Despite broader anxieties in the market, Toncoin (TON) is on the climb, after a +10% bounce off the 20DMA leaves price poised for technical rally.
TON is the native token for ‘The Open Network’; an ecosystem for decentralised apps (dApps) and services built using scalable sharding blockchain technology.
TON Price Analysis: Is it too late to buy Toncoin?
Following the bounce from support, TON is now trading at a current price of $1.34 (representing a 24-hour change of +1.73%).
This comes at a critical moment in price action, which has suffered a slow-moving -45% decline since March.
However, following a strong display of support by the Toncoin community at the rock-bottom $1.20 price level at the start of August, markets have become emboldened with TON climbing an impressive +12.2% since the beginning of the month.
Crucially, the upside moves have seen Toncoin reclaim support from the 20DMA, which now provides solid footing for a potential push to the upside.
However, Toncoin’s indicators provide some cause for concern, with the RSI overheating significantly on the recent bounce, still displaying bearish divergence in an over-bought signal at 51.5.
In contrast, the MACD remains bullish with minor divergence at 0.016, signaling a further upside move could be on the cards.
With strong support from the 20DMA, TON has an upside target at $1.6 (+18.7%) in a move that would break almost three months of resistance.
To the downside, Toncoin has a local support level at $1.17 (-13.1%) and this would likely catch any tumble in price.
This leaves Toncoin with a risk: reward ratio of 1.43 – a reasonable entry that could still capture upside gains.
But while TON holders are rejoicing at the upside move, many are wondering how the best traders get ahead to find the best-emerging plays in the market and secure big profits.
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