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Daily Technical Analysis Research – Cryptocurrency (TONCOIN)

TONCOIN (TON/USD)

On the daily timeframe, Toncoin remains trading within the $4.00 to $6.00 range. There has been considerable hype surrounding Telegram’s CEO, and his involvement with the U.S. government in an ongoing investigation, which likely triggered last month’s price sell-off. Looking at the chart below, we can see that in the short term, the price has found support between the $4.80 and $4.60 range.

Daily Technical Analysis Research - Cryptocurrency (TONCOIN) - Screenshot 2024 09 20 at 14.12.46 1024x554

Looking more closely at the technical indicators, the RSI shows the price hovering just above the 50% level, indicating no signs of the cryptocurrency being overbought or oversold at the moment. Currently, we appear to be facing resistance around the $5.80 region, particularly at the daily 50 EMA and the 50% Fibonacci level. I’ll be watching closely to see how the price action unfolds in these areas and where the market moves next.

Daily Technical Analysis Research - Cryptocurrency (TONCOIN) - Screenshot 2024 09 20 at 14.13.50 1 1024x554

Author

Matthew Hayward
Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...
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