- Toncoin price has increased by 53% in a month, exceeding the EMAs.
- TON price has reached a previous resistance zone of $7.
Toncoin (TON) crypto has departed from the supply zone of $4.50 and has performed positively. The Toncoin price has surpassed key moving averages and has surged by 53% in a month. However, the price has entered a previous resistance territory where the bullish trend could be disturbed.
According to the technical chart, the price has been in a bearish trend since July. It has declined by facing resistance from a descending trendline. However, the Toncoin price has triggered a breakout from the trendline and displayed a decent bullish move.
Could TON Price Reach $50 Mark: Analysts Weigh In
Friedrich is a crypto analyst who believes that the TON price has the potential to record a new ATH. TON crypto price could follow in the footsteps of the $DOT crypto bull run. DOT price has been in a bullish trend for the past few weeks.
According to his analysis, if the price dominates the $7 hurdle, the price could trigger bullish momentum. The price is expected to extend to the $50 mark if bulls remain strong.
Toncoin Price Analysis On Weekly Timeframe
Toncoin crypto was trading at $6.90 at press time. That has dropped by 2.66% over the past 24 hours. Its market capitalization was $17.62 Billion, and the 24-hour trading volume was $634.50 million.
Based on the chart analysis, the price was tested in the major support zone at $4.50, showing a bullish rally. The TON crypto price has formed a bullish, engulfing candlestick pattern on a weekly time frame. Furthermore, it formed three consecutive green candles.
The market sentiment is bullish, and the Toncoin price has also experienced buying pressure. Buying momentum can be seen if the price surpasses the $7 mark. The price is expected to record a new all-time high amid this bull run.
If the Toncoin price manages to hold over the $8 level, buyers might show interest, and the price could touch the $10 mark. Here, the trading volume could work as a catalyst to boost the bullish momentum.
On the other hand, sellers may dominate if the price faces resistance from an immediate resistance level of $7. Buyers may lose their grip if the price forms a bearish candlestick pattern in this territory. Strong bearish momentum can be seen once the price starts trading below the 20-day EMA.
Turning to the technical indicators, the MACD and the Signal line stayed over the Zero line. The histograms have flipped to green, demonstrating buyers’ domination.
Toncoin Price Analysis Based on Trend
Toncoin has demonstrated significant bullish momentum. It has surged by 53% in just a month, breaking past key moving averages. Currently trading around $6.90, Toncoin faced a critical resistance level at $7. That could dictate its near-term trajectory.
If it successfully surpasses this level, there is strong potential for the price to reach the $10 mark. This was supported by positive market sentiment and increased buying pressure.
However, caution is warranted as the price contends with previous resistance zones. A failure to maintain above the $7 mark could lead to a bearish reversal. This could happen, especially if bearish candlestick patterns emerge.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.