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.
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.
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.
Vanar Chain's ecosystem expansion efforts seem to have paid off, but the VANRY price still…
Ethereum Blockchain Heist - Two Brothers Charged NAIROBI (Coinchapter.com) - The Department of Justice has…
Chinese Police Bust Underground USDT Stablecoin Users Chinese police in Sichuan province have busted an…
Andrew Tate Announces Bitcoin Investment Andrew Tate, the former kickboxer and controversial online personality, ignited…
BlockTower Capital Attacked by Hackers NAIROBI (Coinchapter.com) - BlockTower Capital, a prominent crypto investment firm…
The world of online slot games is a fascinating blend of art, technology, and psychology.…