Key Takeaways:
- Toncoin price is holding gains above the $6.50 support.
- TON cleared a key declining channel with resistance at $6.10 on the daily chart.
- There could be a 15% drift toward the $8.80 level in the near term.
NEW DELHI (CoinChapter.com) — Toncoin price is rising while Bitcoin is sliding. The current price action suggests high chances of a move above $7.20 and $7.80.
Toncoin Price Starts Fresh Increase
After correcting gains below $5.00, Toncoin price found support near the $4.620 zone. TON formed a base and recently started a fresh increase above the $6.00 resistance and the 50-day simple moving average (blue).
There was a move above the $5.00 and $6.00 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $8.80 swing high to the $4.62 low. More importantly, the price cleared a key declining channel with resistance at $6.10 on the daily chart.
TON price is up over 2% today while Bitcoin and Ethereum are trading in the red zone. However, the bears are now active near the $7.20 resistance zone.
They seem to be defending the 61.8% Fib retracement level of the downward move 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 remain in action above $7.80, Toncoin could easily drift toward the $8.80 resistance. Any more gains might open the doors for a move toward the $9.20 level.
Recently, TON team announced that the long-awaited Notcoin launch is coming next week on May 16, 2024, and will be available on trading platforms.
Downside Correction In TON?
Conversely, TON could start a downside correction from the $7.20 resistance. Immediate support is near the $6.50 level. The first major support is forming near $4.60 (a multi-touch zone) and the 50-day simple moving average (blue).
The main support is near the $5.00 zone. A close below the $5.00 support could spark a bearish wave and the price may perhaps decline toward the $4.50 support zone in the coming days.
Overall, Toncoin price is trading in the green zone above the $6.50 level. A clear move above $7.20 might send TON toward $7.80 or even $8.80. Conversely, there might be a downside correction toward $6.50 or $5.60 in the near term.
