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.
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