The current situation around Toncoin (TON) is drawing attention from analysts and investors. The cryptocurrency is approaching a critical support level at $3.250, which may signal a potential trend reversal.
Current Situation and Support Levels
Toncoin (TON) is currently trading at $3.779, marking a 7.26% drop in the past 24 hours. The $3.250 level is a crucial support area, having previously acted as a demand zone. If the price holds here, traders may look for entry points to capitalize on a potential rebound. However, failure to maintain support at $3.250 could lead to further declines towards $3.00 or lower.
Financial Indicators and Market Sentiments
The Relative Strength Index (RSI) stands at 21.17, indicating an oversold condition, suggesting a potential short-term bounce if buyers re-enter the market. The MACD portrays a bearish trend as the MACD line remains below the signal line and the histogram is negative. The OI-weighted funding rate for TON has remained nearly flat in recent weeks, reflecting a neutral market sentiment.
On-Chain Data and Reversal Potential
TON holders are currently underwater, as the price is below their average cost basis. Data suggests that most wallets purchased TON at prices above $3.80, positioning them in a loss area. Some holders are in profit, having bought at lower prices than the current market value. For a bullish reversal, Toncoin needs to break above major resistance levels. Increased buying volume and a shift in market sentiment could alleviate selling pressure and support a sustained recovery.
As Toncoin approaches a critical point, traders and analysts closely monitor the potential for a bullish reversal, with the $3.250 level serving as a key indicator for future price movements.
