Key Takeaways:
- Toncoin price is up over 20% and trading above $1.45.
- TON broke a major bearish trend line with resistance near $1.30 on the daily chart.
- The price could rise further above the $1.50 resistance zone.
NEW DELHI (CoinChapter.com) — Toncoin (TON) price outperformed Bitcoin and surged over 20%. TON is showing positive signs and might extend its rally toward $1.70.
Toncoin Breaks Consolidation
After forming a base above $1.175, the Toncoin price outperformed Bitcoin and increased significantly against the US Dollar. TON cleared a few key hurdles near $1.25 to enter a bullish zone.
The price broke a key consolidation phase and started a fresh rally. It broke a major bearish trend line with resistance near $1.30 on the daily chart. There was a clear move above the 76.4% Fib retracement level of the downward move from the $1.505 swing high to the $1.175 low.
The price is up over 20% in a matter of days, and it is now trading above the 50-day simple moving average (blue). There are speculations of a possible Binance listing, sparking a strong buying interest in TON.
It is now trading above $1.45 and facing resistance near the $1.50 level. A clear move above the $1.50 level could pump the price further.
The next major resistance could be $1.70. It is near the 1.618 Fib extension level of the downward move from the $1.505 swing high to the $1.175 low. The next major resistance is near the $1.80 level. If the bulls pump the Toncoin price above the $1.80 resistance, a move could be toward $1.92.
Any more gains might set the pace for a test of $2.00.
Downside Correction?
The TON price could start a downside correction if there is no upside continuation. Initial support is near the $1.42 level.
The first major support is near the $1.34 level and the 50-day simple moving average (blue). A close below $1.34 may call for a test of $1.25, below which the price might decline strongly. In the stated case, the price might test the $1.175 support.
Overall, the Toncoin price is gaining pace above the $1.45 level. It seems like TON bulls are not done yet, and they might aim a move toward the $1.70 level or even $1.80. Conversely, there might be a downside correction toward $1.34 or $1.25.
