Key Takeaways:
Toncoin price is moving higher above the $6.30 resistance zone.
TON is still trading below a key bearish trend line with resistance at $6.65 on the daily chart.
There could be a fresh surge if there is a daily close above $7.00 and the 50-day simple moving average (blue).
Toncoin price analysis Read CoinChapter.com on Google News
NEW DELHI (CoinChapter.com) — The Toncoin price is eyeing a crucial upside break above $7.00. If it struggles to clear $7.00, TON could trim gains and revisit $5.50.
Toncoin Price Aims For Fresh Surge
After a major decline, Toncoin found support near the $4.85 zone. A low was formed at $4.86, and the price started a decent recovery wave like Bitcoin and Ethereum. It moved above the $5.50 and $5.80 resistance levels.
TON cleared the 50% Fib retracement level of the downward move from the $7.75 swing high to the $4.86 low. However, the price is still below the 50-day simple moving average (blue).
Toncoin price daily chart | Source: TON/USD on TradingView.com
TON price seems to be facing a major hurdle near the $6.65-$7.00 zone. It is also trading below a key bearish trend line with resistance at $6.65 on the daily chart.
A clear move above the trend line resistance might send the price toward the main hurdle at $7.00 and the 50-day simple moving average (blue). It is close to the 76.4% Fib retracement level of the downward move from the $7.75 swing high to the $4.86 low.
The current price action suggests Toncoin might consolidate before a fresh increase. If the bulls push the price above $7.00, the price could easily run toward the $7.75 resistance. Any more gains might open the doors for a move toward the $8.80 level.
Recently, the Open Network (TON) shared an update regarding its goal in simplifying the integration of USDt on TON into crypto exchanges, onramps, and payment services by leveraging key infrastructure providers like MPC wallet providers, custodians, and RPC solutions.
Integrating $USDt on #TON has never been easier! By leveraging key infrastructure providers like MPC wallet providers, custodians, and RPC solutions, we're ensuring secure, efficient, and seamless transactions.Interested in integrating USDt on TON? Start now … pic.twitter.com/HqlxbDtqMK
— TON (@ton_blockchain) August 13, 2024
Another Decline In TON?
Conversely, TON could fail to surpass the trend line resistance or $7.00. In the stated case, it could trim gains and revisit the $6.20 support. The first major support is near the $6.00 level.
The main support is now forming near the $5.50. A daily close below the $5.50 support might start a major decline. The next key support sits at $5.15, below which the price could even retest the $4.85 support in the coming days. Any more losses could open the doors for a test of $4.20.
Overall, Toncoin price is eyeing a crucial upside break. If TON clears the $6.65 and $7.0 resistance levels, it could pump toward $8.80 in the near term. Conversely, it might trim gains and retest $5.50.
The post Toncoin (TON) Approaches Crucial Upside Break: Can It Power Through? appeared first on CoinChapter.
