- Toncoin makes a remarkable comeback by surpassing key moving averages.
- TON price surged by approximately 8% in the last 24 hours, suggesting bullish momentum.
Toncoin has made a remarkable technical comeback over the last 24 hours after a technically prolonged period of consolidation, and many crypto traders and investors are starting to notice. Although TON appears to have pushed up and over 50-day and 200-day EMAs, statistics. This is likely evidence of a sentiment shift occurring for TON and the beginning of a bullish upward movement.
Arguably, the most meaningful change in the price action of TON today has been a very strong move to the upside on consecutive closes above the 50-EMA at $3.1586 and the 200-EMA at $3.5516, respectively. Moreover, according to CMC data, TON price has surged by 8% in the last 24 hours, suggesting bullishness.
These closes above these moving averages could be construed as a classic bullish signal in technical analysis, meaning the asset has moved over a specific resistance level previously acting as a significant barrier. Apparently, buyers are once again the last take-off prior to regaining market momentum.
What Next For TON Price?
The RSI provides further bullishness with a reading of 69.28. While the RSI is close to overbought, it is a strong reading that still indicates a solid long bias. The RSI also indicates a strong buying pressure without the overexuberance of extreme buying pressure; therefore, while momentum strength builds, there should still be at least enough upward movement in price possible before extreme levels of momentum strength become an issue.
The SuperTrend indicator has changed to green symbolizing further confirmation of a trend reversal to bullish. The SuperTrend is a momentum-based indicator, making it particularly helpful for measuring trend reversals, and it effectively captured TON’s bearish trends to bullish territory. A green Supertrend signal validates the current uptrend and supports possible further development of the trend.
The MACD indicator is further evidence of bulls gaining acceptance, as it is also in positive territory with a green histogram. With the current MACD configuration, we can say not only is bullish momentum present, but possibly accelerating. The green bars of the histogram show increasing positive momentum.
Looking ahead, the next significant area of price resistance for TON is going to be $4.00 as the psychological level; it is also the key level to continue moving higher. If the current momentum persists, this could serve as the next target for bulls. On the opposite side, the 200-day EMA at $3.5516 is now support, providing a base for the recent breakout.
When combining technical indicators, it is a compelling case for TON’s short-term future, given multiple signals that show continued bullish price action in Toncoin.
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