Toncoin price is set to bounce back, $6.60 on the cards
Toncoin's recent attempt to hit $6 suffered a brief setback. As soon as it reached $5.55, the price dropped. As of this writing, the ton is sitting at $5.20.
Although there is a slight retracement process, several indicators suggest that the cryptocurrency may soon continue to swing higher.
Toncoin gets support from key indicators
One key indicator that supports forecasting is On Balance Volume (OBV), which uses trading volume to predict price movements. On the daily chart of Toncoin, OBV has increased.
When OBV falls, it indicates a higher volume of selling compared to buying, indicating increased selling pressure that may push prices down. However, for Ton, the rising OBV shows that more tokens are being bought than sold. If this trend continues, the price of the token may continue its previous improvement.
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Interestingly, crypto analyst TheMoonCarl agrees with the bias. In a post shared on X, it revealed that Toncoin price has formed a double bottom pattern.
A double bottom pattern indicates that sellers are losing momentum, and a reversal from the bottom to the top is likely. So, based on TheMoonCarl's analysis, the token could go above $6 once it breaks above the falling trend line.
According to the analyst, “TON is trying to break the downward resistance after the local double-bottom has formed right at the support area.”
Price forecast ton: $7 to be reached.
On the daily chart, Toncoin shows a strong support zone around $4.95, which could avoid another significant correction. This position could help the ton resist a drop below $5.
The green histogram bars displayed by Awesome Oscillator (AO) support this view, as AO measures momentum and price trends by comparing short-term and long-term moving averages. Although the current AO reading is negative, indicating a bearish trend, the green bars suggest that the decline may be short-lived.
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As a result, the price of a ton can see a rapid growth that can focus on $ 6.69. In a very surprising way, it can even reach $7.61. However, if a ton falls below $5, it could drop further, perhaps below $4.95.
Disclaimer
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