Key Takeaways:
- Toncoin price is up over 25% but facing hurdles near $2.
- TON is trading above a key bullish trend line with support at $1.85 on the daily chart.
- The price could start a downside correction if it trades below $1.85.
NEW DELHI (CoinChapter.com) — Toncoin price outperformed Bitcoin and surged over 25% in the past few days. TON is now struggling near $2.00 and might start a downside correction.
Toncoin Price Rally Loses Steam
In the past few days, Toncoin price outperformed Bitcoin and saw a steady increase against the US Dollar. In the last Toncoin price prediction, we discussed the chances of more upsides above the $1.50 resistance zone.
TON remained in a bullish zone while Bitcoin was struggling. It surged over 25% and cleared the 1.85 resistance zone. Finally, it tested the $2.00 resistance zone mentioned in the last analysis. A high is formed near $2.059, and the price seems to be facing a rejection near $2.00-$2.05.
If Toncoin continues to struggle near the $2.00 zone, there could be a downside correction. Immediate support is near the 23.6% Fib retracement level of the upward move from the $1.175 swing low to the $1.205 high.
Besides, TON is trading above a key bullish trend line with support at $1.85 on the daily chart. If there is a downside break below the trend line support, it could start a major downside correction.
The first major support below $1.85 is near the $1.65 level. The next support is near the $1.60 level, below which the price may test crucial support at $1.50. It is the last breakout zone and now coincides with the 61.8% Fib retracement level of the upward move from the $1.175 swing low to the $1.205 high.
Any more losses could set the pace for a test of the $1.40 level or the 50-day simple moving average (blue), below which Toncoin could test the $1.20 level.
More Upsides?
Conversely, TON might attempt a fresh increase above the $2.00 resistance and $2.05. The next major resistance could be $2.20. If the bulls pump the price above the $2.20 resistance, there could be a move toward $2.40. Any more gains might set the pace for a test of $2.50.
Overall, the Toncoin price is losing pace above the $1.85 level. TON could start a downside correction and trade below the $1.85 level. Conversely, a clear move might be above $2.05 and $2.20 in the coming days.
