After a period of correction earlier in the week, the cryptocurrency market has shown positive price movement, increasing by 1.89% in valuation over the past day.
In contrast, Toncoin (TON) has experienced significant gains, rising by 12.22% in the last 24 hours and 24.36% over the past seven days. Additionally, the Year-to-Date (YTD) return for Toncoin stands at +186.99%, suggesting a bullish trend for the altcoin in the near future.
TON Price Breaks Out of Long-Term Range
For over six months, the TON price remained within a closed range of $2 to $2.775, indicating weak price action in the crypto market. However, as market volatility increased, bulls regained momentum and successfully broke through the resistance level.
Following the breakout, the price of Toncoin surged by an impressive 270.16%, reaching a new all-time high (ATH) of $7.65 on April 11th. Subsequently, the bulls lost momentum, leading to a correction of 39.86% in valuation. However, after testing $4.60, the bulls regained control, particularly following the announcement of Pantera Capital’s investment in the Layer-1 project.
The Relative Strength Index (RSI) experienced a notable increase in the 1-day time frame, indicating heightened buying pressure in the crypto industry. Additionally, the average shows a bullish curve, suggesting a positive outlook for the TON price in the near future.
Price Forecast and Support Levels for TON Token
If the market maintains the TON price above the support level of $6.350, the bulls are expected to continue trading positively. This positive momentum could lead to a test of the resistance level at $7.250. Furthermore, sustained bullish activity at this level may pave the way for the Toncoin token to attempt to reach its upper resistance level of $8 in the upcoming week.
Conversely, in the event of a bearish trend reversal, the TON token could lose momentum and test its support level of $6.350 by the weekend. Failure to hold this level could indicate continued bearish influence, potentially causing the altcoin to decline further toward its lower support level of $5.50.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.