $1.48
Furthermore, the crypto analyst CryptOpus revealed that the Toncoin price is currently retesting a key daily support zone between $1.43 and $1.48 after a strong rejection from the $2.10–$2.20 resistance area.
The Toncoin price is consolidating at this level as buyers attempt to defend the structure. A bullish reaction here could spark a short-term relief bounce toward higher resistance levels.
Source: CryptOpus’ X Post
However, this momentum is still vulnerable and relies on such support remaining intact. If the close for the day below the price level of $1.43-$1.48 is reached, this will mark the start of a continuation of the downtrend for the Toncoin price.
This event will confirm that there is less demand present in the market, thus increasing the likelihood of a deeper retracement.
Also Read: Toncoin Price Eyes $6.84 as Bullish Retest Sparks Hope for a Strong Rally
Technical Indicators Reveal Neutral to Bullish Outlook
According to TradingView, the Toncoin price presents volatility with a fall from $2.25 to a support level of $1.46. However, the V-shaped recovery has seen the price rise to $1.69870.
The Toncoin price has managed to retest the 20-EMA, but strong resistance is anticipated because the price faces the confluence of the 50, 100, and 200 EMAs.
Source: TradingView
The momentum indicators show the quick shift from exhaustion of sellers to new buyers. The 14-period relative strength index went way down to the extreme oversold territory around 20, but then it started rising quickly.
Currently, it is 50.51, which is above the yellow signal line. This suggests positive momentum; however, breaking resistance would be crucial.
TON Derivative Data Point to Increasing Strength
However, open interest on TON grew by 9.56% to reach $379.04 million. This indicates an increase in derivatives positions and market involvement, as investors add new positions in the derivatives space.
Source: Coinglass
Volume increased by 12.94% to $476.04 million, indicating a high activity level in the market. The level of investors’ interest increased, while liquidity improved over the past few sessions. Bullish mood has been seen consistently over the past few sessions.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Toncoin Price Consolidates After Breakout as Key $2.05 Level Becomes Critical Support Zone
