The price of Toncoin (TON) has increased by 45.45% over the past month, with signs of a bullish trend as the Relative Strength Index (RSI) remains near overbought levels. Recent declines in TON supplies on exchanges suggest reduced selling pressure and growing holder confidence.
The Exponential Moving Averages (EMA) indicate a bullish trend, with prices well above short-term averages. If this trend continues, TON may break the $7.198 resistance level, aiming for $8 by December.
Despite a recent RSI pullback to 63, the metric suggests buyers have a market edge. However, potential price increases depend on sustained momentum and buying pressure, as a move above 70 could signal another bullish breakout.
Ton's supply on exchanges decreased to 1.68 million from 1.75 million as holders withdrew around 800,000 TON recently. This reduction typically signals less selling liquidity and might support future price increases through accumulation.
Overall, TON's EMA lines remain bullish, with short-term averages surpassing long-term ones, reinforcing upward momentum. If TON's price holds above these lines, the trend is likely to persist. A reversal may lead to testing support at $6.6 or even $5.6 if the downtrend strengthens.
