The Support level for Toncoin (TON) is $2.50, which is still preventing a drop, as it has played a vital role for a whole year. As markets fluctuate, traders consider their next step. The asset rallied strongly at the start of the year, but since then it has gone into a period of consolidation that limits profit opportunities.
Since the latest events, traders have been closely observing the market, and any profound change could point to the next trend.
Markets kept trading in a range despite a cautious mood.
The price of TON is $3.17, which is a 0.64% decrease in the past day. The highest price point of TON seen over the previous day was $3.2138. Trading volume has gone down by over 15%, and the current volume is $172.88 million.
                         Source: Tradingview
Relative Strength Index (RSI) is currently at 51.02, which means buying and selling pressure are about the same. At the same time, the Moving Average Convergence Divergence (MACD) line is above the signal line slightly, which shows only slight bullish movement. Both receive low readings, which means there is no obvious movement in either direction.
Support at $2.50 is Still Important for Traders to watch
From the start of 2023, $2.50 has been a significant support level that has held up on the TON/USDT chart weekly. As soon as prices reach here, it becomes a reference point that may lead to an increase or a drop depending on the movement.
If there is this much consolidation, it could mean there is a strong trend in the market. However, it could also show that prices cannot move much. A dip in the price zone is likely to bring more selling activity, while going the other way might trigger new buying. Market participants are still waiting for a strong move to happen after Toncoin has been in a sideways channel.
“Disclaimer:Â This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.”
