š“$TON Breaks Above 100-Day MA, Eyes $7.6 Resistance š“
Toncoin's recent surge above the 4-hour chart's 100-day Simple Moving Average (SMA) indicates strong upward momentum, potentially driving the cryptocurrency towards the $7.6 resistance level.
Technical Analysis:
- 4-hour chart: TON's price is rising above the 100-day SMA, approaching the $7.6 barrier.
- Relative Strength Index (RSI): The signal line has risen above 50% and is nearing 70%, indicating increasing buying pressure.
- 1-day chart: TON is trading below the 100-day SMA but has produced positive momentum candlesticks targeting the SMA and $7.6 barrier.
- RSI (1-day chart): The signal line has risen above 35% from the oversold zone and is nearing 50%, indicating positive momentum.
Possible Scenarios:
- Break above $7.6: TON might challenge its all-time high of $8.30 and create a new high.
- Rejection at $7.6: TON may fall towards $4.6 support, and potentially decline to test $3.3 support and lower chart support areas.
Market Data:
- Market capitalization: Over $16 billion
- Trading volume: Over $960 million
- Price: $6.50, up 3.55% in 24 hours
- Market value and trading volume increase: Over 3% and 36%, respectively, in 24 hours
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