TON Struggles to Turn Bullish as Key Metrics Trend Bearish; Can Bulls Flip the Script?

In recent trading sessions, Toncoin [TON] experienced a short-lived rebound that saw its price go from $6.6 to $8.1, but fell back under $7 without crossing the key resistance level of $8.3.

Toncoin [TON] price analysis for recent trading sessions showed a brief rebound, where the altcoin’s value went from $6.6 to $8.1, following which it fell back below $7.

However, it failed to cross the key resistance level of $8.3.

A look at TON’s trading chart revealed that the altcoin’s values oscillated frequently between the overbought and oversold zones.

Recent readings on the Awesome Oscillator indicator trended downward towards the oversold territory, at around 10.34.

This indicated that traders were, in fact, getting priced out at the time.

The Relative Strength Index (RSI) hovered between 33.25 to 36.19, suggesting that Toncoin was approaching oversold conditions.

This usually indicated that the asset might be undervalued and a price increase could be on the cards if other bullish conditions fell into place.

The 50-day Moving Average periods showed that TON has acted as support and resistance dynamically.

At the latest press time, the price was seen to be slightly above this line, indicating potential support.

The Exponential Moving Average also portrayed a resistance role, with the price having recently crossed below this line, indicating bearish sentiments.

The MACD lines were near the zero line but remained below it, also suggesting a bearish momentum, as the signal line (orange) was above the MACD line (blue).

Now, TON was seen to be closer to the lower Bollinger Band at the time, suggesting that the asset was oversold.

It was also seen to be beneath the Ichimoku Cloud, which is a strong indication of bears being in control.

Having said that, a look at TON’s on-chain metrics revealed that all hope isn’t lost for the bulls.

There is still a chance they might flip the script.

A whopping 84% of all TON holders were ‘In the Money,’ at the latest press time, indicating that the holders bought their tokens at a lower price than the current market price, giving the bulls an underlying strength.

Trading had surged, and transaction volumes were flowing through the roof as well.

The majority of holders were also long-term, showing a healthy amount of investor confidence.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ton-struggles-bullish-key-metrics-trend-bearish-bulls-flip-script.html

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