MEXCHere’s Why Toncoin Price Could Rise By 14% In Coming Week
The Toncoin price witnessed a V-shaped recovery from $1.5 support as market sentiment passed from the fear of the November 2nd interest rate hike from the US Fed. Currently, the altcoin trades at $1.75 and has registered a 16% gain since last week. With sustained buying, the price should make a breakout attempt from the $2 neckline resistance of a cup and handle pattern.
Key points:
- A daily candle closing above the $1.7 resistance will intensify the bullish momentum
- The daily-RSI slope shows sustainability above the neutral zone.
- The intraday trading volume in the TON is $11.2 Million, indicating an 11.14% gain.
Source- Tradingview
Over the past six months, the Toncoin price action has been responding to a cup and handle pattern. This bullish pattern is often spotted at the market bottom and offers an early entry opportunity during trend reversal.
Currently, the altcoin is forming the handle portion of the pattern, gradually making its way to the $2 neckline. The bullish reversal from the $1.5 support with rising volume activity indicates a genuine price recovery.
In addition, the rising price has breached a local resistance of $1.7. If the daily candle closes above this resistance, the buyers will acquire a higher footing to replenish the bullish momentum for higher gains.
This development will allow buyers to drive prices 12-14% higher to rechallenge the $2 barrier. A bullish breakout from this resistance will trigger the aforementioned pattern and prolong the ongoing bull run.
Technical Indicator
Relative Strength Index: despite the recent correction, the daily-RSI slope sustains above the midline, indicating the bullish sentiment remains intact. Moreover, a potential crossover of the RSI slope above the 20 SMA will bolster the price rally to the $2 ceiling.
EMAs: a bullish alignment between the crucial EMAs(20, 50, 100, and 200) accentuates a bullish trendline in Toncoin. Moreover, the 20-day EMA offers dynamic support to the rising prices.
Toncoin price intraday level
- Spot price: $1.76
- Trend: Bullish
- Volatility: Low
- Resistance levels: $2 and $2.4
- Support levels: $1.7 and $1.5
- Breaking: $2.6B Western Union Announces Plans for Solana-Powered Stablecoin by 2026
- Trump Media Launches Polymarket Rival, Eyes $9B Prediction Market with Crypto.com
- Bitget Lists Common Token, Launchpool Offers 36M COMMON in Rewards
- Coinbase Prime Taps Figment to Boost Institutional Staking on Solana, Cardano, and Sui
- Here’s Why Zcash (ZEC) Price Tanked 10% Today Following 500% Rally
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
