TON value rallied practically 15% and traded above the $6.50 resistance. Toncoin is now exhibiting a couple of indicators of pattern exhaustion and would possibly right positive factors.
- Toncoin jumped above the $6.20 and $6.50 resistance ranges.
- The value is now buying and selling above $6.50 and the 100-hourly Simple Moving Average.
- There is a key parabolic curve forming with assist at $6.80 on the hourly chart of the TON/USD pair (knowledge supply from Kraken).
- The pair might begin a draw back correction if it declines beneath $6.80 and the $6.60.
TON Price Reaches $7
Recently, TON value began a robust enhance from the $5.60 assist zone. It climbed above the $6.20 resistance zone. It gained practically 15% in a day and outperformed Bitcoin and Ethereum.
Toncoin traded near the $7.00 degree. A excessive was fashioned at $6.93 and the worth is now consolidating positive factors. It is buying and selling close to the $6.80 zone and properly above the 100-hourly Simple Moving Average. There can also be a key parabolic curve forming with assist at $6.80 on the hourly chart of the TON/USD pair.
Immediate resistance is close to the $6.92 degree. The first key resistance is close to $7.00. A shut above the $7.00 resistance zone might spark a robust enhance.
Source: TONUSD on TradingView.com
The subsequent key resistance is close to $7.20. If the bulls stay in motion above the $7.20 resistance degree, there could possibly be a rally towards the $7.55 resistance. Any extra positive factors would possibly ship the worth towards the $8.00 resistance.
Downside Correction In Toncoin?
If Toncoin value fails to clear the $6.90 resistance zone, it might begin a draw back correction. Initial assist on the draw back is close to the $6.80 degree and the parabolic curve, beneath which the worth would possibly check the 23.6% Fib retracement degree of the upward transfer from the $5.61 swing low to the $6.93 excessive.
The subsequent main assist is at $6.25 or the 50% Fib retracement degree of the upward transfer from the $5.61 swing low to the $6.93 excessive. If there’s a draw back break and an in depth beneath the $6.25 degree, the worth would possibly speed up decrease. In the said case, the worth might retest the $6.00 assist zone.
Technical Indicators
Hourly MACD – The MACD for TON/USD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TON/USD is now above the 70 degree.
Major Support Levels – $6.80 and $6.60.
Major Resistance Levels – $6.90 and $7.00.
