Toncoin Price Analysis: TON Price To Record Massive Correction Soon?

The crypto market continues to display a weak price action since the week’s start with top crypto tokens failing to hold their respective values above their important support levels. This indicates a cool-off period in the crypto space, further indicating a potential accumulation period for the upcoming bull run.

However, after recording a correction of 4.57% within the last seven days and 3.53% over the past 30 days, the TON coin price has recorded a bullish jump of 3.85% within the past day, indicating a high possibility of a trend reversal during the upcoming days.

TON Coin Price On The Verge Of Testing Its Important Resistance Level:

Amid increased bearish sentiment in the crypto space, the Toncoin price continues to trade in a closed range between $6.220 and $7.400. However, the Layer-1 token has displayed a positive price action over the past 24 hours and is on the verge of testing its resistance level, the outcome of which is uncertain.

With a trading price of $7.126, a circulating supply of 2,431,770,634 TON tokens, and a market capitalization of $$17,248,976,960, the Toncoin (TON) crypto continues to hold its position in the list of top 10 cryptocurrencies by valuation in the global crypto market.

The technical indicator, SMA, has displayed a bearish crossover in its price chart, highlighting an increase in the bearish price action for the altcoin in the cryptocurrency market.

The Moving Average Convergence Divergence (MACD) shows a constant decline in the green histogram, indicating an increase in the negative influence in the crypto space. On the other hand, the averages record a potential bearish convergence in the 1D time frame.

Will Toncoin Price Rise Back Up?

If the market pushes the Toncoin crypto price above the resistance level of $7.40, the bulls will prepare to retest its previous all-time high (ATH) by the upcoming week. Maintaining the price at that level will set the stage for the TON price to head toward the $8.60 mark.

Negatively, if the bears gain control over the bulls, the TON token will fall toward its support level of $6.220. Furthermore, if the bulls fail to regain momentum, the Toncoin will plunge further and test its crucial support level of 5.155 this month.