Toncoin (TON) has shown a strong recovery over the past 24 hours, bouncing from critical support levels and pushing higher. The hourly chart demonstrates the token’s resilience as it attempts to regain lost ground after a prolonged selloff. Key indicators, such as the exponential moving averages (EMAs) and the RSI divergence, signal buyers are stepping in, raising the possibility of further gains.
Price Action Overview
Over the last 24 hours, Toncoin has rebounded from the $4.95 level, marking a significant shift in market sentiment. The price is now trading around $5.18, showing a clear uptrend, as evidenced by consecutive higher highs and higher lows. The recovery began after the price dropped below the 200-hour EMA, which has acted as a resistance point. However, buyers lifted the token back above the $5.14 mark, suggesting a potential trend reversal.
EMA Analysis: Resistance Looms
The hourly chart highlights the importance of the 20, 50, 100, and 200-period exponential moving averages (EMAs) in shaping TON’s price action. Currently, the price is testing resistance at the 100-EMA ($5.16), just below the 200-EMA ($5.25). These levels will be crucial to watch, as they may act as short-term hurdles before the price can establish a stronger bullish move. A clean break above the 200-EMA would confirm a bullish reversal, opening the door for TON to push toward the $5.30 and $5.35 resistance levels.
On the downside, the 20-EMA at $5.14 has turned into immediate support, and a failure to hold this level could lead to further consolidation around $5.10. The 50-EMA at $5.13 also provides solid support, contributing to a tight range.
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RSI Divergence: Indicating Reversal Potential
The chart also shows a noticeable RSI divergence, with the price making lower lows while the RSI forms higher lows. This bullish divergence indicates that selling pressure may wane and buyers are gaining strength. Currently, the RSI divergence value is 3.85, which suggests further room for price appreciation while not in overbought territory. The current bullish push aligns with this reading, hinting at potential short-term upside.
Conclusion
Toncoin’s recent price action suggests a bullish reversal, especially if the token can clear the 200-EMA hurdle, may be underway. The RSI divergence further supports this theory, indicating buyers are regaining control. However, a sustained break above $5.25 will confirm the bullish outlook. Investors should watch the $5.14 support level closely, as a failure to hold above it may invite more sideways movement before another upward leg.