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TON Price Drops 3.78% as Toncoin Tests Lower Bollinger Band Support at $3.08
The price of TON has taken a sharp turn, with the cryptocurrency experiencing a significant decline of 3.78% over the past 24 hours to trade at $3.08. This sudden drop in value is particularly concerning due to its proximity to critical support levels.
According to technical analysis, Toncoin’s RSI indicator has fallen to an oversold condition, signaling a potential reversal in the market trend. The recent price action suggests that TON could be poised for a relief rally over the next 24-48 hours.
One of the key indicators highlighting this possibility is the Stochastic oscillator, which shows extreme oversold conditions with %K at 7.80. This aligns with Bollinger Band analysis, where TON is currently testing lower band support. If this level fails to hold, a further decline could be imminent.
The TON price action has reached a critical juncture, with the market waiting anxiously for confirmation above $3.20. A clear break above this resistance would significantly strengthen the bullish case and increase the likelihood of a reversal.
In terms of immediate Toncoin support levels, the first line of defense for bulls resides at $3.04. Failure to hold this level could result in additional selling pressure as the asset approaches its 52-week low of $2.90.
Conversely, any movement above TON resistance starting at $3.64 would signal a shift back into the upper end of the Bollinger Bands and align with recent swing highs.
The market’s current state presents an attractive entry point for contrarian traders and those seeking to capitalize on potential upside. However, caution must be exercised due to the bearish momentum witnessed in the short term.
Source: Blockchain.News
