In a recent analysis from Rekt Capital’s newsletter, the focus was on Toncoin (TON). The analysis began with a recap from two weeks prior, noting that TON had broken down from a defined range. However, it indicated that the price was attempting to reclaim that range.
The earlier insights suggested that a weekly close above the range low would signal a successful reclaiming of that level. If such a weekly close occurred, any subsequent dips would serve to reaffirm the range low as new support.
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The analysis emphasized that maintaining stability at this level would be favorable for a future challenge against an established downtrend.
As the week progressed, the analysis began to materialize. TON successfully closed above the range low, positioning itself for a retest. The latest update highlighted that TON had confirmed its re-entry into the macro range, reclaiming the range low as new support, which propelled the price into a rally exceeding 10%.
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In the short term, there might be initial resistance at a series of lower highs, but given the prevailing market conditions, there was optimism that TON could break through the downtrend.
The analysis noted that other cryptocurrencies, such as FET, INJ, TAO, PEPE, and WIF, had recently overcome similar resistances, suggesting that TON might finally be following suit. A successful break of the diagonal resistance could lead TON to revisit the higher range levels over time.
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The post Toncoin (TON) Price Promising, Could Pump If This One Resistance Breaks appeared first on CaptainAltcoin.
