Toncoin (TON) Price Analysis: Bulls Attempt to Reclaim the $7.5 Support Level

Toncoin [TON] tried to recover from the deep losses it faced on the 5th of July, but the past week's trading activity did not see prices successfully reclaim the $7.5 as support.

Toncoin [TON] attempted to recoup the heavy losses it faced on July 5, but the past week’s trading activity did not see prices successfully reclaim the $7.5 as support.

Instead, $7.7 acted as resistance and pushed back against the bulls’ attempts.

The mid-range level of resistance also proved troublesome for buyers. Technical indicators painted a bearish picture for TON, but some evidence suggested the range would persist.

Bosses not out of the game yet

Source: TON/USDT on TradingView

TON traded within a range that extended from $6.75 to $8.27, with the mid-range at $7.5. This was not only the mid-range but also long-term resistance that TON failed to break through in April and May.

The price was in the lower half of the range, while the daily RSI was at 43 to indicate bearish momentum, which meant that Toncoin was likely headed next toward $6.75.

The OBV, however, had defended a support level since June. The bosses had stubbornly held on to one, which suggested some buying pressure despite the bearish sentiment over the last two weeks.

This could see TON bosses bid for a retest of the $6.75 support and hope for a positive response.

Speculator sentiment dull, but spot buyers offered some hope

Source: Coinalyze

Open Interest remained at the $261 million level over the last three days despite prices rising from $7.2 to $7.4. This lack of activity highlighted the absence of bullish conviction among futures traders.

Another cohort of traders remained bullish on TON. The spot CVD trended higher from July 9 to reflect increasing buying pressure over the last two days.

This was a positive sign, but it may not have been enough to drive a rally past the $7.5 resistance yet.

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