Toncoin (TON) Price Climbs Higher as Exchange Supply Declines
Toncoin (TON) price has surged 45.45% in the past 30 days. this relative strength index Still close to overbought territory, recent exchange outflows highlight the easing of selling pressure, indicating increased confidence among holders.
The EMA line further reinforces the bullish trend, with prices well above the short-term average. If TON maintains its upward trajectory, it could break the $7.198 resistance and target $8 in December, but a reversal could test the $6.6 and $5.6 support levels.
TON RSI remains close to 70
ton The RSI recently almost hit the overbought threshold of 70 before falling back to its current level of 63. This pullback suggests buying momentum has waned slightly, but remains relatively strong as the RSI remains in bullish territory.
Current data reflects that buyers maintain a slight advantage in the market, but it is unclear whether this momentum will be enough to push prices higher without creating further buying pressure.
The RSI (relative strength index) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and values below 30 indicating oversold levels. TON has an RSI of 63, indicating that it remains well-positioned for potential upside.
If it moves back above 70 like it did in late November, Ton price It could regain momentum and test levels above $7.2, signaling another bullish breakout.
Toncoin supply on exchanges has dropped over the past 3 days
The supply of TON on exchanges has decreased from 1.75 million on December 1 to 1.68 million. This drop indicates that holders have withdrawn approximately 800,000 TON from exchange The past three days.
Such large outflows indicate reduced selling pressure and a possible shift to long-term holding or staking.
The supply on an exchange reflects the number of tokens available for trading. High supply is often viewed as bearish as it means users may be preparing to sell.
Instead, exchange supply dropped, as is the current trend tonis generally bullish as it signals accumulation and confidence in the future performance of the token. If this trend continues, it could support price gains as sales liquidity dwindles.
TON price prediction: Can it reach $8 in December?
ton The EMA line remains bullish, with the short-term line above the long-term one and price well above the short-term average.
This arrangement indicates strong upward momentum, reinforcing the current bullish trend. As long as price remains above these lines, this trend is likely to continue.
If TON maintains its uptrend and breaks above the $7.198 resistance, it could extend its gains and potentially test $8 in December, a level not seen since June 2024.
Conversely, if an uptrend reverses and a downtrend occurs, Ton price The support at $6.6 is likely to be tested first, with further correction likely to push it down to $5.6.
Disclaimer
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