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- There is no major impact from the FTX collapse on TONCOIN as the price trend shows positivity.
- On the 4-hours chart, TON crypto is holding above a 200 simple moving line.
- The bears are waiting for a selloff at the $2.0 resistance area amid a higher-lower trend.
Amidst the ongoing price correction, the price action of Toncoin reveals a bullish price pattern, which is influencing the buyers to accumulate. While many altcoins fell below their previous yearly lows amid the collapse of FTX, TONCOIN was not majorly affected as the price action shows positivity.
At press time, TONCOIN price bids at the $1.77 mark with the USDT pair. The price action has been pulling a high-low trend for the past several days, but this rally seems to be taking a pause near the next resistance zone. From the November lows, the TON crypto price has gained almost 40% to date.
Due to price recovery, buyers defend themselves so far close to support trendline since it’s all-time low of $0.748. On the other side, bears are also actively holding TON value lower than $2.0 resistance. As a result, speculators await for the range break either upside or downside, but a bullish breakout is likely ahead on the behalf of ascending triangle pattern on hourly chart.
Market capitalization increased 2.61% in the last 24 hours, reported at $2.19 Billion as per CMC. Meanwhile, TON crypto sustains above the 200 simple moving line. Higher price sustainability shows more accumulation until the next bullish hurdle for short-term outlook. Notably, trading volume decreased 40% overnight, not good for bulls during positive trend.
On the daily price chart, TONCOIN has a key support at the 20 day EMA (white). If buyers lose hold on dominance, the crypto suggests a further 15% drop to the ascending trendline. In contrast, the RSI looks flat just above the midway.
Conclusion
TONCOIN price against USDT is speaking of a positive price pattern forming an ascending triangle pattern. The buyers are waiting for a bullish breakout to create another long position. On the other hand, if TONCOIN turns down below the 20 DMA there is a possibility of a 15% drop to the upward trendline.
Support level – $1.5 and $1.0
Resistance level – $2.0 and $2.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.