3 min readTONCOIN (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.
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.
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