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.
- XRP to $9? Analysts Tip ‘XRP Is a Buy’ as Price Targets 200% Surge
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
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.
