Toncoin (TON) has experienced significant price fluctuations over the past 24 hours, with a notable bullish uptrend followed by a pullback. The Open Network (TON) token, currently trading around $5.2560, is now facing critical levels as traders assess its next move. This analysis explores the key technical indicators, including Exponential Moving Averages (EMA) and the Average Sentiment Oscillator (ASO), which highlight TON’s market behaviour.
EMA Insights: Potential for Continued Upside?
The Exponential Moving Averages (EMA) provide crucial insight into TON’s momentum. On the hourly chart, TON’s price is hovering just above the 100-period EMA at $5.0967, which has provided solid support during its recent dip. The EMAs (20, 50, 100, and 200) indicate a well-established uptrend, with the shorter-term EMAs (20 and 50) above the longer-term ones.
While the price has recently pulled back from its highs around $5.40, it is yet to break the 100-period EMA, signalling that buyers may still have control. A bounce from this level could see TON reattempt the $5.40 resistance.
ASO Indicator: Growing Bearish Pressure?
Average Sentiment Oscillator (ASO) indicates increasing selling pressure. Currently, the red line (representing bearish pressure) is above the blue line (bullish pressure), with the ASO reading sitting at 60.4296, suggesting strong momentum in favour of sellers.
However, the bullish trend is not completely invalidated, as the blue line has started to slope upwards, indicating a potential return of buying pressure. If this continues, it may help TON recover from its pullback and retest previous highs.
Conclusion
Despite the current bearish signals, TON’s overall trend remains bullish as long as it stays above key support levels like the 100-period EMA. Traders should watch for a potential reversal around the $5.10 area, which could act as a springboard for a retest of the $5.40 resistance. For now, caution is advised as the ASO indicates sellers are still dominant.
