Key Takeaways:
- Toncoin price is outperforming Bitcoin with gains above the $7.50 resistance.
- TON cleared a major contracting triangle with resistance at $7.00 on the daily chart.
- There could continue to rise unless there is a close below the $6.50 support.
NEW DELHI (CoinChapter.com) — Toncoin price is rising while Bitcoin is slowly moving lower. The bulls seem to be in action and there could be a drift toward the $8.80 resistance.
Toncoin Price Extend Gains
In the last Toncoin price analysis, we discussed the chances of more upsides above the $7.00 resistance zone. The bulls remained in action, as the price settled comfortably above the 50-day simple moving average (blue). It even outperformed Bitcoin and Ethereum in the past 2-3 sessions.
There was a close above the 50% Fib retracement level of the main drop decline from the $8.80 swing high to the $4.62 low. More importantly, TON cleared a major contracting triangle with resistance at $7.00 on the daily chart.
TON price is up over 5% and is showing positive signs above the $7.50 resistance zone. It seems to be consolidating above the 76.4% Fib retracement level of the main drop decline from the $8.80 swing high to the $4.62 low.
Recently, TON’s team shared an update about the Total Value Locked (TVL). It increased over 2,000% from $22.9 million TVL in March 2024 to $500 million. Besides, the TON blockchain has recorded more daily active addresses than Ethereum nearly every day this month, suggesting a continuous growth of its network.
If the bulls remain in action, the Toncoin price could continue to rise. Immediate resistance is near the $8.00 level. The first major resistance is at $8.20. A clear move above this resistance could send the price toward the $8.80 resistance.
If the bulls push the price above $8.80, it could easily rally toward the $9.25 resistance. Any more gains might open the door to a move toward the $10.00 level.
Downside Correction In TON?
Conversely, TON could start a downside correction from the $8.00 resistance. Immediate support is near the $7.20 level (the recent breakout zone). The first major support is forming near $6.50 and the 50-day simple moving average (blue).
The main support is now near the $6.00 zone. A close below this support could spark a bearish wave, and the price may decline toward the $5.60 support zone.
Overall, the Toncoin price is showing positive signs above the $7.50 pivot level. A clear move above $8.00 might send TON toward $8.80 or even $9.25. Conversely, there might be a pullback toward the $6.50 support.
