The market sentiments surrounding Toncoin remain positive at around 87%, which is flashing bullish signals for the crypto. With the shift in the trader’s sentiment, the TON price is believed to be gearing up for a potential breakout. The token has been consolidating within a tight range for a while now and hence the technicals suggest a breakout beyond the resistance at $6 could be incoming during the weekend.
Toncoin price has dropped by over 35% from its highs above $8. Since then, the price has been constantly forming lower highs and lows, demonstrating the presence of a bearish influence. However, the price has been trading flat for the past few days, which indicates the bulls have entered and are preventing excessive drain. Additionally, the technicals are slowly turning in favour of the bulls, suggesting a rise to $6 could be imminent in the next 48 hours.
The price is experiencing a notable pullback after reaching the highs but has been holding the bullish trend finely. The RSI is stuck within the lower range, suggesting the token to be in an accumulation phase. Besides, the volume has begun to drop, indicating a squeeze could be fast approaching. Usually after a squeeze, the volume shoots up to a large extent, which may either push the price higher or experience a major setback.
The TON price is approaching the end of the consolidation and it remains stuck within a decisive phase. As the crypto is trading within a falling wedge, the possibility of a bullish breakout remains pretty high. As the RSI is indecisive, the probability of a pullback cannot be eliminated. Therefore, the upcoming weekend could be pretty important, which may decide the next price action for the rest of the month.
