Toncoin (TON) Price Rallies 15%, Why The Bulls Are Not Done Yet

Toncoin price is surging above $2.00. TON/USDT is outperforming bitcoin and might continue to rise towards the $2.50 and $2.65 levels.

Toncoin Price (TON) Outperforms

In the past three days, toncoin price saw a major increase against the US Dollar. TON formed a base above the $1.60 level and started a major increase, outperforming bitcoin and ethereum.

The price gained strength after it broke the $1.85 resistance zone and settled above the 50-day simple moving average (blue). In the past three days, the price pumped over 25% and gained over 15% in a day.

Toncoin price daily chart | Source: TONUSDT on TradingView.com

During the increase, the price surged above a crucial contracting triangle with resistance near $1.85 on the daily chart. It opened the doors for a sharp increase above the $2.00 resistance. The price traded as high as $2.389 today and is currently showing positive signs.

On the downside, the first major support is near the $2.150 level. It is close to the 23.6% Fib retracement level of the upward move from the $1.329 swing low to $2.389 high.

The next key support sits near the $1.850 level or the broken triangle region. It coincides with the 50% Fib retracement level of the upward move from the $1.329 swing low to $2.389 high. A clear move below the $1.850 support could spark a sharp decline towards the $1.720 support zone or the 50-day simple moving average (blue). Any more losses may perhaps send the price in a bearish zone towards $1.50. 

More Upsides?

On the upside, an immediate resistance is near the $2.35 level. The next major resistance is near the $2.50 level. A clear move above the $2.50 level might send the price towards the $2.65 level. Any more gains might open the doors for a move towards the $2.80 resistance zone.

Overall, toncoin price is accelerating higher above the $2.00 zone. If the bulls remain in action, there could be more upsides towards the $2.50 and $2.65 levels. Conversely, ton price might start a downside correction and revisit the $1.85 support zone in the coming days. The main support sits near $1.70.