Toncoin (TON) price analysis
2024-09-16

Toncoin (TON) registered an incredible increase of almost 14% over the past seven days, despite its upward push stalling over the weekend after encountering strong resistance around $6. TON was extremely bullish last week as it surged on Monday, reaching a day high of $5.69. However, buyers could not sustain momentum, and TON eventually settled at $5.25, registering an increase of 6.12%. TON surged past the 20-day SMA on Tuesday, rising by 5.65% and settling at $5.55. However, after encountering resistance, the price fell back on Wednesday, dropping to a low of $5.15 before recovering and settling at $5.39, back above the moving average.

TON attempted a move past the resistance at $5.60 on Thursday but eventually settled at $5.58 after an increase of 3.43%. It finally broke past this level on Friday, rising by 4.25% and settling at $5.81. Buyers attempted a move to $6 but lost momentum after reaching a high of $5.93, with the 50-day SMA coming into play as resistance. TON fell back over the weekend as demand dried up, dropping 2.38% on Saturday and 2.24% on Sunday to slip back below $5.60 and settle at $5.55. The current session sees TON up by 0.80% after sellers failed to lower the price. Buyers will look to reclaim $5.60. If TON can consolidate above this level, a push above the 50-day SMA to $6 could be possible.

However, if sellers retake control, TON could slip to $5.30, where the 20-day SMA could act as support. Should TON continue to drop, its next support level lies at $5.