Key Takeaways:
- Toncoin price rallied over 40% and broke the $2.25 resistance.
- TON surged above a bullish flag with resistance at $1.80 on the daily chart.
- It is now the 9th largest crypto by market cap, surpassing Solana.
NEW DELHI (CoinChapter.com) — Toncoin price outperformed Bitcoin and surged over 40% in the past few days. TON is now consolidating gains and might start another increase above $2.50.
Toncoin Price Remains In Strong Uptrend
In the last Toncoin price prediction, we discussed a possible correction against the US Dollar. TON did correct lower below the $1.80 support, but the bulls were active near the $1.55 support.
A low was formed near $1.567 and recently started a fresh rally. It surged above a bullish flag with resistance at $1.80 on the daily chart. Strong bullish moves were above the $2.00 level, surpassing Bitcoin and other cryptocurrencies.
More importantly, Toncoin surpassed Solana’s market cap to move to the 9th position.
TON surged toward the $3.00 level. A high was formed at $3.02, and recently there was a pullback. The price corrected below the 23.6% Fib retracement level of the upward move from the $1.567 swing low to the $3.022 high.
The Bulls are now protecting the $2.30 support zone. It is close to the 50% Fib retracement level of the upward move from the $1.567 swing low to the $3.022 high.
If there is a fresh increase, Toncoin could face resistance near the $2.50 level. The next major resistance could be $2.68. If the bulls pump the price above the $2.68 resistance, there could be a move toward $3.00. Any more gains might set the pace for a test of $3.20.
Downside Correction?
Conversely, TON could correct further lower below the $2.30 support. The first major support below $2.30 is near the $2.12 level. The next support is near the $2.00 level, below which the price may perhaps test crucial support at $1.55 or the 50-day simple moving average (blue).
Any more losses could set the pace for a test of the $1.32 level, below which the price could test the $1.20 level in the coming weeks.
Toncoin is performing well above $2.30 and the 50-day simple moving average (blue). TON could start another increase if it stays above $2.30. Conversely, there might be an extended decline toward the $2.00 support.
