Toncoin (TON) Is Approaching a Major Resistance Level: Is It Time to Sell?

16 Sep 2023 by Crypto Presale 2 min read

Toncoin is the main cryptocurrency within the TON network. It has a variety of uses, including powering network operations, facilitating transactions, and supporting games and items developed on TON (The Open Network). Additionally, TON offers a wallet that enables users to send cryptocurrencies to other Telegram users without any fees.

Over the last 24 hours, Toncoin (TON) has made a noteworthy move, climbing 15.20% and currently trading at $2.32. Zooming out a bit, Toncoin has gained 28% in the last 7 days and 90% since August. The major driving force behind this huge move is the partnership between The Open Network and Telegram. Telegram announced that it will be integrating the TON cryptocurrency wallet, Ton Space, into the Telegram Platform.

Technical Analysis

Daily Timeframe

Source: Tradingview

Toncoin (TON) has been on a smooth ride since August after falling to a low around the $1.16 key level. Since then, the token has rallied massively, giving its investors a good Christmas present in advance.

Right now, TON is approaching a major resistance level around the $2.6 region. This is a major resistance zone, as the token has been resisted several times here in the past. Will history repeat itself this time around? Time will tell. The Relative Strength Index has broken above the 75% band, which signals that the buyers are in their element and the bullish momentum is very strong. If buying pressure keeps increasing, it’s likely we'll break above this resistance this time. A break above this level means smooth sailing to $3 and beyond. However, if this level holds, we might see the bears push the price downward, and TON might fall back to around the $2 zone.

4 Hour Timeframe

Source: Tradingview

On the 4-hour timeframe, we can clearly see that TON is trading above the 50-day and 200-day EMAs. This shows that the token is in a strong bullish trend. Also, the RSI is trading above 75%, showing that the buyers are having the time of their lives and are dominant. On-chain data shows that the trading volume has tripled and jumped from below $20 million in the last 30 days to over $70 million.These strong buying features suggest that we might soon see TON above the $3 mark in the next few days.

Conclusion

TON price analysis has shown that investors are bullish on the token. Technical indicators also confirm this and the token may continue to trend upwards until the $2.6 key level. A break above this zone might give TON an easy ride to $3 and beyond.

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