Toncoin Price Analysis: TON Preparing for a Massive Bullish Trend as the Token Consolidates Within a Narrow Range

The price is trading within a bullish pattern and a slight rise above the 200-day MA may eventually resume its uptrend

Toncoin price is poised for a major uptrend as the token consolidates closely within a narrow range

The price is trading in a bullish pattern and a slight rise above the 200-day MA may eventually restart the uptrend

Market sentiments surrounding Toncoin have remained at around �, giving bullish signals for the crypto. With the change in traders' sentiment, the TON price is thought to be preparing for a potential breakout. The token has been consolidating within a tight range for a while now and therefore technical indicators suggest that a breakout beyond the $6 resistance could come by the weekend.

Toncoin price has fallen more than 5% from its peaks of over $8. Since then, the price has been continuously forming lower highs and lower lows, indicating the presence of a bearish effect. However, the price has been trading flat for the last few days, indicating that the bulls have stepped in and prevented the extreme decline. Moreover, technical indicators are slowly turning in favor of the bulls and indicate that it may rise to $6 in the next 48 hours.

The price experiences a significant pullback after reaching the highs, but maintains its upward trend nicely. The RSI is stuck in the lower range indicating that the token is in the accumulation phase. Additionally, volume has begun to drop, indicating that a squeeze is fast approaching. Often after a squeeze, volume increases greatly, which can push the price higher or trigger a major pullback.

TON price is approaching the end of consolidation and is stuck in a decisive phase. Since the crypto is trading within a falling wedge, the possibility of a bullish breakout is quite high. Since the RSI is unstable, the possibility of a pullback cannot be ruled out. Therefore, this coming weekend could be quite important which could determine the next price movement for the rest of the month.

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