In the past 24 hours, The Open Network (TON) has shown strength as bulls drive the price towards the key psychological level of $7. Leveraging its bullish momentum, the price has moved in an ascending pattern, challenging resistance points. Technical indicators like the Exponential Moving Averages (EMAs) and RSI show promising trends, suggesting further gains in the short term.
Price Action Overview
At the time of writing, TON is trading at approximately $5.996, just shy of breaking the $6 mark. The candlestick formation suggests that the bulls are in control, with the price moving steadily above all the key EMAs—20, 50, 100, and 200 periods. This indicates a strong and sustained bullish sentiment.
The alignment of the EMAs also provides further support for the ongoing rally. The 20 EMA ($5.8616) is well above the 50 EMA ($5.7945), which in turn is above the 100 EMA ($5.7356), creating a well-defined ascending channel. This structure often indicates a healthy uptrend, giving traders confidence that TON may continue its upward momentum.
Related article: 24 Hour Price Analysis: JasmyCoin Experiences Bullish Momentum, Surging by 5.58% – Key Indicators Suggest Continued Growth
Technical Indicators
The Relative Strength Index (RSI) Divergence, set at 5 and 14 periods, reads 8.5490, signalling a moderately bullish sentiment. The RSI has moved out of the overbought region, indicating that there could be room for more upward price movement before exhaustion sets in.
A look at the moving averages shows a consistent upward slope, providing additional support for the price to maintain its current range or even push higher. This alignment also acts as dynamic support levels, as any price corrections will likely be met with buying pressure around these EMAs.
We are on twitter, follow us to connect with us :- @FXCryptoNews
— FXCryptoNews (@FXCryptoNews) December 14, 2023
Short-Term Outlook
With bullish momentum intact and key EMAs acting as support, TON looks primed to challenge the $6 resistance. If the price successfully breaks and holds above this level, the next target could be $6.10 or higher, provided the current market structure remains intact. However, traders should monitor the RSI closely for potential divergence, as overextension could lead to a pullback toward the $5.86 region.
