The volume has begun to drop, indicating a squeeze could be fast approaching. However, the price has been trading flat for the past few days, suggesting that the bulls have entered and are preventing excessive drain.
The technicals are slowly turning in favor of the bulls, suggesting a rise to $6 could be imminent in the next 48 hours. As the crypto is trading within a falling wedge, the possibility of a bullish breakout remains high. The upcoming weekend could be crucial, as it may decide the next price action for the rest of the month.
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A squeeze may either push the price higher or lead to a major setback.
The Ton price is approaching the end of the consolidation and remains stuck within a decisive phase. Since then, the price has been forming lower highs and lows, indicating a bearish influence.
Toncoin Price Analysis: Market Sentiments Remain Positive at 87%, Signalling Bullish Signals
The market sentiments surrounding Toncoin remain positive at around 87%, flashing bullish signals for the cryptocurrency. As the RSI is indecisive, the probability of a pullback cannot be eliminated. The Toncoin price has dropped by over 35% from its highs above $8. The Ton price is believed to be gearing up for a potential breakout, as it has been consolidating within a tight range for a while now.
Technical analysis suggests that a breakout beyond the resistance at $6 could be imminent during the weekend. The RSI is stuck within the lower range, suggesting that the token is in an accumulation phase.
