Toncoin (TON) price has surged 45.45% over the past 30 days. The RSI remains close to the overbought zone, and recent outflows from exchanges highlight reduced selling pressure, indicating increased confidence among holders.
The EMA line further strengthens the bullish trend, with prices well above short-term averages. If TON maintains its upward trajectory, it may break through the resistance level of $7.198 and aim for $8 in December, but a reversal may test the support levels of $6.6 and $5.6.
TON RSI is still close to 70.
The TON RSI recently almost reached the overbought threshold of 70, then fell back to the current level of 63. This pullback indicates a slight weakening of buying momentum, but it remains relatively strong as the RSI is still in the bullish zone.
Current data reflects that buyers hold a slight advantage in the market, but it is still unclear whether this momentum is sufficient to push prices higher without further buying pressure.
The RSI (Relative Strength Index) measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 indicating oversold levels. TON's RSI is 63, suggesting it remains in a favorable position for potential upward movement.
If it rebounds above 70 like at the end of November, the TON price may regain momentum and test levels above $7.2, marking another bullish breakout.
Over the past 3 days, the supply of Toncoin on exchanges has decreased.
The supply of TON on exchanges has decreased from 1.75 million on December 1 to 1.68 million. This decline indicates that holders have withdrawn about 800,000 TON from exchanges over the past three days.
Such a large outflow of funds indicates reduced selling pressure and may shift towards long-term holding or staking.
The supply on exchanges reflects the number of tokens available for trading. High supply is generally seen as bearish, as it suggests that users may be preparing to sell.
Conversely, a drop in exchange supply, as is the current trend of TON, is usually bullish, as it indicates accumulation and confidence in the future performance of the token. If this trend continues, it may support price increases as selling liquidity decreases.
TON Price Prediction: Can it reach $8 in December?
The TON EMA line remains bullish, with the short-term line above the long-term line, and the price well above the short-term average line.
This arrangement indicates strong upward momentum, reinforcing the current bullish trend. As long as the price remains above these lines, this trend is likely to continue.
If TON maintains its upward trend and breaks through the resistance level of $7.198, it may continue to rise and possibly test $8 in December, a level not seen since June 2024.
Conversely, if the upward trend reverses and a downward trend emerges, the TON price may first test the support level of $6.6, with further adjustments potentially pushing it down to $5.6.
