Toncoin (TON) is testing an essential long-term support area following a prolonged correction from previous highs. Market analysis reveals that the price is compressed at this point in the market, indicating a possible change in trend. Provided that the essential support levels are maintained, the overall market is optimistic with diverse targets.
At press time, Toncoin (TON) is trading at $1.73 with a 24-hour trading volume of $129.81 million and a market cap of $4.16 billion. The price is down 0.83% over the last 24 hours, but is above a crucial level.
Noted crypto analyst Crypto Patel pointed out that TON has just entered a strong support zone after the correction from the high of 2024. Crypto Patel further pointed out that the current price action indicates a phase in which the movement is tightening, and this is a typical indication that precedes a stronger price movement.
Crypto Patel points out that Toncoin is still following a macro Ascending Channel, which has been intact since 2022. Toncoin declined from the $8 area, and TON has been trading within a descending corrective channel, which seems to be slowing down near the long-term support area.
There are also several technical indicators that support this outlook. The price has already tested a high-timeframe level of demand and corresponded to an uptrend line. Additionally, there has been a liquidity sweep to support, which typically removes weak longs in anticipation of a reversal. Most importantly, TON remains well above $1.40.
On this basis, Crypto Patel has projected a number of potential upside targets if a recovery does begin to occur. These targets include $3.50, then $8, then $15, and eventually $30 or more.
However, the analyst also warns of the need to be cautious. This is more appropriate for the higher timeframe process of accumulating. The risk is well-identified, and any closing below $1.40 weekly negates the positive outlook.
Toncoin appears to be at a crucial point at the moment. If it succeeds in staying above the support levels, it could be the starting point of a recovery process. Breaking it could be a sign of more challenges to come.
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RSI is 37.21, indicating that the buying support is weak as it is below 50. The price is $1.74, indicating that it is significantly below the Moving Average Ribbon. The main moving averages are $2.12, $2.80, $3.05, and $4.27, indicating that the market is bearish as these are acting.
The MACD is still in the negative area with the MACD line at -0.41 and the signal line slightly lower at -0.43, whereas the histogram is still slightly positive at 0.02. The signal for slowing down and non-reversing momentum for the downside is still in place.
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