As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself cautiously optimistic about Toncoin (TON). While its 0.26% rise over the past day is a welcome sight, it’s not enough to sway me into thinking that the bulls have taken control just yet.
Buyers have failed to keep the growth going, according to CoinMarketCap.
TON/USD
The rate of Toncoin (TON) has increased by 0.26% over the past day.
Although there was a minor increase today, the TON price doesn’t appear particularly bullish when viewed on an hourly chart. Should the pressure from the bears persist and the candlestick closes close to the current support level, it seems likely that the price will continue to drop towards the $5.40 region.
Looking at a broader perspective, neither side appears to have a clear advantage since the rate is quite distant from significant benchmarks. This situation suggests that substantial price changes may not occur in the near future for traders.
All in all, ongoing sideways trading in the range of $5.40-$5.80 is the more likely scenario.
Looking ahead from my perspective as a crypto investor, it seems premature to make definitive long-term forecasts at this stage. If we, the buyers, are to take control of the market direction, we’ll need to push the price back up towards the $6 region first.
TON is trading at $5.496 at press time.
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2024-09-18 18:25