Toncoin (TON) Technical Analysis
On June 7, Toncoin (TON) broke through a key resistance level at $7.67, marking the bulls' attempt at resuming the uptrend.
Daily TON/USDT chart
The upsloping 20-day EMA ($6.77) and the RSI near overbought territory suggest that the path of least resistance today is to the upside. This is a positive sign that buyers are dominating the market. If buyers can push and sustain the price above $8, the TON/USDT pair is likely to rally to $10.
Important support
The key support to watch on a decline is the 20-day EMA. A bounce from this support will reinforce the belief that the bulls are still in control of the market. This means any price correction is likely to be temporary before the uptrend resumes. However, if the price breaks below the 20-day EMA, it will signal that the bulls are losing control. In this scenario, the TON/USDT pair could continue to slide to the 50-day SMA ($6.25).
Conclude
Toncoin is showing signs of strong growth, with technical indicators supporting a bullish trend. However, monitoring support and resistance levels is important to determine whether the trend will continue or not. Sustaining the price above $8 would be a positive sign for the continuation of the bullish momentum, while a break below the 20-day EMA would need to be closely monitored to assess the market situation.
