Traders are closely watching Toncoin due to recent price movements. Trader Matthew Dixon has identified a potential buying opportunity, indicating a possible upward shift.
Current Price Situation Analysis
Since early February, Toncoin has declined from $5.80 to under $3.50, with each peak lower than the last, indicating strong selling pressure. Matthew Dixon suggests the price may have found support around the $3.20-$3.30 range.
Technical Indicators and Sentiment
Dixon highlights the recovery of the RSI from an oversold zone, indicating weakening selling pressure. Trading volume remains significant, suggesting active market participation. Long-term sentiment is generally positive, with a gradual accumulation strategy to build positions.
Future Prospects for Toncoin
The key resistance level for Toncoin lies within the $3.80-$4.00 range. Surpassing this level could confirm an upward trend, potentially pushing prices toward $4.60-$5.00. If $3.20 fails to hold, further decline may precede recovery.
Traders should pay attention to Toncoin's current price levels because of a potential trend reversal. Investors might benefit from a gradual position accumulation given the increasing market activity.
