Toncoin price started a fresh increase from the $2.450 zone.
TON is up over 15% and might soon surge further toward the $4.80 resistance zone.
Toncoin Price Regains Traction
After a steady decline below the $5.00 support zone, Toncoin found support near the $2.450 zone. A low was formed at $2.437 and the price started a decent recovery wave. There was a move above the $2.80 and $2.950 resistance levels.
The bulls remained in action after there was a close above the $3.00 resistance. TON gained over 15% and outperformed Bitcoin and Ethereum. There was a clear move above a major bearish trend line with resistance at $3.50 on the daily chart of TON/USD.
TON price even cleared the 23.6% Fib retracement level of the downward move from the $7.20 swing high to the $2.43 low. The price is now trading above the 50-day simple moving average (blue).
The current price action is positive and suggests a high chance of more upsides. Immediate resistance on the upside is near the $4.00 level. The first major resistance is near the $4.250 level.
A clear move above the $4.25 resistance zone could initiate another decent increase. The next key resistance sits near the $4.50 level. The main resistance is now forming near the $4.80 level and the 50% Fib retracement level of the downward move from the $7.20 swing high to the $2.43 low.
A close above the $4.80 resistance could initiate a larger increase. In the stated case, Toncoin could even attempt to clear the $5.35 resistance zone. If the bulls succeed, the price could surge toward the $6.080 level.
Are Dips Supported In TON?
Conversely, Toncoin might struggle to continue higher above the $4.00 resistance zone and correct gains. On the downside, immediate support is near the $3.750 level. The first major support is near the $3.50 level and the 50-day simple moving average (blue).
A downside break below the $3.50 support and a close below the 50-day simple moving average (blue) might call for a test of the $3.00 handle. The next key support sits at $2.80, below which the price could even retest the $2.45 support in the coming weeks. Any more losses could open the doors for a test of $2.20.
Overall, Toncoin price is consolidating gains above the $3.50 support. TON might soon attempt more gains above the $4.00 and $4.20 levels. If there is a downside correction, the $3.50 support could play an important role.