Toncoin price steadies within bullish channel as buyers defend key support
Toncoin is trading near $3.35, staging a recovery after defending the lower boundary of its ascending channel that has guided price action since early July. The 4-hour chart shows a bounce from the channel base, with price now testing the midline and the 20/50 EMA zone between $3.32 and $3.36.
Highlights
- Toncoin trades near $3.35 after rebounding from channel support.
- Technical structure targets $3.60–$3.80 if $3.40 pivot breaks.
- On-chain flows show modest outflows, keeping trend intact.
The 100 EMA at $3.33 and the 200 EMA at $3.24 form a layered support base, giving bulls a strong technical foundation to maintain control. The broader structure of TON remains intact following a pullback from the $3.78 peak to the $3.22 low, which respected both the lower channel support and the longer-term trendline from June. Current momentum suggests a potential retest of the $3.60–$3.65 supply zone, a resistance area that capped rallies in late July and early August. Clearing this zone could open the path toward the channel top near $3.80.
TON price dynamics (Source: TradingView)
Directional Movement Index readings show the +DI at 22.70 edging above the -DI at 18.98, hinting at a bullish shift, while the ADX indicates moderate trend strength. A decisive move above the $3.37–$3.40 pivot would confirm renewed momentum and could draw in momentum traders targeting higher channel resistance.
Market flows remain modest but supportive
On-chain data from 8 August recorded a net outflow of about $1.81 million, suggesting limited but steady spot selling pressure. Over recent months, Toncoin has displayed a pattern of modest outflows punctuated by occasional inflow spikes, indicating that technical levels rather than sustained spot demand have been the primary catalyst for renewed buying.
In the short term, resistance levels to watch are $3.37–$3.40, followed by $3.60–$3.65. On the downside, $3.32–$3.33 serves as initial support, with $3.24 as the critical line to defend. A failure to hold $3.24 could expose the $3.03–$3.05 area, where horizontal support from June aligns with the long-term trendline.
In earlier coverage, we noted that Toncoin’s ability to preserve its ascending channel would be pivotal in sustaining the uptrend. The defense of the lower channel boundary aligns with that outlook, keeping the bullish bias intact as long as $3.24 holds, with scope for a rally toward $3.60–$3.80.
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