toncoin Its price outperformed Bitcoin. It is up over 40% in the last few days. TON is now consolidating gains and it is possible that it could start another increase above $2.50.
Toncoin Price Continues Strong Uptrend
There was a possibility of a possible correction in Toncoin price against the US Dollar. TON corrected below the $1.80 support. However, the bulls were active near the $1.55 support.
A low was formed near $1,567 and it recently started a fresh rally. Moreover, it broke above a bullish flag with resistance at $1.80 on the daily chart. Strong bullish movements, Bitcoin and other cryptocurrency It surpassed its units and rose above the $2.00 level.
Koinfinans.com More importantly, as we reported, Toncoin surpassed Solana’s market cap to rank 9th.
altcoin It rose towards the $3.00 level. The highest level was formed at $3.02. There has been a recent retreat. The price corrected below the 23.6% Fib retracement level of the upward move from the $1,567 swing low to $3,022 high.
The bulls are now defending the $2.30 support zone. This is close to the 50% Fib retracement level of the upward move from the $1,567 swing low to $3,022 high.
If there is a fresh increase, Toncoin is likely to face resistance near the $2.50 level. The next major resistance is possible at $2.68. If the bulls push the price above the $2.68 resistance, a move towards $3.00 is likely. It’s possible that further gains could fuel a test of $3.20.
Downside Correction?
Conversely, it is possible that TON could decline further below the $2.30 support. The first major support below $2.30 is near the $2.12 level. The next support is near the $2.00 level, below which the price could perhaps test important support at $1.55 or the 50-day simple moving average (blue).
Any further losses are likely to pave the way for a test of the $1.32 level, where the price could test the $1.20 level in the coming weeks.
Toncoin is performing well above $2.30 and the 50-day simple moving average (blue). If TON remains above $2.30, it is possible that it could start another rise. Conversely, a prolonged decline towards the $2.00 support is also likely.