TON Price Surges 15% In A Day But Signs of Bullish Exhaustion Emerge

TON worth rallied practically 15% and traded above the $6.50 resistance. Toncoin is now displaying a couple of indicators of development exhaustion and may appropriate positive factors.

• Toncoin jumped above the $6.20 and $6.50 resistance ranges.
• The worth is now buying and selling above $6.50 and the 100-hourly Easy Transferring Common.
• There’s a key parabolic curve forming with assist at $6.80 on the hourly chart of the TON/USD pair (knowledge supply from Kraken).
• The pair might begin a draw back correction if it declines beneath $6.80 and the $6.60.

TON Value Reaches $7

Lately, TON worth began a powerful enhance from the $5.60 assist zone. It climbed above the $6.20 resistance zone. It gained practically 15% in a day and outperformed Bitcoin and Ethereum.

Toncoin traded near the $7.00 degree. A excessive was fashioned at $6.93 and the value is now consolidating positive factors. It’s buying and selling close to the $6.80 zone and effectively above the 100-hourly Easy Transferring Common. There’s additionally a key parabolic curve forming with assist at $6.80 on the hourly chart of the TON/USD pair.

Speedy resistance is close to the $6.92 degree. The primary key resistance is close to $7.00. A detailed above the $7.00 resistance zone might spark a powerful enhance.

Supply: TONUSD on TradingView.com

The subsequent key resistance is close to $7.20. If the bulls stay in motion above the $7.20 resistance degree, there may very well be a rally towards the $7.55 resistance. Any extra positive factors may ship the value towards the $8.00 resistance.

Draw back Correction In Toncoin?

If Toncoin worth fails to clear the $6.90 resistance zone, it might begin a draw back correction. Preliminary assist on the draw back is close to the $6.80 degree and the parabolic curve, beneath which the value may take a look at the 23.6% Fib retracement degree of the upward transfer from the $5.61 swing low to the $6.93 excessive.

The subsequent main assist is at $6.25 or the 50% Fib retracement degree of the upward transfer from the $5.61 swing low to the $6.93 excessive. If there’s a draw back break and a detailed beneath the $6.25 degree, the value may speed up decrease. Within the acknowledged case, the value might retest the $6.00 assist zone.

Technical Indicators

Hourly MACD – The MACD for TON/USD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for TON/USD is now above the 70 degree.

Main Assist Ranges – $6.80 and $6.60.

Main Resistance Ranges – $6.90 and $7.00.