NEW DELHI (CoinChapter.com) — Toncoin price outperformed Bitcoin and surged over 25% in two days. TON bulls are not done yet, and they might aim for another 10% rally toward $3.
Toncoin’s TON Price Run-up Toward Key Fibonacci Resistance
After a strong decline, the Toncoin price found support near the $1.750 zone. TON remained well-bid and started a fresh increase above the $2.00 level.
It gained bullish momentum once there was a close above the $2.20 level and the 50-day simple moving average (blue). The price rallied over 25% in just two days, outperforming Bitcoin, Ethereum, and many other cryptocurrencies. It is also back in the top 10 cryptocurrencies by the market cap.
TON’s price is trading well above a major bullish trend line, with support at $2.220 on the daily chart. It even settled above the 61.8% Fib retracement level of the downward move from the $3.02 swing high to the $1.732 low.
The price is now approaching a key hurdle at $2.70. It is close to the 76.4% Fib retracement level of the downward move from the $3.02 swing high to the $1.732 low.
A clear move above the $2.70 resistance could set the pace for another 10% increase. In the stated case, Toncoin could jump toward the $3.0 resistance or the last swing high at $3.02. The next key resistance is $3.05, above which it could test $3.20. Looking at the trading volume, TON reached $21.7B in Trading Volume, the highest ever.
Downside Correction in TON?
Conversely, TON could start a downside correction from the $2.70 resistance. Immediate support is near the $2.50 level. The first major support is forming near $2.30 (a multi-touch zone).
The main support is near the bullish trend line and the 50-day simple moving average (blue). A close below the $2.20 support could spark a bearish wave, and the price may perhaps decline toward the $2.0 support zone in the coming days.
Overall, the Toncoin price is surging and approaching the $2.70 resistance. A clear move above $2.70 might send TON toward $3.0 or even $3.05. Conversely, there might be a downside correction toward $2.30 or $2.20 soon.
