TONCOIN Price Prediction : Will TONCOIN outperform in 2023 ?
- Toncoin price slipped below previous week low and formed a strong bearish candle.
- Toncoin price took support at 50 day ema and struggling to regain its positive momentum
TONCOIN price is trading with the mild bearish cues and likely to retrace more from the higher levels. As of now, ,TON/USDT is trading at $2.7046 with the intraday loss of 2.79% and 24 hour volume to market ratio stood at 0.017
Short term retracement before the price rally again ?
Source : TON/USDT weekly chart by Tradingview
On a weekly time frame, Toincoin price had been in a strong uptrend and forming higher high swings. In the mid of July prices took support at $0.7928 and witnessed some aggressive buying from the lower levels which helped the bulls to break out of the $1.00 resistance level and prices shot up almost 138% from the recent lows and made a high at $2.1500. Later, after a minor retracement, bulls continued its upside momentum while forming a higher high candle and able to sustain above $2.0000 level. Recently, from the past two weeks TON prices are in bear grip and likely to see minor correction from the higher levels.
Will the TON be able to defend 200 day ema ?
Source : TON/USDT weekly chart by Tradingview
On a daily time frame, Toncoin prices had shown a surprise rally to its investors when most of the other crypto currencies were forming fresh yearly lows. From the past couple of weeks prices were consolidating in the range between $1.930 to $1.8612 with a bullish bias but in the mid of December, bulls succeeded to break out of the higher range and prices shot up almost 52% and hit a high at $2.9000 which indicates strong buyers are active at lower levels.
The 200 day ema (green) sloping upside indicates a trend is still bullish on a positional basis and the 50 day ema (yellow) at $2.0199 will act as an immediate support for bulls followed by next at $1.8612. On a higher side $2.4016 will act as an immediate resistance in coming days and next will be at $2.8375.
Summary
Toncoin price had been in a strong uptrend and likely to continue its upside momentum in coming months. As per technical analysis, prices are into minor correction and might face little more selling from the current levels but investors might take the correction as buying opportunity and look for accumulating TON near the support levels for the target of $4.0000 and above by keeping $1.4000 as SL
Technical levels
Resistance levels : $2.4016 and $2.8375
Support levels : $1.8612 and $1.1930
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
