Toncoin (TON): Long Opportunity Can Yield 13% Gains

Toncoin’s (TON) retracement from $2.46 to the support level of $2.03 has presented buyers with a low risk-to-reward opportunity for double digit gains. Buyers can be strengthened by the bullish support at this price region with sellers unable to break below the key resistance.

Looking more broadly, the crypto market continued to show signs of recovery with Bitcoin (BTC) trading at $43k and Ethereum (ETH) trading at $2.3k respectively. This maintained their slim gains over the last seven days.

Tons of Opportunities for Buyers

The muted price action by sellers at the $2.03 support level reinforced the bullish defense of the price zone. A look southward showed the level as a critical one for buyers with bears unable to breach the price support.

Consequently, buyers and sellers have traded short term momentum with the Relative Strength Index (RSI) briefly moving above the neutral 50 before dipping below it again.

However, the Moving Average Convergence Divergence (MACD) posted a few green histogram bars above the zero level with a bullish crossover, although the crossover signal wasn’t strong as at press time.

This hinted at the possibility of bullish momentum on the four-hour timeframe. As such, intraday traders can look out for a bullish candle at the $2.03 support level on the four-hour chart. This would serve as an entry signal with a potential short term profit target of $2.3, resulting in 13% gains.

Alternatively, if price continues to stall at the support level without a clear bullish candle close, sellers can anticipate a break of the level for more selling pressure.

Price Levels to Consider

Support - $2.03
Profit Target 1 - $2.3 (13% gains)
Profit Target 2 - $2.46 (20% gains)
Stop Level - $1.92

Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.