Toncoin (TON) has remained stable in its value, although the general market is fluctuating without a specific direction. For the past 24 hours, TON increased by 0.89%, though a week ago, it declined by 7.03%.
Currently, its value is $3.36, and its daily volume is $269.14 million, representing 30.36% less than yesterday. The total market value of Toncoin is $8.64 billion, and its ranking has kept it one of the most recognized digital currencies.
Technical analysis reveals the stock is ranging in the higher region of the Bollinger Bands, and the middle band around $3.17 is acting as a crucial support point.
The higher band around $3.66 is the next area of resistance, should the stock keep rising. The Relative Strength Index is currently 57.31, which is showing good conditions for a rise without going over the overbought level. The MACD has made a gentle bullish crossover, indicating a smooth accumulation of purchase interest.
Toncoin technical indicators point to potential price shift
If Toncoin can hold above the support line of $3.17, a surge towards $3.66 is possible. If, however, it drops lower from here, the price is expected to touch the support area around $2.69 again.
The derivatives market data is contradictory, and volume fell 33.80% to $289.69 million, showing reduced short-term activity. Open interest, however, climbed 1.99% to $400.81 million, showing speculators remain on the sidelines and are waiting for a directional breakthrough.
The OI-weighted funding rate is 0.0065, indicating a mild positive sentiment through the leveraged positions. Spikes in the open interest and volume traditionally have commonly correlated with significant price movements.
Currently, Toncoin’s price movement is stable but doesn’t carry significant momentum, and therefore, increased volume might cause a larger trend movement. If the activity grows accompanied by persistent open interest, TON could target the level around $3.66, and persistent thin volume might maintain it in its current range-bound movement.
