Will TON Coin go back to 7.0 for us to buy more? This is my own analysis of the chart?
Key Observations:
Current Price and Trend:
The current price is 7.3314 USD, down 1.57% recently.
The price is above the MA7 (7.3330), MA14 (7.3093), and MA28 (7.3029), indicating a short-term uptrend.
Bollinger Bands:
The price is within the upper and lower Bollinger Bands, suggesting the price is neither in an extreme overbought nor oversold condition.
The recent high touched the upper Bollinger Band, often an indication of resistance.
Stochastic RSI:
The Stochastic RSI shows the blue line at 73.12 and the orange line at 76.30, suggesting the market is approaching overbought territory.
Volume:
Recent volume (388.07K) is higher than the 5-period and 10-period moving averages, indicating significant trading activity.
Analysis:
Support and Resistance:
Support: The recent support levels are around the MA28 (7.3029) and the lower Bollinger Band (~7.13), with stronger support at the 7.0 USD level.
Resistance: The recent high of 7.8921 acts as a significant resistance.
Potential Downward Movement:
Given the overbought condition indicated by the Stochastic RSI, there could be a potential price correction.
If the price breaks below the MA28 and heads towards the lower Bollinger Band, a drop to 7.0 USD is possible.
Based on the chart, there is a possibility that TON/USDT could correct towards the 7.0 USD level, especially if the current support levels fail to hold and the market moves out of the overbought condition. It would be prudent to watch the price action around the MA28 and the lower Bollinger Band. If the price starts to decline and volume increases, it might be a signal that the 7.0 USD level could be tested again.
I feel that TON coin will touch 7.0 and this will be the last correction level before it will go up to 8.0 in the coming weeks. Be patient for TON coin to go back to 7.0 before you buy
Note: This is not a financial advice. Do your own research