Key Takeaways:
- Toncoin price is holding gains above $7.10 and eyeing a fresh increase.
- TON is still trading above a key bullish trend line with support at $7.45 on the daily chart.
- There could be a fresh surge unless there is a daily close below $7.10 and the 50-day simple moving average (blue).
NEW DELHI (CoinChapter.com) — Toncoin price is still above the $7.00 support, while Bitcoin declined below $60,000. TON seems to be setting up for a fresh rally toward $8.70.
Toncoin Price Consolidates Gains
In the last Toncoin price analysis, we discussed how TON remained in a bullish zone while Bitcoin saw bearish moves. The same pattern was observed in the past 2-3 days. BTC saw a couple of sharp dips and it even declined below the $60,000 support. However, TON remained stable above the $7.00 and $7.10 support levels.
The recent high was formed at $8.12 and the price is slowly correcting gains. There was a move below the $7.80 support. The price dipped below the 23.6% Fib retracement level of the upward move from the $6.79 swing low to the $8.12 high.
TON price is still trading above a key bullish trend line with support at $7.45 on the daily chart. The trend line is close to the 50% Fib retracement level of the upward move from the $6.79 swing low to the $8.12 high.
The current price action suggests Toncoin might consolidate before a fresh increase. Immediate resistance on the upside is near the $7.80 level. The first major resistance sits at $8.10. A clear move above the $8.10 resistance could send the price toward the $8.30 region.
If the bulls push the price above $8.30, the price could easily run toward the $8.70 resistance. Any more gains might open the doors for a move toward the $10.00 level.
Downside Extension In TON?
Conversely, TON could continue to move down. The first major support is near the trend line at $7.45. The main support is now forming near the 50-day simple moving average (blue) and $7.10. A daily close below the $7.10 support might start a major decline.
The next key support sits at $6.80, below which the price could even retest the $5.55 support in the coming days. Any more losses could open the doors for a test of $4.65.
Fundamentally, the Open Network (TON) continues to grow. A recent example was the integration of $USDt on TON on over 60 platforms worldwide, enabling USDt-TON access to everyone, everywhere.
Overall, Toncoin price is holding gains above the $7.10 support level. It could soon start a fresh increase toward the $8.70 level unless the bulls fail to protect a close below the 50-day simple moving average (blue).
