The cryptocurrency market has maintained a bearish momentum, and assets are recovering. Specifically, the Fear and Greed Index stands at 65, indicating greedy sentiments. Major assets such as Bitcoin (BTC) and Ethereum (ETH) are near levels of $107.6K and $2.7K, respectively. Among altcoins, Toncoin (TON) has registered a solid gain of more than 9.85% in the last 24 hours.
Critical resistance levels for TON between $3.12 and $3.60 were tested to confirm a bullish shift. A further upward correction may bring more gains to spark a strong rally. In the early hours, the asset traded in the lower range of $2.98. With the bulls in control, Toncoin surged to $3.69.
At the time of writing, Toncoin is trading in the range of $3.27, and its market capitalization has reached $8.15 billion. The daily trading volume has increased by more than 657%, totaling $1.24 billion. Additionally, according to Coinglass data, the market experienced a liquidation of $8.04 million in TON.
Sustained bullish pressure on TON has led to the price rising above the critical resistance zone at $3.31. Assuming the asset continues to grow, Toncoin may push towards the formation of a golden cross, and the price could rise, strengthening and reaching $3.45 or even higher.
Conversely, if the current trend reverses, the price may immediately pull back and test the support level at $3.20. A prolonged bearish momentum for Toncoin could likely trigger the emergence of a death cross, opening the door for a sharp decline to the range of $3.
The Moving Average Convergence Divergence (MACD) line for Toncoin is positioned above the signal line, indicating bullish momentum, and buying pressure is increasing, with the formation of a potential upward trend. Additionally, the Chaikin Money Flow (CMF) indicator for the asset is at -0.07, indicating moderate selling pressure. Furthermore, money is flowing out of the asset, which potentially hints at bearish sentiments.
Moreover, the Bull Bear Power (BBP) value for the asset is at 0.180, signaling moderate bullish pressure in the market, supporting the upward price movement. The daily Relative Strength Index (RSI) for Toncoin at 62.49 indicates positive momentum, and the asset has room to grow before reaching overbought territory.
$TON , $ETH , $SOL
#Market Rebound , #Сryptomarketnews
from the article materials: By TheNewsCrypto
