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Toncoin (TON) price has increased by 45.45% in the past 30 days. The RSI remains near overbought territory, and recent exchange withdrawals indicate reduced selling pressure, implying growing confidence from token holders.
The EMA further reinforces the uptrend, with price remaining above the short-term averages. If TON maintains its upward momentum, it could break the $7,198 resistance and head towards 8 million by December, but if a reversal occurs, it could test the support levels at 6.6 million and 5.6 million.
TON’s RSI is still near the 70 level
TON’s RSI recently nearly hit the overbought level of 70 before retreating to its current level of 63. This slight decrease shows that buying momentum has weakened slightly but is still relatively strong, as the RSI remains in bullish territory. .
The current index reflects a market where buyers hold a slight advantage, although it is unclear if the momentum is strong enough to push prices up significantly without additional buying pressure.
The RSI (Relative Strength Index) measures the speed and intensity of price movement, with values above 70 signaling overbought conditions and values below 30 indicating oversold levels. TON’s RSI at 63 shows that it is still in a favorable position for potential price growth.
If it breaks back above 70 as it did in late November, TON price could regain momentum and test levels above $7.20, signaling another bullish breakout.
Toncoin supply on exchanges has decreased in the past 3 days
TON supply on exchanges has decreased to 1.68 million, from 1.75 million on December 1. This decrease shows that token holders withdrew about 800K TON from exchanges in three days via.
Such a major move off the exchange implies a reduction in selling pressure and a possible shift towards long-term holding or staking.
Supply on an exchange reflects the number of Tokens available for trading. High supply is often considered negative, as it implies users may be preparing to sell.
On the contrary, a decrease in trading supply, as TON is currently trending, is usually positive, as it shows accumulation and confidence in the coin’s future performance. If this trend continues, there could be support for an upward price movement as selling liquidity declines.
TON Price Prediction: Can it reach 8 million by December?
TON’s EMAs remain in an uptrend, with the short-term lines above the long-term ones and the price trading strongly above the short-term averages.
This arrangement represents strong bullish momentum, reinforcing the current uptrend. As long as price stays above these lines, the trend is likely to sustain.
If TON maintains the uptrend and breaks the $7,198 resistance, it could extend the rally and test the 8 million level in December, a level not seen since June 2024.
Conversely, if the uptrend reverses and a downtrend emerges, TON price could first test support at 6.6 million, with a deeper correction possibly pushing it down to 5.6 million.
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