CandleFocus Toncoin Price’s 20% Rally May Be Short-Lived, Reversal Likely
2024-11-12
Author: Content Editor
Toncoin (TON) has experienced a surge in price, reaching a monthly high with a 20% increase. However, there are indications of potential pullbacks and turbulence for Toncoin. The MVRV Long/Short Difference indicator suggests that short-term holders are in profit and may sell quickly, limiting price growth. The Relative Strength Index (RSI) is approaching the overbought zone, potentially leading to a correction or reversal. If TON can break through its critical resistance level of $5.96, it may have a chance to reach $6.00. However, with bearish indicators present, breaching this resistance may be challenging. If selling intensifies, TON could drop below its $5.37 support level, indicating further declines. If TON stabilizes and secures $5.37 as a strong support, it may attempt another rally towards $5.96 and target new highs.
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