Toncoin Rally Above 4-Hour 100-Day SMA Leads To $7.6
Toncoin (TON) broke above the 4-hour chart's 100-day SMA, indicating strong upward momentum. Bullish buying demand might push the crypto currency to $7.6 barrier.
The breakthrough above this crucial technical signal indicates bull control, paving the way for a rally. Toncoin's breakthrough over the 100-day SMA on the 4-hour chart, market mood, and the $7.6 resistance level as the next significant objective are examined in this article.
The market capitalization of Toncoin was over $16 billion and its trading volume was over $960 million. Its price was $6.50, up 3.55%. The asset's market value rose over 3% and trading volume rose over 36% in 24 hours.
Toncoin's 4-hour chart price is rising over the 100-day Simple Moving Average (SMA) approaching $7.6 barrier. The break above this crucial signal suggests bullish control and additional upward progress.
A 4-hour Relative Strength Index (RSI) study shows that the indicator's signal line has risen beyond 50% and is nearing 70%, the overbought zone. This signals rising purchasing pressure, which might boost the asset.
On the 1-day chart, Toncoin is currently trading below the 100-day SMA, but it has produced positive momentum candlesticks targeting both the SMA and $7.6 barrier level, indicating that the bulls are still in charge and might drive the price higher.
Finally, on the 1-day chart, the RSI signal line has risen more than 35% from the oversold zone and is nearing 50%, indicating positive momentum for the cryptocurrency.
Possible Toncoin Scenarios: $7.6 or Rejection?
If TON breaks over the $7.6 resistance level, it might challenge its all-time high of $8.30 and create a new high.
If Toncoin rebounds from $7.6 resistance, it may fall toward $4.6 support. If the price breaks this support, it might decline to test the $3.3 support level and lower chart support areas.
