Toncoin Eyes $3 But RSI Sets Record for Most Overbought Reading
Telegram's Toncoin (TON) may be leading in crypto market gains, but its daily Relative Strength Index (RSI) is currently at the most overbought reading in its history. However, as the TON price is battling the middle of an ascending channel, a breakthrough could expose the upper channel resistance trendline, which aligns with the $3.00 psychological level.
RSI Overbought
As of December 15, the daily RSI stands at 84.96, which marks the highest point ever on the daily chart and is well above the classic overbought reading of 70. The previous highest RSI reading was recorded earlier this year on October 26.
During the previous run in October, TON's price was also testing the middle of the ascending channel, just like today's price action. At that time, after TON reached the RSI overbought signal, its price sold off to retest the bottom of the channel.
TON Ascending Channel
From a technical perspective, TON's price action is moving inside an ascending channel, which can guide future price movements. If we project to the upside of the same price range we experienced between the middle of the channel and the channel's support, then we could expect a 61% rally.
A rally of this magnitude would send TON's price to the top of the channel, right around $3.00.
Looking forward: Prices in the middle of the channel, between $2.50 and the $2.00 were once key resistance levels, but now act as support levels. These are the prices to watch on the way down.
RSI Overbought
As of December 15, the daily RSI stands at 84.96, which marks the highest point ever on the daily chart and is well above the classic overbought reading of 70. The previous highest RSI reading was recorded earlier this year on October 26.
During the previous run in October, TON's price was also testing the middle of the ascending channel, just like today's price action. At that time, after TON reached the RSI overbought signal, its price sold off to retest the bottom of the channel.
TON Ascending Channel
From a technical perspective, TON's price action is moving inside an ascending channel, which can guide future price movements. If we project to the upside of the same price range we experienced between the middle of the channel and the channel's support, then we could expect a 61% rally.
A rally of this magnitude would send TON's price to the top of the channel, right around $3.00.
Looking forward: Prices in the middle of the channel, between $2.50 and the $2.00 were once key resistance levels, but now act as support levels. These are the prices to watch on the way down.
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