Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on the crypto market.
Is There Still Hope For Toncoin (TON)?
By the time of this writing, Toncoin (TON) is trading at around $2.94. That’s more than 70% down from its all-time high. It is a big drop, and if you have been holding TON, this might feel discouraging. But the real question now is—is there still hope for Toncoin?
Let’s take a look at what the charts are telling us.
Starting with the moving averages, everything still points downward. The price is sitting below the MA ribbons, which is usually a sign that bears are still dominating the market. As long as we stay below those ribbons, it is hard to say that we are in any sort of recovery or reversal. So, from a trend perspective, things are still looking bearish.
Looking at the RSI, it is also below the median line. That tells us that momentum is weak. The bulls have not taken control yet, and we are not seeing enough buying pressure to push prices higher. If RSI continues hovering below the 50 mark, it usually means the sellers still have the upper hand.
Same story with the MACD. It is still trading under the red bars, showing that we are still in a negative momentum zone. There is no bullish crossover yet, no green signal bars—just consistent bearish pressure. This suggests that we are still not out of the woods.
But here is something worth noting—Toncoin is now sitting at a major support level. This current price zone, between around $2.30 and $2.80, has acted as a strong resistance in the past. Every time the price would rally and hit this zone, it would get rejected and retrace back down.
Now that the price is below its all-time high and has dropped back to this zone, what used to be resistance is now acting as support. That is a classic case of role reversal in technical analysis. If TON can stay above this support range, there is a good chance it could hold its ground or even bounce. But if it breaks below this zone, it might turn back into resistance—and that could lead to even deeper price drops.
So, what is next?
This support zone is crucial. If the bulls want to prove that there’s still strength in TON, this is the area where they need to make a stand. Holding this level could attract buyers looking for a bottom or entry point. But if we see volume picking up on the sell side and a clean break below support, then we might have to prepare for another leg down.
Now, looking at the bigger picture, yes, Toncoin has dropped significantly. But that does not automatically mean it is game over. Corrections like this are normal in crypto, and many solid projects have gone through similar phases. The question is whether the fundamentals and community behind TON are strong enough to carry it forward.
So, is there still hope? That depends on your perspective.
Final Thoughts
If you believe in the project’s long-term potential, then this could be seen as a good accumulation zone. But if you are more of a short-term trader, it might be wise to wait for stronger confirmation before making any moves. For now, the technical indicators are telling us to be cautious, but the support level we’re at could become a key turning point.
For more in-depth technical analyses like this one, make sure to subscribe and hit the notification bell on UseTheBitcoin’s YouTube channel. We post daily videos covering the crypto markets, so don’t miss out!
Additionally, join our Telegram community to discuss the latest market trends, share insights, and get real-time updates from experienced traders. Don’t miss the chance to be part of the conversation!
