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Highlights
- The formation of a double bottom pattern hints the TOP price is at risk of a major correction.
- The 20-day EMA slope at $6.2 creates a form of support for TON buyers to regain trend control.
- The intraday trading volume in Toncoin is $193 Million, indicating an 18% gain.
Toncoin Price Forecast: TON, the native cryptocurrency of the Toncoin network, has been underperforming the broader crypto market since last week. While most of the major altcoins witnessed notable gains from the Bitcoin price recovery above $65000, the TON price reverted sharply from the $7.5 resistance. The bearish reversal tumbled the asset by 17% to currently trade at $6.5 mark. Will the correction extend and BTC recovery will change the tide?
Also Read: Analysts Predict $10 Price Target for Rollblock (RBLK) Before Toncoin (TON) and Polkadot (DOT)
Toncoin Price Forecast: Key Support Levels to Watch
The first half of May month was strongly bullish for Toncoin as the price jumped from $4.6 to $7.5, registering 63% growth. However, the recovery witnessed a major roadblock at All-time high resistance of $7.5.
The renewed supply pressure at this resistance plunged the TON price to $6.5 immediately. An analysis of the daily chart showed this reversal as the formation of a double-top pattern. This chart pattern is commonly observed at market tops reflecting the building supply pressure for a notable downtrend.
If the bearish momentum persists, the Toncoin price could breach the $6.2 support, favoring sellers to lead to a prolonged correction. The post-breakdown fall could tumble the altcoin value by 24% to hit the neckline support of $4.7, thus, completing the initiation formation of this pattern.
A breakout below the neckline will signal a change in market sentiment and trigger a major downfall.
On a contrary note, the TON price is 4% today bolstered by the Bitcoin price sustainability above $66000. If the recent pullback was meant to stabilize the prevailing recovery, the Toncoin coin must show a reversal signal at $6.2.
The renewed recovery from this support will invalidate the bearish theory and bolster buyers to aim for a new high above $7.67.
Technical Indicator
- Relative Strength Index: The formation of new lower highs (bearish divergence) in the daily RSI slope accentuates the rising supply pressure at the top.
- Exponential Moving Average: A bullish alignment between the daily EMAs (20, 50, 100, and 200) indicates the broader trend remains bullish.
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