Despite broader anxieties in the market, Toncoin (TON) is on the climb, after a +10% bounce off the 20DMA leaves price poised for technical rally.
TON is the native token for ‘The Open Network’; an ecosystem for decentralised apps (dApps) and services built using scalable sharding blockchain technology.
TON Price Analysis: Is it too late to buy Toncoin?
Following the bounce from support, TON is now trading at a current price of $1.34 (representing a 24-hour change of +1.73%).
This comes at a critical moment in price action, which has suffered a slow-moving -45% decline since March.
However, following a strong display of support by the Toncoin community at the rock-bottom $1.20 price level at the start of August, markets have become emboldened with TON climbing an impressive +12.2% since the beginning of the month.
Crucially, the upside moves have seen Toncoin reclaim support from the 20DMA, which now provides solid footing for a potential push to the upside.
However, Toncoin’s indicators provide some cause for concern, with the RSI overheating significantly on the recent bounce, still displaying bearish divergence in an over-bought signal at 51.5.
In contrast, the MACD remains bullish with minor divergence at 0.016, signaling a further upside move could be on the cards.
With strong support from the 20DMA, TON has an upside target at $1.6 (+18.7%) in a move that would break almost three months of resistance.
To the downside, Toncoin has a local support level at $1.17 (-13.1%) and this would likely catch any tumble in price.
This leaves Toncoin with a risk: reward ratio of 1.43 – a reasonable entry that could still capture upside gains.
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