Toncoin [TON] Price Analysis: 05 April

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice.

As the broader cryptocurrency market turns bullish, with Ethereum breaking past the $1,840-resistance level to hit $1,900 and Bitcoin attempting to climb above $29,200 again, Toncoin (TON/USDT) displayed mixed signals based on various technical indicators.

Read Toncoin’s [TON] Price Prediction 2023-24

In this analysis, we will delve into the inferences drawn from each indicator and how they might impact the future price movements of the asset. TON was trading at $2.29 at the time of writing, and a bearish order block on the 4-chart continued to pose an obstacle for the buyers.

Source: TON/USDT on TradingView

Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. With a value of 66.3, the RSI for the TON/USDT pair was in a moderately overbought territory. This suggested that there might be a slowdown or a possible reversal in the short term, as the momentum nears overbought levels.

Bollinger Bands  help traders identify potential trend reversals and price breakouts by tracking volatility. The initial divergence of the bands indicated that the TON/USDT pair may be entering a period of expansion. And, a significant price action north could follow.

On-balance Volume (OBV) is a cumulative volume-based indicator, one that analyzes the relationship between price and volume. The increase in OBV from 15 million on 28 March to 20.56 million suggested a hike in buying pressure. This hinted at the possibility of sustained price growth for TON.

Chaikin Money Flow (CMF) is an oscillator that measures the flow of money into and out of an asset. A negative CMF value of -0.05