Home web3.0 Toncoin (TON) Price Analysis: Bulls Attempt to Reclaim the $7.5 Support Level

Toncoin (TON) Price Analysis: Bulls Attempt to Reclaim the $7.5 Support Level

Jul 18, 2024 pm 03:24 PM

Toncoin [TON] tried to recover from the deep losses it faced on the 5th of July, but the past week's trading activity did not see prices successfully reclaim the $7.5 as support.

Toncoin (TON) Price Analysis: Bulls Attempt to Reclaim the .5 Support Level

Toncoin [TON] attempted to recoup the heavy losses it faced on July 5, but the past week’s trading activity did not see prices successfully reclaim the $7.5 as support.

Instead, $7.7 acted as resistance and pushed back against the bulls’ attempts.

The mid-range level of resistance also proved troublesome for buyers. Technical indicators painted a bearish picture for TON, but some evidence suggested the range would persist.

Bosses not out of the game yet

Source: TON/USDT on TradingView

TON traded within a range that extended from $6.75 to $8.27, with the mid-range at $7.5. This was not only the mid-range but also long-term resistance that TON failed to break through in April and May.

The price was in the lower half of the range, while the daily RSI was at 43 to indicate bearish momentum, which meant that Toncoin was likely headed next toward $6.75.

The OBV, however, had defended a support level since June. The bosses had stubbornly held on to one, which suggested some buying pressure despite the bearish sentiment over the last two weeks.

This could see TON bosses bid for a retest of the $6.75 support and hope for a positive response.

Speculator sentiment dull, but spot buyers offered some hope

Source: Coinalyze

Open Interest remained at the $261 million level over the last three days despite prices rising from $7.2 to $7.4. This lack of activity highlighted the absence of bullish conviction among futures traders.

Another cohort of traders remained bullish on TON. The spot CVD trended higher from July 9 to reflect increasing buying pressure over the last two days.

This was a positive sign, but it may not have been enough to drive a rally past the $7.5 resistance yet.

The above is the detailed content of Toncoin (TON) Price Analysis: Bulls Attempt to Reclaim the $7.5 Support Level. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Roblox: Bubble Gum Simulator Infinity - How To Get And Use Royal Keys
3 weeks ago By 尊渡假赌尊渡假赌尊渡假赌
Nordhold: Fusion System, Explained
3 weeks ago By 尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1664
14
PHP Tutorial
1269
29
C# Tutorial
1249
24
OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply Apr 14, 2025 am 11:26 AM

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Apr 11, 2025 am 11:04 AM

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

Bitcoin (BTC) Has Outperformed Ethereum by Over 85% in Realized Market Cap Growth Bitcoin (BTC) Has Outperformed Ethereum by Over 85% in Realized Market Cap Growth Apr 11, 2025 am 10:12 AM

Bitcoin (BTC) has outperformed Ethereum by over 85% in realized market capitalization growth, according to data provided by on-chain analytics platform Glassnode on April 10.

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn Apr 13, 2025 am 11:40 AM

The crypto market has witnessed a rebound following the recent sheer downturn. As per the exclusive market data, the total crypto market capitalization has reached $2.71Ts

As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd Apr 13, 2025 am 11:48 AM

As fear drives selling in the crypto market, major coins like Cardano and Solana face tough times.

US Senate Draft Legislation Threatens to Hit Data Centers Serving Blockchain Networks and Artificial Intelligence Models with Fees US Senate Draft Legislation Threatens to Hit Data Centers Serving Blockchain Networks and Artificial Intelligence Models with Fees Apr 12, 2025 am 09:54 AM

The draft bill purportedly aims to address environmental impacts from rising energy demand and protect households from higher energy bills

Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE) Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE) Apr 18, 2025 am 11:24 AM

Bitwise, a leading digital asset manager, has announced the listing of four of its crypto Exchange-Traded Products (ETPs) on the London Stock Exchange (LSE).