24 Hours Price Analysis: Toncoin (TON) Faces Minor Pullback After Hitting Resistance With a 2.70% Increase: What’s Next?

Toncoin (TON) recently experienced a pullback after hitting a resistance level around $5.560, reflecting short-term bearish sentiment. Despite the retracement, TON is still 2.70% up in the last 24 hours. However, key technical indicators suggest that TON remains within an upward channel.

Trend Overview

The chart below shows TON is still in a strong upward trend, even after testing the resistance. The price is currently holding above the $5.519 level, showing resilience, supported by the Exponential Moving Averages (EMA). The 20, 50, 100, and 200-period EMAs provide vital support levels, with the 20 EMA (currently at $5.518) acting as a critical short-term pivot.

Key Support and Resistance Levels

TON’s most immediate resistance is at $5.560, which was briefly tested and resulted in a minor rejection. If TON successfully breaks above this, it could aim for the upper boundary of the ascending channel near $5.799, offering a potential upside of around 5%. However, the $5.518 EMA will be crucial to watch as the first line of defence if the price starts to drop.

On the downside, if TON breaks below $5.519, the next support level comes in at $5.315, where the 100-period EMA lies. A breakdown from this level could signal a bearish shift, with a possible slide toward the $5.202 support region.

EMA and Bullish Indicators

The confluence of the EMAs (20, 50, 100, 200) shows that the price is well-supported on multiple timeframes. Furthermore, the Trade Bulls v1.2 indicator shows buy signals during previous climbs, confirming the overall bullish sentiment in the market. The presence of multiple buy signals over the last 24 hours suggests that buyers still have control, though weakening momentum may lead to some consolidation before another leg up.

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While the price of Toncoin has retraced slightly from its recent high of $5.560, it remains well-positioned for further gains. The current upward channel offers a positive outlook for the next 24 hours, provided the price holds above the $5.519 level. Traders should monitor the resistance at $5.560 and the EMA levels for clearer insights into TON’s next move.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.