Key Points:
Toncoin’s price remains steady above $7.00 and is poised for a potential increase.
TON is currently trading above a critical bullish trend line with support at $7.20 on the daily chart.
A new rally could be on the horizon unless there is a daily close below $7.00 and the 50-day simple moving average (blue).
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NEW DELHI (CoinChapter.com) — The price of Toncoin is holding firm above the $7.00 mark, while Bitcoin is experiencing a slight correction. TON may soon see a surge in bullish momentum to retest $8.70.
Toncoin Price Maintains Important Support
In the previous analysis of Toncoin’s price, it was noted that TON had outperformed Bitcoin. After some bullish movements, the price dipped and tested the $6.80 support level. However, the bulls remained active and defended the 50-day simple moving average (blue).
A low was established at $6.79 and the price is gradually moving upwards. There was a close above the $7.20 and $7.25 levels. Additionally, the price surpassed the 50% Fib retracement level from the recent downside correction.
TON’s price is currently trading above a crucial bullish trend line with support at $7.20 on the daily chart. The recent candles indicate a potential short-term pullback before the price gains momentum again.
Immediate resistance on the upside is seen near the $7.75 level. The primary resistance levels are at $8.00 and the 76.4% Fib retracement level. A clear breakthrough above $8.00 could propel the price towards the $8.33 high.
Fundamentally, Symbiosis has introduced TON Bridge v1 to facilitate seamless swaps between TON and multiple networks. Furthermore, USDt on TON has exceeded $500M in net circulation in under two months, indicating the continued growth of the TON blockchain.
Possibility of Further Declines in TON?
On the flip side, TON may face challenges in surpassing the $8.00 mark. In such a scenario, Toncoin could drop below the trend line support at $7.20. The primary support levels are near $7.00 and the 50-day simple moving average (blue).
A daily close below the $7.00 support could trigger significant bearish movements. The next key support level is around $6.20, with a potential retest of the $5.55 support in the days ahead.
Overall, Toncoin’s price is displaying positive indicators above the $7.00 pivot point. A clear breakthrough above $8.00 could propel TON towards $8.80 or even $10.00. Conversely, there might be a temporary pullback towards the $6.00 support level.