Toncoin: Is a turnaround in store for TON at this key support?

• Toncoin Price tested critical trendline support despite a 5% decline in the last 24 hours.
• Metrics indicate mixed reactions

Toncoin [TON] was at a critical turning point as its price dipped by 5% in the last 24 hours to test a key trendline support level. The support level has been rejected several times since 26th February.

This level is vital for maintaining Toncoin’s bullish structure in the near term. Toncoin has been on an overall uptrend while respecting the trendline.

If the price breaks below the support level, further dips may follow. However, if the bull manages to defend this support level, it could serve as a turning point for a renewed upward surge.

As of this writing, CoinMarketCap priced Toncoin at $7.24. Ton market capitalization dropped by 4.82% to 17.8 billions, while its trading volume almost doubled to $298.88 million in the last 24 hours.

Source: Tradingview

The stochastic RSI (24.20) is in an oversold zone, suggesting a potential reversal. Additionally, the MACD histograms are fading, suggesting a diminishing selling pressure.

Active addresses and circulation  paint a mixed picture

AMBCrypto’s analysis of Santiment’s active address and circulation data indicated growing network activity and engagement.

Interestingly, the number of Toncoin’s active addresses has been on the rise since March. This could support a price reversal if positive sentiments prevail.

Source: Santiment

Bulls vs bears at crossroads

We further analysed the Coinglass liquidation data. The data indicated several periodic spikes in both long-term and short-term liquidations over the past few months. 

These events correlate with sharp price movements, suggesting the volatile nature of the market.

Source: Coinglass

AMBCrypto further analyzed Toncoin’s long/short ratio Coinglass data to evaluate the market direction. The long/short Toncoin indicates that the ratio has fluctuated but generally maintained a balance between long and short positions.

This suggests a divided sentiment among investors, with neither bulls nor bears gaining a clear upper hand.

Source: Coinglass

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What lies ahead for Toncoin?

Toncoin is at a key trendline support level that has been rejected several times.  A successful hold above this level could signal a bullish reversal and upward momentum. 

Conversely, a breakdown could signal further declines to the lower support zones in the near future.