Price Analysis

Toncoin Surges 35% This Week! Is The TON Price Rally Over?

Despite the cryptocurrency industry experiencing mixed sentiment, the Toncoin price continues to trade under a bullish influence, indicating an increase in the bullpower for the altcoin in the market. Further, it has added 34.64% within the past seven days, and its YTD stands at 192.63%. 

After displaying a neutral trend by trading in a closed range between $2.010 and $2.750 for over four months, the bulls gained momentum, resulting in the TON price recording a jump of 117.66% over the next eighteen days. Following this, the price faced rejection and traded sideways for a while.

TradingView: TON/USDT

As the volatility in the market grew, the bulls regained momentum and jumped 48.28%, after which it displayed a neutral trend. Recently, the bulls successfully broke out of the resistance level and since then, the price has been trading positively.

The technical indicator, MACD, displays a constant green histogram, indicating increased buying pressure in the crypto space. Moreover, the averages show a significant rise in the chart, suggesting a positive outlook for the altcoin in the coming time.

Will TON Price Increase?

If the market pushes the price above the resistance level of $7, the bulls will continue to gain momentum and test its upper resistance level of $7.750. Maintaining the price at that level will set the stage for the Toncoin price to attempt to test its upper resistance level of $8.50 in the coming time.

Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $6.250. Furthermore, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $5.50 this month.

SOURCE

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