The post Toncoin price prediction – Traders, look out for this buying opportunity! appeared on BitcoinEthereumNews.com.

Toncoin seemed to have a bearish market structure on the daily timeframe The 50% retracement level has been defended stoutly and the rising OBV gave a buy signal Toncoin [TON] bulls have defended the $5.19 support level over the past month. This level marked the 50% retracement of TON’s rally in February and March of 2024. It saw a 58.4% rally in November when Bitcoin [BTC] surged from $70k to $99k. And yet, this strength was insufficient to force a breakout beyond the longer-term range. As the price traded near its range lows, investors would be wondering whether there are bullish signs, or whether they should sell TON and look elsewhere for opportunities. Toncoin – Accumulation or distribution? Source: TON/USDT on TradingView Examining the weekly price action, AMBCrypto spotted a range formation (purple) from $4.91 to $6.88. The mid-range level lined up with the 38.2% retracement level at $5.92, marking an intermediate resistance. In December, after BTC bulls were exhausted and could push no further beyond $108k, TON’s price faced rejection at this 6-month range high. The failure to break out was a disappointment. However, the defense of the lows presented a buying opportunity. Source: TON/USDT on TradingView The daily chart revealed that the market structure was bearish. Over the past six weeks, TON has set a series of lower highs. At the same time, its daily RSI was below neutral 50 – A sign of predominantly bearish momentum. Investors with conviction in the asset can look to buy more TON at the $5.19 and $4.88 levels. A recovery was likely to commence because the OBV has been steadily rising since September. This meant that there was accumulation in progress within the six-month range formation. Source: Coinalyze The lower timeframes revealed that bullish sentiment has been creeping back into the…

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Filed under: News - @ January 15, 2025 2:25 pm