Toncoin (TON) exhibited a recovery on Saturday, February 7, trading at $1.39 after a 2.25% gain. Technical analyst CryptoPulse noted the token fell below a crucial $1.42-$1.46 zone but is now attempting to reclaim it, which could signal a move toward $1.60. Indicators like the RSI and MACD suggest a potential bullish reversal.
Toncoin showed recovery momentum on Saturday, February 7, climbing to $1.39. The token had earlier dipped below $1.36 before rebounding sharply in evening trading, as CoinMarketCap data shows.
Its 24-hour trading volume was $213 million, while market capitalization stood at $3.42 billion. This reflected steady investor interest despite the recent short-term price fluctuations.
Analyst CryptoPulse indicated TON had broken below a vital support zone of $1.42-$1.46. The token was attempting to recover and test this area, which had now become a resistance level.
“Traders are eager to see if $TON can re-enter this zone, as this may open the doors for a potential run towards the $1.6 mark,” the analyst’s post stated. Technical indicators signaled a possible bullish reversal was forming.
The Relative Strength Index displayed a double bottom formation, while the MACD hinted at a potential golden cross. A potential long entry might be confirmed if two successive four-hour candles closed above the $1.42 level.
According to TradingView, TON bounced from a recent low around $1.22. The price crossed the 20- and 50-period EMAs near $1.36-$1.38 amid widening Bollinger Bands.
Key resistance now lies at the 100- and 200-period EMA levels around $1.44-$1.52. Failure to hold above $1.38 could lead to a retest of the $1.30-$1.25 support area.
