Is It Too Late to Buy Toncoin? TON Price Blasts Up 5% and New Crypto Casino Project Secures $450,000 – How to Buy Early?
The Open Network's native Toncoin (TON) has bounced-up +5% after localised retracement from upper trendline resistance, but is it too late to buy Toncoin?
Retracement has swept the Toncoin chart following rejection from upper trendline resistance - this comes following a dramatic upside pump triggered by the news that Telegram integrated TON wallet.
TON holders are speculating a break-out move here could unlock skyrocketing price action, with eagle-eyed traders highlighting the huge amount of liquidity at higher price levels.
Despite the recent downside, Toncoin is currently trading high in the channel at a market price of $2.14 (Representing a 24-hour change of +4.21%).
Loss of support from the 20DMA on September 30 has seen TON fall to the $2.00 price level, and a well-defended consolidation here has primed price action for the ongoing bounce.
TON is still technically strong here, with reliable lower support to be found from the 200DMA at $1.75.
The 20DMA (sat at $2.24) will form the first key area of resistance for the current upside move.
Toncoin's RSI is showing minor bearish divergence, with an oversold signal at 53.83.
While the MACD indicator reinforces this view with a -0.0383 reading suggesting stalling momentum.
Overall, TON is fragile here - with the upside move targeting a reclamation of the 20DMA, against bearish indicators - possibly hinting at a further retracement.
This leaves TON with an upside target at $2.25 (a potential +5.34%).
While downside risk could see TON fall to $1.78 (a possible -16.6%).
This leaves Toncoin with a risk: reward ratio of 0.32 - a bad entry, overwhelmed buy downside risk.
As Telegram trading bots and GambleFi dominate September's narratives, the TG.Casino ($TGC) presale is gaining
Read more on cryptonews.com
