What’s Next for Toncoin Price After 50% Weekly Surge?
Highlights
- The Toncoin price correction rebounded from the 50% FIB level indicating the buyer remains the dominant market force in this asset.
- A sharp upswing in the daily EMAs(20, 50, 100, and 200) indicates a high momentum rally in TON.
- The intraday trading volume in Toncoin is $358.5 Million, indicating a 129% gain.
Defying the current market correction, the Toncoin showcased a sustainable recovery within a week with its price rallying from $3.32 to $5. This 50% surge also breached the last swing resistance of $4.58, providing the buyers with the next stepping stone to prolong this recovery. Will the TON price continue its bullish momentum or broader market correction invalidate the buyer’s attempt?
Also Read: 4 Cheap Under $1 Altcoins To DCA As Bitcoin Bleeds For 100X Potential
The Open League Sparks Toncoin Price Rally Past $5
Toncoin (TON), the native cryptocurrency of The Open Network ecosystem returned on a recovery trend last weekend when the price rebounded from its 50% retracement at $3.3. While the majority of major cryptocurrencies witnessed a notable correction this week, the TON price rallied and reclaimed the losses from the last retracement to hit the $5 milestone.
This bullish surge can be attributed to a recent announcement of The Open League, a major community incentive program. With plans to distribute 30 million Toncoin, valued at over $115 million, this initiative is set to reward competing projects and users within the TON ecosystem starting in April.
Amid the bullish momentum, the TON price gave a decisive breakout from $4.85 resistance with a 12.87% intraday jump. While the broader market trend is bearish, a daily candle closing above this barrier is crucial for buyers to resume forward march.
As per the Fibonacci extension tool, the Toncoin price rally may face overhead supply at $5.32, followed by the $5.85 mark.
Also Read: Analyst Says Bitcoin Price Influenced by Forces Beyond BTC ETF
Technical Indicator
- Average Directional Index: The ADX slope at 36% reflects the current recovery may soon hit exhaustion and coin holders can witness minor pullbacks aimed to revive exhausted bullish momentum.
- Exponential Moving Average: The fast-moving 20-day EMA slope continues to act as a dynamic support for TON price, maintaining a high momentum rally over the past four weeks.
- Breaking: Jerome Powell Signals More Rate Cuts As Labor Market Weakens, Bitcoin Rises
- DOJ Files $15B BTC Forfeiture Order, Potentially Boosting U.S. Bitcoin Reserves
- ‘Trump Insider Whale’ Increases Bitcoin Short to $485M Amid Crypto Market Crash
- Fed Governor Michelle Bowman Projects Two More Rate Cuts This Year
- Four Meme and BNB Partner on $45M ‘Rebirth Support’ Airdrop, First Batch Set to Begin
- Chainlink Price Eyes $100 as S&P Global Partnership Expands Institutional Adoption
- Solana Price Prediction as Whales Withdraw $169M from Exchanges
- Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling
- XRP Price Prediction as Whales Dump 2.23B Tokens — Is $2 the Next Stop?
- Trader Sees a Dogecoin Price Surge as House of Doge Sets for a NASDAQ Listing
- Will Shiba Inu Price Recover After the Crypto Crash As Burn Rate Soars 8,194%?
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.
