The recent improvement in market sentiment has boosted Toncoin (TON) towards its 50-day Simple Moving Average (SMA), a crucial resistance point. A breakout might lead to a 20% price rise.
TON’s 50-day SMA has formed a key resistance at $5.76, repeatedly met with selling pressure, pushing the price to its 20-day EMA at $5.47.
An asset’s 50-day SMA above its 20-day EMA indicates high selling pressure. However, increased demand suggests a potential trend reversal.
IntoTheBlock data shows a 29% uptick in daily active addresses and a 78% rise in new demand for TON over the past week.
The positive price daily active address (DAA) divergence, currently at 119.08%, supports the ongoing price rally.
The MACD on the daily chart shows short-term momentum surpassing long-term, indicating a potential rise if buying pressure continues.
If successful, TON could break the 50-day SMA resistance, leading to a 20% increase, reaching $6.82. Conversely, failure to break could push the price down to $5.47.
