Toncoin is currently outperforming Bitcoin, with its price surpassing the $7.50 resistance level. The digital asset has successfully broken out of a major contracting triangle with resistance at $7.00 on the daily chart, indicating a potential for further upside movement unless there is a close below the $6.50 support level.
The Toncoin price prediction suggests a possible rally towards the $8.80 resistance as the bulls continue to drive the price higher. Recent analysis indicates that Toncoin has been performing better than Bitcoin and Ethereum in the last few sessions, with the price comfortably above the 50-day simple moving average.
The price of Toncoin has surged over 5% and is exhibiting positive signs above the $7.50 resistance zone, consolidating above the 76.4% Fib retracement level. Additionally, the Total Value Locked (TVL) for Ton has seen a significant increase, reaching $500 million from $22.9 million in March 2024, showcasing the growth of its network.
In the event that the bulls maintain control, Toncoin’s price could continue to rise, with immediate resistance seen at the $8.00 level and major resistance at $8.20. Breaking above this level could propel the price towards $8.80 and potentially even $9.25, with further gains possibly leading to the $10.00 level.
However, there is a possibility of a downside correction if Toncoin faces resistance at $8.00, with initial support at the $7.20 level. The first major support level is expected near $6.50, with the 50-day simple moving average providing additional support. A breach below the $6.00 zone could trigger a bearish trend and push the price towards the $5.60 support zone.
Overall, Toncoin’s price is displaying positive signs above the $7.50 pivot level, with a potential move towards $8.80 or $9.25 on the upside, while a pullback towards the $6.50 support level is also a possibility.