Here’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
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