- The Tomochain Coin price has surged by over 18% in the last two trading sessions.
- It has been trading in a flat range since May 2023.
- The current market price of the Tomochain coin is $1.3819.
Since the Viction formerly the Tomochain token was listed, the coin price has shown a very volatile run on both sides. It has shown a bull run in the initial phase of the trading and then a massive decline from the upper level. It went into the consolidation phase, which lasted for more than one year.
The Bulls have shown strength on the upside in March 2020 and within one year, it has surged by over 1900% from the lower level. However, after November 2021 the coin price has shown a massive decline, which was halted at the end of 2022. Between this decline, the coin price has been consolidated for about one year.
In 2023, the coin price has shown massive strength in the favour of bulls and they have shown great intent. After the surge, the coin price has formed a broader range and has been trading under the range since May 2023. It has surged by over 439% this year and has outperformed the market.
Will The Tomochain Coin Price Reach $2 in 2024?
The TOMO coin price has formed a flat range and has been consolidating inside that range since May 2023. It has shown massive selling pressure from the higher level. It indicates that sellers are present actively at the upper level.
The bulls have created buying pressure in the coin at a lower level and because of that the price has recovered well from the lower level.
The coin price is inching closer to the resistance level of $1.4390, which can provide some liquidity to the price. If the bulls break this resistance in the future, the coin price can shoot up to the level of $1.906. However, It has shown a recovery from the previous swing low level of $0.9519 and it can act as a crucial support level for the coin. Apart from this, the coin price has another support near $0.6942.
Are Indicators Bullish or Bearish on the Tomochain Coin?
The TOMO Coin price is trading below the 50-day exponential moving average (EMA) but above the 200-day EMA. Recently, the bears have taken control of both the EMAs but have failed to hold the price below for long.
The relative strength index (RSI) is curving at 52.97, which indicates that the momentum has been shifted towards the bulls. The slope of the RSI is rising Sharply and it shows the strength of the current momentum.
Conclusion
The Tomochain coin price is looking positive at the current level and both indicators are favoring the bulls. The Coin price needs to cross both the resistance to show some good upside in the future.
Technical level
Resistance level – $1.4390 and $1.906
Support level – $0.9519 and $0.6942
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.