Toncoin (TON) Price Action Hints at Recovery—Is Now the Best Time To Buy TON?

Crypto traders are keeping a close eye on Toncoin (TON) as its price movements attract interest. Trader Matthew Dixon tweeted about what he sees as a buying opportunity, pointing to signals of a potential upward shift.

Crypto trader Matthew Dixon has shared his analysis of Toncoin (TON), suggesting a buying opportunity based on technical signals.

According to Dixon, TON’s price could be poised to rise after facing strong selling pressure. He identified key resistance levels that, if broken, would signal the start of a bullish trend.

In his analysis, Dixon highlighted the $3.20-$3.30 range as a past support zone that may now be preventing further downward price movement. He observed buying interest in this area, indicating the potential for accumulation.

At press time, Toncoin is trading at $3.41, based on data from CoinGecko. A key resistance zone is emerging at $3.80-$4.00, where sustained buying pressure could trigger a breakout. If TON surpasses this level, the next targets could be between $4.60 and $5.00.

Dixon's analysis also includes a glance at TON’s 4-hour chart, where the RSI is depicted. The RSI, recently rising from oversold territory around 36, may indicate diminishing selling pressure. This aligns with the potential accumulation phase, bolstering the case for an upward trend.

Moreover, daily trading volume remains high at $299 million, showcasing active participation in the market. While the price has seen an 8.89% decrease over the last day, some traders are considering this as a favorable entry point.

Overall market sentiment toward TON is bullish in the long term, with many considering a Dollar-Cost Averaging (DCA) approach to gradually build positions.

For traders keeping an eye on TON, the $3.80-$4.00 range is critical. A sustained move above this zone could confirm bullish momentum, potentially pushing the price toward $4.60-$5.00. On the other hand, if $3.20 fails to hold as support, another downward move could precede any significant recovery.

Based on Dixon's analysis and observations, long-term investors may find the current levels suitable for accumulating TON gradually. With increasing market activity and improving technical indicators, Toncoin could be preparing for its next upward move.