Price Analysis

TON Price To Surge 35% As Toncoin Remains Bullish?

After displaying a correction since the week’s start, the cryptocurrency industry has displayed a positive price action by adding 1.89% to its valuation over the past day.

On the other hand, the Toncoin (TON) price has added 12.22% within the past day and 24.36% over the past seven days. Moreover, the Year-to-Date (YTD) return of the Toncoin price stands at +186.99%, indicating a bullish price action for the altcoin in the coming time.

Toncoin Price Breaks Out Of Its Important Resistance Level:

The TON price traded in a closed range between $2 and $2.775 for over six months, highlighting a weak price action for the altcoin in the crypto market. As the volatility in the market grew, the bulls regained momentum and successfully broke out of the resistance level.

TradingView: TON/USDT

The price of Toncoin jumped 270.16% in value, resulting in a new all-time high (ATH) of $7.65 on 11th April. Following this, the bulls lost momentum and recorded a correction of 39.86% in valuation. After testing $4.60, the bulls regained power after announcing Pantera Capital’s investment in this Layer-1 project.

The Relative Strength Index (RSI) displays a significant rise in the 1D time frame, highlighting increased buying pressure in the crypto industry. Moreover, the average shows a bullish curve, suggesting a positive outlook for the TON price in the coming time.

Will Toncoin Go Up?

If the market holds the TON price above the support level of $6.350, the bulls will continue trading positively and test its resistance level of $7.250. Furthermore, if the bulls hold the price at that level, it will set the stage for the Toncoin token to attempt to test its upper resistance level of $8 by the upcoming week.

Conversely, if a bearish trend reversal occurs, the TON token will lose momentum and test its support level of $6.350 by the weekend. Moreover, if the bulls fail to regain momentum, this altcoin will continue trading under a bearish influence and plunge toward its lower support level of $5.50.

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