there might still be room for a bullish cross

12 июл.

The crypto verse in early July experienced a massive decline, as BTC experienced an abrupt fall, reaching lows around 54K, but Toncoin (TON) bounced back quickly and showed incredible resilience in the face of a widespread bearish sentiment.

On July 5th, Toncoin (TON) declined to as low as $6.50 before embarking on a robust recovery journey. As of writing, the price traded above dynamic support bands, which signifies bullishness in the long term.
At press time, The Toncoin has traded above crucial suppor, which appears necessary for maintaining an ongoing bull trend. The immediate support lies at $6.80, which is close to the psychological level of $7.0, where bulls have succeeded in defending against further downsides. Resistance is seen around levels near $7.50, and $8.00 that witnessed sell-offs on the daily chart.

MACD (Moving Average Convergence Divergence) indicator shows the possibility that there might still be room for a bullish cross, contingent on buying pressure. Likewise, the RSI stands at a neutral line around 50.53 and looks headed for the overbought territory, signifying bullishness.

Looking forward on the daily chart, The Toncoin’s price path possibly depends on whether or not it can be able to hold above the psychological support at $7.00 and also surge over the resistance at $7.50. If bulls succeed in pushing prices beyond this hurdle, then the Toncoin could test higher levels towards $8.00. Conversely, a breaching below $7.00 could witness the price retesting toward the lower supports at $6.50 and possibly $6.01 if bearishness intensified.