Bouncing off key support earlier this week, Toncoin appeared strongly bullish today because of a high-volume inflow in the last 24 hours. It is now amongst the market’s top gainers with a 15% surge since yesterday.
In July, TON initiated a bearish move after posting several gains in the previous months. This came after making a double-top at the $8.2 level.
But if we take a look at the current price actions, it may resume bullish due to a recent bounce off the $4.6 support. It has seen a sharp rejection at the monthly breakdown level but remains strong on the daily chart.
This rejection may trigger another drop soon. If the price slips below the recent bounce level, we can anticipate a big breakdown capable of dipping the price straight to $3 in no time. From the look of things, this bounce level is expected to hold for a while.
However, if the daily buying pressure continues, TON could reclaim its monthly high before advancing higher. $8.3 is a key resistance level to watch for a breakout. Failure to break it could lead to a temporal halt in the bullish move.
Regardless of that, the price is trading within a buying zone as the trend remains bullish on the macro level. The daily volume indicator is slowly rising back.
TON’s Key Level to Watch
If the price continues to recover, the potential resistance level for a test is $7.09. The following resistance levels to watch are $7.65 and $8.2, where a major break-up lies.
Aside from the $6 level that serves as close support for a pullback, the $5.27 and $4.6 levels are the lower support to keep in mind for a drop.
Key Resistance Levels: $7.09, $7.65, $8.2
Key Support Levels: $6, $5.27, $4.6
- Spot Price: $6.2
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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