Toncoin’s (TON) recent effort to reach $6 encountered a short-lived obstacle. The price fell back after peaking at $5.55. Currently, TON is valued at $5.20.
Despite this slight pullback, various indicators imply that the cryptocurrency may soon resume its upward trajectory.
Toncoin Receives Backing from Key Indicators
A significant indicator backing this prediction is the On Balance Volume (OBV), which utilizes trading volume to forecast price trends. On the daily chart for Toncoin, the OBV has shown an increase.
When the OBV decreases, it reflects a higher selling volume compared to buying, indicating rising selling pressure that could lower the price. Conversely, the increasing OBV for TON suggests that more tokens are being purchased than sold. If this trend continues, the token’s price could revert to its previous upward movement.
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Interestingly, crypto analyst TheMoonCarl also shares this perspective. In a post shared on X, he indicated that Toncoin’s price has established a double bottom pattern.
A double-bottom configuration suggests that sellers are losing their momentum, and a shift from a downtrend to an uptrend could be imminent. Therefore, according to TheMoonCarl’s analysis, the token may exceed $6 once it breaks above the descending trendline.
“TON is attempting to break the Descending Resistance after forming a local double-bottom right within the support area,” the analyst noted.
TON Price Forecast: $7 Is Achievable
The daily chart for Toncoin displays a robust support zone near $4.95, suggesting it may sidestep another major correction. This level could assist TON in staying above $5.
The green histogram bars shown by the Awesome Oscillator (AO) bolster this outlook, as the AO gauges momentum and price trends by comparing short- and long-term moving averages. Although the current AO value is negative, indicating a bearish sentiment, the green bars imply that the downturn may be temporary.
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Consequently, TON’s price may experience a quick rebound, potentially aiming for $6.69. Under extremely bullish conditions, it could even reach $7.61. However, should TON fall below $5, it might decline further, possibly going under $4.95.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article serves informational purposes only and should not be regarded as financial or investment advice. BeInCrypto is dedicated to delivering accurate, unbiased reporting, but market conditions can change without advance notice. Always perform your own research and consult with a professional before making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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