Toncoin (TON) Bulls on Alert: Will Support Hold or Break?

• Toncoin is trading around the $3.06 level.
• TON’s daily trading volume has dropped by 18%.

The brief spike within the broader crypto market has pushed the market cap to $3.35 trillion. Major assets are fluctuating between green and red charts. With the greed sentiment, Bitcoin and Ethereum are hovering around the $106.3K and $2.5K mark. Meanwhile, Toncoin (TON) has posted a modest uptick of 1.18%

TON has entered the bearish territory after testing its crucial price levels. A steady break above the $3.20 is the key range to kickstart an upside correction. Toncoin has opened the day trading at the bottom level of $3.02. With the bullish shift on the four-hour trading chart, the asset has climbed toward a high of $3.11.

At the time of writing, Toncoin traded within the $3.06 level, with its market cap reaching $7.62 billion. In addition, the daily trading volume of the asset has plunged by 18.29%, currently resting at $137 million

Toncoin Under Pressure: Can the Bulls Regain Control?

The steady bearish pressure of TON could provoke the price to plummet below the crucial support at the $3 level. If the asset continues to decline, the Toncoin might lose its ground and trigger the emergence of a death cross. It will push the price to reach the former lows at the $2.87 mark

Contrarily, if the active momentum takes a turn, the asset price could mount and test its nearby resistance at the range of $3.12. Toncoin’s more protracted bullish pressure might likely initiate a golden cross to form, opening the gateway for a potent upside correction, eyeing the $3.30 range

The Moving Average Convergence Divergence (MACD) line and signal line of Toncoin are found below the zero line. This crossover indicates bearish momentum, and the buyers are yet to regain control

*TON chart (Source: TradingView)*Besides, the Chaikin Money Flow (CMF) indicator settled at 0.12 suggests that the capital is flowing into the asset and moderate buying pressure in the market as an early signal of building up an uptrend.

Moreover, the asset’s Bull Bear Power (BBP) value staying at -0.020 signals that bears have an upper hand in the market, with the sellers pushing the price below. TON’s daily relative strength index (RSI) at 46.33 infers the neutral condition, slightly leaning toward the bearish side.

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