Toncoin (TON) has been navigating a challenging period over the last 24 hours, attempting to recover after facing significant downward pressure. The TON chart reveals a consistent struggle against multiple key resistance levels. Despite efforts to regain momentum, the token is currently hovering near the $4.67 mark, showing a minor surge of 0.73%.

Price Movements and Resistance Levels

Key Exponential Moving Averages (EMAs) have dictated TON’s price action. The 20 EMA, currently at $4.6480, and the 50 EMA, at $4.7503, have acted as immediate resistance points. This is significant because TON has been unable to break above these levels decisively, and its current position below both the 100 EMA ($4.9187) and 200 EMA ($5.1708) indicates bearish sentiment.

Despite this, Toncoin has shown signs of resilience. After reaching a low of $4.6692, the token has attempted to bounce back. However, with the EMAs converging above the current price level, a breakout appears challenging in the near term. A decisive move above the 50 EMA would indicate a potential shift in momentum, but until then, bears seem to be in control.

Related article: 24-Hours Price Analysis: Notcoin (NOT) Faces Resistance at $0.00833 as It Attempts a Price Rebound: Is Recovery on the Horizon?

ASO Reflects Growing Buying Pressure

Analyzing the Average Sentiment Oscillator (ASO) indicator on the chart, we observe that the blue line, currently at 57.4835, is above the red line at 42.5165. This suggests that buying pressure is increasing. Historically, when the blue line crosses above the red line, it signals a potential reversal, which could lead to upward price movement. However, the steep decline in the token’s price over the past few days suggests that this shift might take time to materialize.

The gradual improvement in buying pressure is a positive sign, but the overall market sentiment remains cautious. Investors will closely monitor the price action around the $4.67 support level and the $4.75 resistance. A failure to hold above $4.67 could result in further downward movement.

Outlook: Cautious Optimism

While Toncoin’s recent price action suggests that bulls are attempting to stage a comeback, strong resistance levels make this an uphill battle. Investors should watch for a breakout above the 50 EMA, which could signal a more significant upward move. On the other hand, continued failure to surpass key resistance levels may lead to further declines. For now, cautious optimism prevails as buyers attempt to reclaim control.