Toncoin TON has posted an insane gain in the past week after bouncing off a dynamic support trendline. The price is strong and looks extremely bullish following the recent weekly breakout of structure.
March saw TON through a higher volatile period since the price started to pick up in mid-2023. That came after initiating a surge above $2 in February, followed by a successful break out of structure.
It later cooled off buying in the middle of the month and remained calm due to a short retracement to the ascending trendline, which has been serving as dynamic support for weeks. It bounced back and broke higher this Monday.
Following the weekly breakout, things might be more interesting in the next couple of days as the price surges towards $8. Technically, the market appears highly bullish and reaches an extremely overbought area on a daily timeframe.
Any rejection under the mentioned price level could trigger another retracement to the trendline before bouncing back. Failure to bounce could result in a breakdown, causing a deep correction in the market.
Increasing by more than 5x in the last six months of trading, it appeared to just be starting a bullish rally on the macro level. Bigger moves should be expected shortly as it has no major resistance level to keep in mind on the way up.
TON’s Key Level to Watch
As the price surges towards the $8 level, the next target level to watch for buying would be $9. The $10 level is a key psychological area to consider as resistance.
For now, the closest level for a pullback is located at $7.11. Below it lies the $6.3 level, where the ascending trendline is drawn. A break below this line could bring a major retest at the weekly break level of $5.7.
Key Resistance Levels: $8, $9, $10
Key Support Levels: $7.11, $6.3, $5.7
- Spot Price: $7.6
- 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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