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Toncoin Volatile Ride: Will $3.89 or $2.80 Be the Next Key Level?

• Toncoin (TON) experiences a 1.33% increase in value to $3.39, despite a 27.69% decrease in trading volume, which suggests market uncertainty.
• The price has decreased by 5.06% in the past week, which is indicative of short-term volatility and inconsistent performance.
• RSI at 59.41 indicates bullish momentum, whereas MACD suggests a potential price pullback, as it suggests a slowing momentum.

Toncoin (TON) is currently trading at $3.39, increasing by 1.33% in the last 24 hours. Trading volume of the same period stands at $268.54 million, which indicates a drop of 27.69%. The volume has declined significantly despite the recent rise in price.

Source: CoinMarketCap

The Toncoin price has declined by 5.06% over the past week. This fall shows a certain volatility of its short-term results. The trend is generally a combination of profitability and loss of the coin.

Ton Tests $3.34 Amid Market Uncertainty

Crypto analyst CryptoPulse highlighted that Toncoin is testing around $3.34, and a defined market direction has yet to be established. Although the price jump in the last 24 hours sparked some positive sentiments, the lack of strong volume suggests uncertainty. 

In the event of the bullish trend, TON may increase up to $3.89, $4.39, and even up to $5.10. Nevertheless, with a negative market sentiment developing, the price might plummet and trade back below the $2.80 support level.

Source: X

The market continues to gain momentum, with traders eagerly anticipating the next breakout signal. The present contraction at the level of $3.34 is causing most investors to stay guarded, awaiting further direction. Although new opportunities can be provided by the potential increase to the higher price targets, the bearish move remains a threat that concerns many investors. 

Also Read: XRP Price Rally Holds Strong: Key $3.22 Support Critical for Next Move

Toncoin RSI Shows Strength, MACD Indicates Weakening

The Relative Strength Index (RSI) is at 59.41. This implies that the coin is near overbought but not there just yet. The RSI above the neutral 50 means that the market is still in a bullish mood. Nonetheless, the coin should be approached carefully when approaching higher RSI levels that can indicate a possible price pullback.

Source: TradingView

The Moving Average Convergence Divergence (MACD) line is currently at 0.091, which is higher than its signal line of 0.071. In the short term, this indicates a slight upward trend. The narrow histogram, however, indicates that the momentum is slowing down.

Decreased Volume, Rising Open Interest Signal Market Uncertainty

As per CoinGlass data, the trading volume of Toncoin has decreased by 30.34%, reaching $295.38 million. In the meantime, open interest has increased by 4.55%, to $406.14 million. The TON OI-Weighted Funding Rate is still 0.0065%. These data indicate that interest in Toncoin continues to exist, but the entire market is rather volatile.

Source: CoinGlass

The current growth in Toncoin price and the reduction in its trading volume show a state of ambivalence. RSI and MACD indicators display a slight bullish strength, but volatility in the market is significant. Investors are advised to keep a close eye on major levels of prices and expect possible breakouts and reversals in the next few days.

Also Read: Ethereum’s Weekly Breakout Signals Bullish Surge, Eyes $6,200

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