Key Takeaways:
- Toncoin price is holding gains above $7.00 and eyeing a fresh increase.
- TON is trading above a crucial bullish trend line with support at $7.20 on the daily chart.
- There could be a fresh rally unless there is a daily close below $7.00 and the 50-day simple moving average (blue).
NEW DELHI (CoinChapter.com) — Toncoin price is consolidating above the $7.00 support, while Bitcoin corrected gains. TON could soon gain bullish momentum to retest $8.70.
Toncoin Price Holds Key Support
In the last Toncoin price analysis, we discussed how TON outperformed Bitcoin. There were bullish moves before the price dipped and tested the $6.80 support zone. However, the bulls were active and protected the 50-day simple moving average (blue).
A low was formed at $6.79 and the price is now slowly moving higher. There was a close above the $7.20 and $7.25 levels. The price even spiked above the 50% Fib retracement level of the downside correction from the $8.33 swing high to the $6.79 low.
TON price is now trading above a crucial bullish trend line with support at $7.20 on the daily chart. The last 2-3 candles signal exhaustion. Therefore, there might be a short-term pullback toward the trend line zone before the price regains traction.
Immediate resistance on the upside is near the $7.75 level. The first major resistance sits at $8.00 and the 76.4% Fib retracement level of the downside correction from the $8.33 swing high to the $6.79 low. A clear move above the $8.00 resistance could send the price toward the $8.33 high.
If the bulls push the price above $8.33, the price could easily rally toward the $8.80 resistance. Any more gains might open the doors for a move toward the $10.00 level.
Fundamentally, Symbiosis introduced TON Bridge v1 to enable users to execute seamless swaps between TON and multiple networks. Besides, USDt on TON recently surpassed $500M in net circulation in less than two months, suggesting a continuous growth of TON blockchain.
More Losses In TON?
Conversely, TON could struggle to gain bullish momentum above $8.00. In the stated case, Toncoin might slide below the trend line support at $7.20. The first major support is forming near $7.00 and the 50-day simple moving average (blue).
A daily close below the $7.00 support might spark strong bearish moves. The next key support sits at $6.20, below which the price could even retest the $5.55 support in the coming days.
Overall, Toncoin price is showing positive signs above the $7.00 pivot level. A clear move above $8.00 might send TON toward $8.80 or even $10.00. Conversely, there might be a pullback toward the $6.00 support.
