Crypto market saw a correction at the beginning of the week, followed by a positive trend with a 1.89% increase in market value. In this market movement, Toncoin (TON) stood out with an impressive rise of over 10% in the last 24 hours and up to 25% in the last 7 days. Data also shows that TON’s price has risen over 185% since the beginning of the year, indicating that the technical altcoin is moving in an upward trend.
Toncoin’s Price Makes Noise
The recent rise in the price of Toncoin’s TON was particularly notable as it broke out from a significant resistance level that had restricted trading between $2.00 and $2.77 for over six months. This breakout signaled renewed upward momentum in the crypto market, leading to a significant rise in TON’s price.
TON reached an all-time high of $7.65 on April 11, making a surprising jump of 270.16%, but this jump was followed by a correction of 39.86%, reducing the price to $4.60. After the announcement of an investment by Pantera Capital in the Layer-1 project, the altcoin regained momentum and continued its current upward trajectory.
What’s Next for TON?
Currently, technical indicators such as the Relative Strength Index (RSI) show a significant increase in buying pressure in the crypto market, particularly on a daily timeframe. Additionally, an average upward curve is evident, indicating a positive outlook for TON’s price in the short term.
Looking ahead, if TON’s price holds above the $6.35 support level, it is expected to test the $7.25 resistance level with the support of the bulls. If the price holds above this level after the breakout, the altcoin could target the upper resistance level of $8 next week.
However, if the upward trend reverses into a downward trend, TON could lose momentum and test the $6.35 support level by the weekend. Failure to regain momentum could lead the altcoin to trade in a downward trend and potentially fall towards the lower support level of $5.50.
