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TON price increased by about 15% today, surpassing the $6.50 resistance and reaching $7. This price increase indicates that the cryptocurrency has gained solid momentum and is performing better than other major cryptocurrencies like Bitcoin and Ethereum. So, what levels should be watched for Toncoin?
Toncoin’s Rise Continues
Toncoin has recently seen a strong increase from the $5.60 support area, breaking above the $6.20 resistance level. It even gained nearly 15% in value in one day, capturing significant upward momentum. It is currently trading close to $7.00, and the price has entered a consolidation phase just below this level.
According to technical analysis, the price is near the $6.80 area and is trading well above the 100-hour Simple Moving Average. This indicates a positive short-term outlook. Additionally, an important parabolic curve is observed on the hourly chart of the TON/USD pair at the $6.80 support. However, if the price falls below this level, a downward correction could begin.
Currently, the resistance level is around $6.92, and the first key resistance level is around $7.00. A close above this resistance area could signal further increases. The next key resistance level is near $7.20. If bulls continue to move above this level, a rally towards the $7.55 resistance could begin. Further upward movement could push the price towards the $8.00 resistance.
If TON Price Enters a Downtrend!
Firstly, when moving downwards, the $6.80 level emerges as an important support. This level is near the parabolic curve, and the price might try to hold here. However, if it falls below this level, a drop towards $5.61 could occur.
When examining technical indicators, it is seen that the MACD is losing momentum in the bullish zone for TON/USD. This could indicate that the price might weaken. Similarly, the hourly RSI (Relative Strength Index) is above the 70 level, which could be a sign of overbought conditions.
For investors, the main support levels are set at $6.80 and $6.60. Breaking below these could signal the start of a larger downtrend. However, if the price rises above the resistance levels of $6.90 and $7.00, an upward movement could continue.
