Toncoin New Wallet Introduced, Ranked 10th in the Lists

Crypto News– While the current price action maintains a bullish trajectory, indications from both the RSI readings and Elliott Wave analysis signal an impending peak. TON’s price experienced a descent below a downward-sloping resistance line after hitting a local high of $2.97 in December 2022. This decline bottomed out at $1.02 on June 10.

Toncoin New Wallet Introduced, Ranked 10th in the Lists

However, a significant rebound swiftly followed, marked by an extended lower wick—a telltale sign of increased buying pressure. This pronounced lower wick led to an impressive 45% surge on the same day. Subsequently, TON established a higher low in early August and further accelerated its ascent. On September 15, after being constrained for 270 days, TON finally broke free from the descending resistance line.

The price quickly surged to $2.54 the following day. Notably, this upswing coincided with the launch of the TON wallet on Telegram, providing exposure to its vast user base of 800 million.

Comparatively, the December 2022 peak at $2.97 now stands 27% above the current price, while the resistance line hovers at $1.90, approximately 20% below the current level.

Analyzing the daily RSI provides mixed signals. The RSI serves as a momentum indicator for assessing whether a market is overbought or oversold, aiding traders in making buy or sell decisions. A reading above 50 typically favors bullish traders, indicating an upward trend advantage, while a reading below 50 tends to favor bearish traders.