Journalist

• Toncoin has been trading within the range seen over the previous month.
• A price recovery is expected soon due to increased buying pressure.

Toncoin [TON] The market has been trying to recover from its deep losses on July 5. However, last week’s trading activity did not allow the price to reclaim $7.5 as support.

Instead, bulls were repelled from $7.7.

The mid-range resistance level also frustrated buyers. Technical indicators painted a negative picture for TON. However, there are some signs that the range is likely to continue.

Bulls are still fighting.

TON has been trading in a range of $6.75-$8.27, with $7.5 being the mid-range. This was not only the middle range but also a long-term barrier that TON failed to break through in April or May.

Toncoin is likely to move towards $6.75 in the next few days as the price was near the lower end of the range and the daily RSI was at 43, signaling a downtrend.

Since June, the OBV has held a support level. Bulls held on to a level despite the recent bearish sentiment.

TON bulls can hope for a positive reaction by retesting the $6.75 level.

Spot buyers fuel hopes but speculators are not optimistic

Open interest has remained unchanged at $261 million over the past three days despite prices rising from $7 to $7.4. This lack of activity highlights the lack of confidence among futures traders.

Read Toncoin’s [TON] Price Prediction for 2024-25

TON remained a popular topic of discussion among traders. Since July 9, spot CVD has been trending higher, reflecting increased buying pressure over the past two days.

This is a positive sign, but may not be enough for a rally to break the $7.5 resistance.

Disclaimer: This information is not intended as a source of financial, trading, investment or other advice. It represents the sole opinion of the author.