Toncoin (TON) price appears to be under pressure, with the latest technical indicators pointing to a possible oversold stage. The relative strength index (RSI) is showing signs that selling momentum is dominant, although a rebound could be on the horizon.
Meanwhile, the recent increase in TON supply on exchanges suggests some holders may be preparing to sell, adding to potential short-term pressure.
TON RSI shows the oversold stage
TON’s RSI is currently at 29.69, slightly higher than the recent low of 26 reached just a few days ago. This level suggests that the coin is approaching an oversold zone where selling momentum is dominant.
RSI, or relative strength index, measures the speed and change of price movements. Levels below 30 indicate oversold conditions, and levels above 70 indicate overbought conditions. An RSI below 30 can signal undervaluation, often hinting at a potential price rebound.
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The recent rise in TON’s RSI could mean that the price is preparing for a recovery. However, a rebound may not happen right away as historical patterns show TON’s RSI dropping well below 30 and sometimes as low as 15 before a reversal occurs.
This suggests that while oversold levels are present, further downward pressure is still possible before a strong recovery occurs.
Holders just sent 30,000 TON to exchanges
Latest data shows that users have transferred about 30,000 TON to exchanges over the past few days. When users send a coin to exchanges, it usually indicates a bearish outlook, as such transfers suggest that they may be preparing to sell.
Conversely, when coins are withdrawn from exchanges, it often reflects bullish sentiment as users are more likely to hold them and avoid selling.
The addition of 30,000 TON to exchanges suggests that some holders may be preparing to sell in the near future, although this amount is relatively modest.
This influx may result in a bit of selling pressure, but it is not a significant volume that on its own is likely to lead to significant price changes.
TON price forecast: a rebound possible soon?
The TON EMA lines chart shows a bearish setup: the price is trading below all EMA lines, and the short-term lines are located below the long-term ones, which signals a stable downward trend.
This leveling indicates that sellers are currently in control and the downtrend may continue. If this trend continues, TON price will likely test support near the $4.45 level, where it may seek stabilization.
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However, as the RSI suggests that TON may enter oversold territory, there could be a potential rebound on the horizon. If buying interest increases and TON reverses its downward trend, it may attempt to test the resistance at $4.91.
This scenario will be subject to changing dynamics, highlighting the current key levels that TON may face.
