toncoin The price found support near the $4,620 area after correcting gains below $5.00. TON formed a base and recently started a fresh increase above the $6.00 resistance and the 50-day simple moving average (blue).
Along with these, there was a move above the $5.00 and $6.00 resistance levels. The bulls propelled the price above the 50% Fib retracement level of the downward move from the $8.80 swing high to the $4.62 low. More importantly, the price cleared a key declining channel with resistance near $6.10 on the daily chart.
Bitcoin and TON price is up over 2% today while Ethereum is trading in the red zone. However, the bears are currently active near the $7.20 resistance zone.
It seems like they are defending the 61.8% Fib retracement level of the downside move from the $8.80 swing high to the $4.62 low. In this context, it is possible that a break above the resistance at $7.20 will lead the price towards the $7.80 resistance.
The bulls are likely to continue moving above $7.80. In this case, Toncoin could easily drift towards the $8.80 resistance. It is possible that more gains could open the doors for a move towards the $9.20 level.
Recently, the TON team announced that the long-awaited Notcoin launch will take place next week on May 16, 2024 and will be available on trading platforms.
Downside Correction in Toncoin?
Conversely, TON could start a downside correction from the $7.20 resistance. Immediate support is near the $6.50 level. The first major support is forming near $4.60 (multi-touch zone) and the 50-day simple moving average (blue).
The main support is near the $5.00 region. A close below the $5.00 support is likely to trigger a bearish wave. In this context, the price is likely to decline towards the $4.50 support zone in the coming days.
Overall, Toncoin price is trading in the green zone above the $6.50 level. A rise in price above $7.20 could push TON to $7.80 or even $8.80. Conversely, there could be a downside correction towards $6.50 or $5.60 in the near term.
