Toncoin price movement over the last 48 hours shows less and less volatility. The asset traded within $6.10-$6.20 within this period as it remained range-bound. This trend points to a near breakout as prices continue to hover.
It also indicates an accumulation phase as the bulls gear up to resume the uptrend. A similar event played out during the first week of April before a significant surge. However, trading volume does not support this claim as it is down by over 37% in the last 24 hours.
Nonetheless, Toncoin bulls are accumulating in anticipation of a Bitcoin surge. Once the apex coin resumes its bullish trajectory, altcoin will follow.
A similar event took place on Friday as TON surged to a high of $7.24 as BTC experienced its hike. Additionally, fundamentals also played a role in the hike.
Tether also contributed to the surge as the firm shared its plans to expand to other blockchains. The Open Network was one of the ecosystems the USDT provider listed. It plans on launching a USDT dollar-pegged token. In response, TON saw a more than 40% increase in trading volume and massive volatility.
Toncoin Next Accumulation Phase is $6.64
The pivot point standard highlights some critical levels to watch in the coming days. Currently trading above its point, TON will look to climb above its first pivot resistance at $6.64. As seen in previous times, the bulls will stage another accumulation phase around this pivot level. This will happen if it fails to gain stability above $7.
Nonetheless, the Moving Average Convergence Divergence is printing sell signals. Since the altcoin’s bearish divergence, it has barely shown signs of recovery. This comes as TON is yet to register any significant change in value. The histogram in MACD attests to the increase in selling pressure. Additionally, RSI is also on the decline as the asset continues to lose buying pressure.
Over the last five days, it consistently fell to a low of $5.92. Both indicators point hints that the same trend will continue for a short period.
