In continuation of the recent recovery, Toncoin tapped a month high with a 14% surge overnight. The price may explode massively as it poises for a breakout following a new bullish formation on the daily chart.
Following last week’s bounce in Bitcoin’s price that triggered a recovery amongst many altcoins, TON’s price increased well and took a break from its two-month bearish. It reclaimed $6.8 but unfortunately lost grip.
This week, the crypto landscape became more positive as the $6 level produced support after undergoing a short pullback last weekend. This notable change in the price has brought some positive sentiments in the market as the bulls regain control.
Looking back from where the price recently picked up to where it is changing hands, TON has technically formed a double-bottom pattern on the daily chart – a new bullish pattern capable of activating a big rally to $10. Although the bullish signal is not yet valid until a breakout occurs.
Invalidating this bullish move, the price must roll back under the recent monthly low. That should come into play if it faces rejection under the $7.7 level to form a head and shoulder pattern. With the look of things, TON is expected to show more strength in the next few days.
TON’s Key Level to Watch
Source: Tradingview
Surging above the $7 level, the closest resistance to keep in mind is $7.65. The next major resistance on the way up is $7.65, considered as breakout level. A new resistance may come at around $9.
If the price drops, there’s a close support level at $6.9. Below this support lies the key $6 level. $5.27 and $4.6 are other supports to watch for a drop.
Key Resistance Levels: $7.65, $8.3, $9
Key Support Levels: $6.9, $6, $5.27
- Spot Price: $7.11
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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