- Toncoin faces bearish pressure but nears key support at $2.60 for a potential rebound.
- RSI at 31.29 signals oversold conditions, hinting at a possible short-term price recovery.
- Projected year-end target of $5.00 suggests an 87.97% price increase from current levels.
Toncoin (TON) has witnessed a sharp decline in the past 24 hours, dropping by 7.31% and currently trading at $2.69. This downturn has caused its market capitalization to shrink to $6.67 billion.
Despite the price drop, the trading volume has surged by 74.83%, reaching $204.92 million. This increase in trading activity suggests heightened market interest, potentially signaling upcoming volatility. Investors are now evaluating whether this price decline represents a buying opportunity or a warning sign of further losses.
Key Price Levels and Market Trends
Toncoin’s price started near $2.90 before sliding to a low of $2.60. It has since shown signs of a slight recovery. The recent peak at $2.90 – $2.91 has established a strong resistance level, as the price failed to sustain upward momentum. Meanwhile, the $2.60 mark has emerged as a key support level, attracting buying interest.
Currently, the market exhibits bearish pressure, with continuous sell-offs dominating the trend. However, after touching the $2.60 support, the price has shown a mild rebound, indicating possible short-term stability.
If Toncoin manages to break above $2.75, it could attempt to retest the $2.90 resistance. Conversely, if it drops below $2.60, it may test the next support level near $2.50.
Technical Indicators: RSI and MACD Analysis
The Relative Strength Index (RSI) stands at 31.29, nearing the oversold territory of 30 and below. The lowest recorded RSI level was 25.50, reflecting intense bearish pressure. An RSI this low suggests that the market is near oversold conditions, increasing the likelihood of a short-term price bounce or consolidation.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator confirms the bearish trend. The MACD line currently sits at -0.318, below the signal line at -0.285.
Additionally, the histogram bars remain red, indicating persistent negative momentum. Without a bullish crossover, the downtrend is likely to continue unless buying pressure increases significantly.
Future Price Outlook
Despite the current bearish momentum, Toncoin is projected by Coincodex to trade between $4.86 and $5.58 by the end of the year. This would mark an 87.97% price increase from current levels, with an estimated average price of $5.00 in December. If this forecast holds, investors could potentially see gains of up to 109.79%.
