- Toncoin crypto price has surged by 200% YTD.
- The market capitalization has increased by 150% since February.
- A Golden crossover was developed in the RSI with the RSI-based moving average.
Toncoin price has been in a strong bullish trend since February and has gained 250% till now. The price has been rising by taking support on the trendline. The digital asset price took support on the trendline at the beginning of May and surged by 50% in 10 days.
Since April, TON has been facing resistance from the $7.50 mark. However, the price exceeded the $7.50 mark mid-June which turned out to be weak momentum. The price has slipped below the $7.50 mark in a few days and has taken support on the trendline.
According to the technical indicators, the RSI has displayed a bearish divergence and generated a bearish crossover with the RSI-based moving average. The histograms have flipped to red and a death crossover has been seen. Overall, the technical indicators are favoring bearish momentum in the short term.
Buying Pressure Over $7.70 Mark Only?
$TON / $USD – Update
— Crypto Tony (@CryptoTony__) June 21, 2024
I will look to long above $7.70 only, no entry for now pic.twitter.com/ihR5mHYazT
A source on X suggests that the Toncoin price has been in a bullish trend but struggling to surpass the $7.70 mark. It has exceeded this level once but sellers were strong enough and dragged down the price. TON is expected to remain bullish over the $7.70 mark only.
Toncoin Price Staying at Trendline; Will It Trigger A Breakdown Or Extend To $10 Mark?
Since March, the TON price has been in a bullish trend and currently staying at the trendline. If the price manages to defend the trendline and forms a base, the TON crypto price may gain bullish momentum. The rise in trading volume during this bullish momentum may help to extend the price to the $10 mark.
Suppose the Toncoin price slips below the trendline, strong selling pressure can be observed. The price below the trendline might attract the sellers and melt the price to the 200-day EMA.
At press time, the Toncoin price traded at $7.19 which has increased by 1.35% in the last 24 hours. The market capitalization is $17.68 Billion and it ranks 9th in the cryptocurrency market. The 24-hour trading volume is $229.47 Million.
Conclusion
Overall, the Toncoin cryptocurrency has shown significant bullish momentum, with the price surging by 200% YTD and the market capitalization increasing by 150% since February. While the price has faced resistance at the $7.50 mark and displayed some bearish indicators, there is potential for a bullish breakout if it can defend the trendline and gain trading volume support. The next significant level to watch is the $7.70 mark, with the possibility of further upward movement towards the $10 mark if bullish momentum is sustained. However, a break below the trendline could lead to increased selling pressure and a potential drop to the 200-day EMA.
Technical Levels
Toncoin price might face resistance from the $7.25 and $8.20 levels. The price is expected to take support on the $6.00 and $4.70 marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
