Toncoin prices are under pressure, raising questions about the asset's future. This article examines current charts and possible scenarios for Toncoin.
Daily Chart Trends
According to the daily chart, Toncoin shows a steady downtrend since mid-April, reaching a local peak around $5. The moving averages indicate a bearish trend as the current price of $2.96 sits below both the 20-day and 50-day SMA. Recent candles indicate market indecision, with a strong resistance price zone at $3.
Hourly Chart Situation
On the hourly chart, the situation remains weak. The price of Toncoin is trading below all major moving averages, indicating a lack of control by bulls. Trading volume has decreased, and flat consolidation suggests that sellers dominate. Short-term support zones are near $2.90, $2.85, and $2.75.
What Needs to Happen for a Recovery?
For Toncoin to recover, it must break above the $3.10 level to return above resistance and confirm a bullish structure. A breakout above $3.50 may attract bullish momentum. Currently, the trend remains downward, and any upward movement may be a bull trap unless supported by news or ecosystem growth.
Based on current charts, Toncoin is not at risk of crashing to zero, but the trend remains bearish. Close monitoring of support levels and possible bullish signals is advised.
