As altcoins have recovered since Thursday, TON posted minor gains and briefly turned green. However, it appeared to have found support as it continues to increase daily – now showing signs of strength.
TON has been on a buying spree in the last 72 hours, but the pressure is still low as the global market cap increases. Though most altcoins based on its ecosystem have posted a huge gain since yesterday.
Now that volume is flowing back into the market, we can anticipate a steady price growth on a daily basis. The $5.5 level may pose a threat on the way up. A weekly close above the descending resistance line should activate a surge in the coming week.
It is important to note that the price is still trading bullishly from a long-term perspective. If the current weekly low continues to provide support daily, TON may mark it as the lowest level in the last quarter of the year.
Considering the crypto market’s indecisiveness lately, it may turn weak and lose momentum again as buying volume currently appears low. That may result in another serious meltdown if such a setup comes into play.
But from the look of things, the bulls are expected to show strong commitment soon as more gains lie ahead. The $8.4 level remains a crucial resistance to watch for a major breakout.
TON’s Key Level to Watch
Source: Tradingview
Aside from the minor level mentioned above, the major resistance level for buying right now is $6.15. Breaking it could fuel a big move to $7 and $7.65 in the future.
The $5 level is still standing firmly as support. If the price plunges below it, the $4.45 and $4 levels are the next supports to watch for a drop.
Key Resistance Levels: $5.5, $6.15, $7
Key Support Levels: $5, $4.45, $4
- Spot Price: $5.28
- Trend: Bearish
- Volatility: Low
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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