CandleFocus

Toncoin (TON) Price Likely to Bounce Back After Minor Rejection

Author: Content Editor
The recent setback in Toncoin's price, which declined to $5.20 after briefly hitting $5.55, may be temporary, as several indicators suggest that the cryptocurrency could soon swing higher. One key indicator is the rising On Balance Volume (OBV), which indicates increasing buying pressure. Crypto analyst TheMoonCarl also believes in the potential for an uptrend, as Toncoin has formed a double bottom pattern and is attempting to break the descending resistance. The solid support zone around $4.95 further strengthens the outlook for Toncoin and may help it resist further significant correction. The green bars displayed by the Awesome Oscillator (AO) also indicate that the decline might be short-lived. If TON manages to break above the falling trendline, it could target $6.69 or even $7.61. However, if TON falls below $5, it could drop further, possibly below $4.95.

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