The price of TON rose almost 15% and traded above the resistance level of $6.50. Toncoin is now showing some signs of trend exhaustion and may see a correction in gains.
- Toncoin broke above the $6.20 and $6.50 resistance levels.
- The price is currently trading above $6.50 and the 100-hour simple moving average.
- The hourly chart of the TON/USD pair shows a major parabola forming with support at $6.80 (data source from Kraken).
- A decline below $6.80 and $6.60 could trigger a downward correction.
TON price reached $7.
Recently, TON price started a strong rise from the $5.60 support zone. It broke the $6.20 resistance level. It rose nearly 15% in one day and outperformed Bitcoin and Ethereum.
Toncoin was trading close to the $7.00 level. The all-time high was reached at $6.93 and the price is currently on an upward trend. It is trading near $6.80 and well above its 100-hour simple moving average. The hourly chart of the TON/USD pair also has a key parabolic curve with support at $6.80.
Immediate resistance is near the $6.92 level. The first major resistance is near $7.00. A break above the $7.00 resistance could trigger a strong rally.
Source: TONUSD on TradingView.com
The next major resistance is near $7.20. If the bulls continue to remain active above the $7.20 resistance, there could be a rally towards the $7.55 resistance. Any more profits could cause the price to head towards the $8.00 resistance.
Fix Toncoin’s shortcomings?
If Toncoin price fails to clear the $6.90 resistance area, a downward correction could begin. Initial support on the downside lies near the $6.80 level and parabolic curve, below which the price could test the 23.6% Fib retracement level rising from the $5.61 swing low to the $6.93 high.
The next major support is the 50% Fib retracement level at $6.25 or the rise from the $5.61 swing low to the $6.93 high. A downward breakout occurs and a close below the $6.25 level could push the price lower. If noted, price may retest the $6.00 support zone.
technical indicators
Hourly MACD – The MACD for TON/USD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for TON/USD is now above the 70 level.
Key support levels – $6.80 and $6.60.
Key resistance levels – $6.90 and $7.00.