Toncoin Price Prediction: Breakout or Crash?
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Toncoin (TON) is currently trading at around $2.80, a critical level according to analyst Michael Steinbach. The cryptocurrency has been range-bound between $2.70 and $2.80 for several weeks, creating uncertainty for traders. Steinbach highlights the Relative Strength Index (RSI) at 39, suggesting weak buying pressure, although not yet oversold. A break above the $2.80 resistance could trigger a bullish rally towards $3.00 and potentially $3.40, representing a 26% gain. However, a break below the $2.70 support could lead to a sell-off, with potential targets at $2.50 and even $2.00. Repeated testing of the $2.70 support weakens its ability to hold, making a downside break more likely. Steinbach emphasizes the importance of a well-defined trading plan before entering the market, suggesting either a long position after a confirmed break above $2.80 or waiting for a pullback supported by RSI signals. He advises against emotional trading decisions, emphasizing patience and disciplined setups to minimize risk and maximize profit potential. Currently, the trend is considered sideways to slightly bearish, and a clear signal is needed before making any decisive moves. The analyst warns that jumping in without a plan, especially in these well-defined zones, can lead to significant losses. The key takeaway is that successful trading requires a pre-planned strategy, not gut feeling.
(Source: https://www.newsbtc.com/toncoin-ton/toncoin-walks-a-tightrope/)
