Key Takeaways:
- Toncoin price tumbled to $5.50 and recovered quickly.
- TON is trading above a major bullish trend line with support at $6.00 on the 4-hour chart.
- It seems like the bulls are aiming a strong move toward the $7.50 level or even $8.00.
NEW DELHI (CoinChapter.com) — Toncoin outperformed Bitcoin and remained stable above $6.20. TON price is up over 15%, and it could continue to move up to $8.00.
Toncoin Price Remains In Uptrend
In the past few days, Toncoin’s price has rallied over 50% and outperformed Bitcoin and other cryptocurrencies. It traded to a new all-time high of $8.80 before a pullback.
Recently, Israel-Iran tensions escalated, increasing selling pressure on BTC, ETH, LTC, TON, XRP, SOL, and other altcoins.
The crypto market declined over 15% and broke key supports. TON price also tumbled below the $6.50 and $6.00 support levels. Finally, the bulls appeared near the $5.50 zone. A low was formed at $5.43 and the price climbed back above the 50 simple moving average (4-hour, blue).
The TON price is up nearly 15% and showing many bullish signs. It is also trading above a major bullish trend line with support at $6.00 on the daily chart. The current price action is positive, with immediate resistance at $7.10. It is close to the 50% Fib retracement level of the downward move from the $8.80 swing high to the $5.43 low.
A clear move above the $7.10 resistance might push the price toward $7.50. The next major resistance is near the 76.4% Fib retracement level of the downward move from the $8.80 swing high to the $5.43 low at $8.00.
A close above the $8.00 resistance could set the pace for another 10% increase. In the stated case, Toncoin could jump toward the $8.80 resistance. The next key resistance is $9.20, above which it could test $10.00.
Another Decline In TON?
Conversely, TON could start a downside correction from the $7.10 resistance. Immediate support is near the $6.50 level and the 50 simple moving average (4-hour, blue).
The first major support is forming near $6.20 (a multi-touch zone) and the trend line. The main support is near the $5.70 zone. A close below the $5.70 support could spark a bearish wave and the price may perhaps decline toward the $4.20 support zone in the coming days.
Overall, Toncoin price is surging and approaching the $7.10 resistance. A clear move above $7.10 might send TON toward $8.0 or even $8.80. Conversely, there might be a downside correction toward $6.20 or $5.70 in the near term.
