Key Takeaways:
- Toncoin price is attempting a fresh surge above the $6.50 resistance.
- TON could soon clear a major contracting triangle with resistance at $7.20 on the daily chart.
- There could be a fresh rally once the price settles above the $7.20 resistance.
NEW DELHI (CoinChapter.com) — Toncoin price is rising while Bitcoin is slowly moving lower. The current price action suggests high chances of an upside break above $7.20 and $7.50.
Toncoin Price Regains Strength
In the past few days, Toncoin price remained stable above the $5.80 and $6.00 support zone. TON slowly moved higher and remained well-supported above the 50-day simple moving average (blue). It even outperformed Bitcoin and Ethereum in the past 2-3 sessions.
The last swing low was formed at $4.62 before the price started a decent increase. There was a close move above the 50% Fib retracement level of the key decline from the $8.80 swing high to the $4.62 low.
TON price is up over 10% today while Bitcoin and Ethereum are struggling to start a fresh increase. Toncoin continues to grow and expand. A recent example was Hamster Kombat. It is a Tap-2-Earn management simulation game and is planning to launch its hamster ecosystem on the TON network.
The price is now approaching a major resistance near the $7.20 level. There is also a major contracting triangle forming with resistance at $7.20 on the daily chart.
The triangle resistance coincides with the 61.8% Fib retracement level of the key decline from the $8.80 swing high to the $4.62 low. A clear move above the $7.20 resistance could send the price toward the $7.80 resistance.
If the bulls push the price above $7.80, Toncoin could easily rally toward the $8.80 resistance. Any more gains might open the doors for a move toward the $9.50 level.
Conversely, TON could start a downside correction from the $7.20 resistance. Immediate support is near the $6.65 level. The first major support is forming near $6.00 and the 50-day simple moving average (blue).
The main support is now near the $5.60 zone. A close below the $5.60 support could spark a bearish wave and the price may perhaps decline toward the $4.60 support zone.
Overall, Toncoin price is moving higher and trading with a bullish sentiment. A clear move above $7.20 might send TON toward $7.80 or even $8.80. Conversely, there might be a pullback toward the $6.00 support.
