After a period of correction earlier in the week, the cryptocurrency market has shown positive price movement, increasing by 1.89% in valuation over the past day.
In contrast, Toncoin (TON) has experienced significant gains, rising by 12.22% in the last 24 hours and 24.36% over the past seven days. Additionally, the Year-to-Date (YTD) return for Toncoin stands at +186.99%, suggesting a bullish trend for the altcoin in the near future.
TON Price Breaks Out of Long-Term Range
For over six months, the TON price remained within a closed range of $2 to $2.775, indicating weak price action in the crypto market. However, as market volatility increased, bulls regained momentum and successfully broke through the resistance level.
TradingView: TON/USDT
Following the breakout, the price of Toncoin surged by an impressive 270.16%, reaching a new all-time high (ATH) of $7.65 on April 11th. Subsequently, the bulls lost momentum, leading to a correction of 39.86% in valuation. However, after testing $4.60, the bulls regained control, particularly following the announcement of Pantera Capital’s investment in the Layer-1 project.
The Relative Strength Index (RSI) experienced a notable increase in the 1-day time frame, indicating heightened buying pressure in the crypto industry. Additionally, the average shows a bullish curve, suggesting a positive outlook for the TON price in the near future.
Price Forecast and Support Levels for TON Token
If the market maintains the TON price above the support level of $6.350, the bulls are expected to continue trading positively. This positive momentum could lead to a test of the resistance level at $7.250. Furthermore, sustained bullish activity at this level may pave the way for the Toncoin token to attempt to reach its upper resistance level of $8 in the upcoming week.
Conversely, in the event of a bearish trend reversal, the TON token could lose momentum and test its support level of $6.350 by the weekend. Failure to hold this level could indicate continued bearish influence, potentially causing the altcoin to decline further toward its lower support level of $5.50.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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