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Price Analysis: TON Struggles to Break Resistance at $5.50 – A Look at the 24-Hour Price Action

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The Open Network (TON) has battled bearish sentiment over the past 24 hours, showing limited movement in an attempt to overcome resistance levels. Currently trading at $5.2081, the cryptocurrency remains under pressure as technical indicators reveal weak momentum and the possibility of further downside.

EMAs Form Resistance Levels

The Exponential Moving Averages (EMAs) on the 1-hour chart reflect a clear bearish trend. The 20 EMA is at $5.2847, followed by the 50 EMA at $5.3967, the 100 EMA at $5.5244, and the 200 EMA at $5.6147. This stacked formation indicates that TON is struggling to break out of its descending trend.

Source: TradingView

The gap between the 20 EMA and higher EMAs suggests that multiple resistance levels will likely suppress any substantial upside movement even if the price attempts a recovery. A break above the 50 EMA at $5.3967 would be the first signal of a potential reversal, but this scenario remains unlikely unless buying volume picks up significantly.

Read article: Shiba Inu’s 226% Burn Rate Boost: Can It Drive a Price Recovery?

RSI Divergence Shows Little Hope for Immediate Rebound

The RSI Divergence (5, 14) shows -2.2010, confirming that selling pressure outweighs buying interest. This divergence supports the idea that TON is not ready to reverse its bearish course. Furthermore, consistently negative RSI divergence highlights a lack of conviction among buyers, who hesitate to push above key resistances.

Additionally, the lower lows in the RSI confirm that momentum is favouring the bears. While small rallies have occurred occasionally, they haven’t been enough to shift market sentiment.

Future Price Projections

Over the next 24 hours, TON’s price will likely remain around current levels, showing a slight downward tendency. Immediate support lies near $5.10. If the price drops below this level, $5.00 will likely be the next psychological barrier.

To push higher, TON must surpass the 20 EMA at $5.2847. The next significant resistance is the 50 EMA, around $5.40. However, if buying interest remains weak or no external catalysts emerge, TON’s price action may stay muted.

A potential dip to $5.00 could occur before any substantial recovery. Key indicators suggest a bearish outlook for TON, with the asset likely struggling to regain momentum.

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The past month has been a rollercoaster ride for the cryptocurrency market, with Bitcoin and Ethereum experiencing significant price drops.