Key Points to Note:
Toncoin’s price persists above $7.10 and anticipates a new upsurge.
The TON cryptocurrency holds steady above a crucial bullish trend line, finding support at $7.45 on the daily chart.
A potential fresh surge looms, except in the event of a daily closure below $7.10 and the 50-day simple moving average (blue).
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NEW DELHI (CoinChapter.com) — As Bitcoin dipped below $60,000, Toncoin’s price remains resilient above the $7.00 support, gearing up for a potential rally towards $8.70.
Toncoin Price Consolidates Recent Gains
In the previous review of Toncoin’s price, focus was drawn to TON’s sustained bullish outlook amidst Bitcoin’s bearish trajectory, a trend echoed in recent days.
Bitcoin witnessed sharp declines, slipping below the $60,000 support level. Meanwhile, TON demonstrated stability above the $7.00 and $7.10 supports.
With its recent peak at $8.12, the price now experiences a slight correction, dipping below the $7.80 support. It fell beneath the 23.6% Fibonacci retracement level of the upward movement from the $6.79 low to the $8.12 high.
Toncoin price daily chart | Source: TON/USD on
TradingView.com
Presently, TON’s price maintains its position above a critical bullish trend line, finding support at $7.45 on the daily chart. This trend line aligns closely with the 50% Fibonacci retracement level of the upward swing from the $6.79 low to the $8.12 high.
Current price action hints at a potential consolidation phase for Toncoin before a likely upturn. Immediate upside resistance resides near $7.80, with a pivotal resistance at $8.10. A decisive breach above $8.10 could propel the price towards the $8.30 level.
Should the bullish momentum carry the price above $8.30, it could swiftly target the $8.70 resistance. Further gains might pave the way for a move towards the $10.00 mark.
Potential Downside Scenario for TON
Conversely, TON may encounter downside pressure, with initial support near the trend line at $7.45. The primary support level now coalesces around the 50-day simple moving average (blue) and $7.10. A daily close below the $7.10 support could initiate a substantial decline.
The subsequent critical support rests at $6.80, below which a retest of the $5.55 support becomes likely in the near future. Further losses could usher in a test of $4.65.
From a fundamental perspective, the Open Network (TON) shows ongoing growth. Noteworthy is the recent incorporation of $USDt on TON across over 60 global platforms, granting universal access to USDt-TON integration.
Overall, Toncoin’s price sustains its position above the $7.10 support level, hinting at a prospective rise towards $8.70, pending the bulls’ ability to avert a breach below the 50-day simple moving average (blue).
Toncoin Surpasses Bitcoin with Strong Backing and Poised for a New Rally
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