According to data from CoinStats, it appears that most cryptocurrencies, including Toncoin (TON), may have reached a local peak.
Current Movement of TON/USD
In the past 24 hours, Toncoin’s price has decreased by 0.66%. On the hourly chart, TON is trading within a local channel, with support at $4.956 and resistance at $5.070. Given that most of the daily ATR range has already been covered, significant price fluctuations by the end of the day are unlikely.
On a larger time frame, the situation has remained unchanged since yesterday. The low trading volume suggests that there is no indication of a major movement from either side of the market.
Therefore, the more probable scenario is consolidation within the price range of $4.95 to $5.150.
Mid-Term View on TON’s Price
From a mid-term perspective, the outlook for TON remains relatively neutral. The price is distant from key levels, indicating a lack of strength from both buyers and sellers. Overall, traders may witness a continuation of sideways movement around the current price.
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At the time of writing, TON is trading at $5.025.
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