The 13th largest cryptocurrency displays a significant uptrend in its portfolio after displaying a neutral trend for a brief period. Further, the TON price has added 23.72% within the past 24 hours and 31.29% over the past week, highlighting a positive price action in the coming days.
The Toncoin price traded in a closed range between $2.062 and $2.301 for over twenty days, indicating a disinterest of investors in this altcoin. As the market volatility grew, the TON price recorded a jump of 24.60%, after which the Toncoin token traded in a consolidated range between $2.434 and $2.897 for the next twelve days.
Recently, the bulls regained momentum and recorded a jump of just over 42% in valuation within 24 hours, indicating a strong bullish reversal in the market. However, the price faced rejection at $3.499, after which the price has been constantly trading under a bearish influence.
The technical indicator, RSI, continues to trade above the overbought range, indicating a strong buying-over-selling pressure in the crypto market. Moreover, the averages show a possibility of a bearish convergence in the longer frame, suggesting uncertainty in future price movements.
Will TON Price Increase?
If the market holds the price above the support level of $3.499, the bulls will regain momentum and prepare to test its resistance level of $3.944. Further, if the bulls hold the price at that level, it will test its upper resistance level of $4.250 in the upcoming week.
Negatively, a trend reversal may pull the price toward its support level of $3.211. Moreover, if the bearish trend continues, the TON price will prepare to test its lower support level of $2.897.