Toncoin (TON) Price Faces Increased Selling Momentum 📉
Toncoin (TON) price is under pressure, influenced by technical factors suggesting an oversold stage. The Relative Strength Index (RSI) currently at 29.69 reflects dominant selling momentum, though a rebound could be anticipated.
An increase in TON’s exchange supply, with 30,000 coins transferred, indicates bearish sentiments as holders may be preparing to sell, adding to potential short-term pressure.
RSI, or Relative Strength Index, measures price momentum and indicates oversold conditions when below 30, which can suggest undervaluation and possible price rebounds.
The recent rise in TON’s RSI could signal a gearing up for recovery. However, past patterns show the RSI can dip further before reversal, hinting at ongoing downward pressure.
Recent transfers of TON to exchanges, about 30,000, typically suggest impending sales and a bearish outlook, contrasting with bullish withdrawals.
The inflow of 30,000 TON to exchanges is relatively modest and unlikely to cause significant price impacts alone.
Technical analysis shows a bearish trend, with TON trading below all EMA lines, indicating seller control. The price may test the $4.45 support level for stabilization.
Despite the bearish setup, the RSI hints at potential entry into oversold territory, suggesting a possible rebound if buying interest increases.
Key support and resistance levels could guide the future direction and potential recovery of TON’s price.
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