Key Takeaways:
Toncoin’s price is currently attempting to break above the $6.50 resistance level.
There is a possibility that TON could surpass a major contracting triangle with resistance at $7.20 on the daily chart.
If the price successfully settles above the $7.20 resistance, there could be a fresh rally.
Toncoin price analysis for June
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NEW DELHI (CoinChapter.com) — Toncoin’s price is on the rise while Bitcoin is experiencing a slow decline. The current price action suggests that there is a high chance of the price breaking above $7.20 and $7.50.
Toncoin Price Shows Strength
Over the past few days, Toncoin’s price has remained stable above the support zones of $5.80 and $6.00. TON has been gradually increasing in value and has consistently stayed above the 50-day simple moving average (blue). It has even outperformed Bitcoin and Ethereum in the last 2-3 sessions.
The most recent low was at $4.62 before the price started to rise. There was a significant move above the 50% Fibonacci retracement level of the previous decline, which ranged from the swing high of $8.80 to the low of $4.62.
Toncoin price daily chart | Source: TON/USD on
TradingView.com
Today, TON’s price has increased by over 10%, while Bitcoin and Ethereum are struggling to see any significant gains. Toncoin continues to grow and expand, with a recent example being the launch of Hamster Kombat, a Tap-2-Earn management simulation game that plans to utilize the TON network for its hamster ecosystem.
The price is now approaching a major resistance level near $7.20. Additionally, there is a significant contracting triangle forming on the daily chart, with resistance at $7.20.
The resistance of the triangle coincides with the 61.8% Fibonacci retracement level of the previous decline, ranging from the swing high of $8.80 to the low of $4.62. If the price successfully breaks above the $7.20 resistance, it could potentially reach the $7.80 resistance level.
Should the bulls push the price above $7.80, Toncoin could easily rally towards the $8.80 resistance. Further gains may even open the possibility of reaching the $9.50 level.
On the other hand, TON could experience a downside correction from the $7.20 resistance. The immediate support level is around $6.65. The first major support level is forming near $6.00 and the 50-day simple moving average (blue).
The main support level is currently around the $5.60 zone. If the price closes below the $5.60 support level, it could trigger a bearish wave and potentially cause the price to decline towards the $4.60 support zone.
Overall, Toncoin’s price is showing an upward trend and is trading with a bullish sentiment. If the price successfully breaks above $7.20, TON could potentially reach $7.80 or even $8.80. However, there is a possibility of a pullback towards the $6.00 support level.
Is There Potential for Toncoin (TON) to Continue Surging in June Following an Impressive 180% Increase in 2024?
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