TON Price Surges 15% In A Day But Signs of Bullish Exhaustion Emerge

TON
price
rallied
nearly
15%
and
traded
above
the
$6.50
resistance.
Toncoin
is
now
showing
a
few
signs
of
trend
exhaustion
and
might
correct
gains.

• Toncoin
  jumped
  above
  the
  $6.20
  and
  $6.50
  resistance
  levels.
• The
  price
  is
  now
  trading
  above
  $6.50
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  is
  a
  key
  parabolic
  curve
  forming
  with
  support
  at
  $6.80
  on
  the
  hourly
  chart
  of
  the
  TON/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  start
  a
  downside
  correction
  if
  it
  declines
  below
  $6.80
  and
  the
  $6.60.

TON
Price
Reaches
$7

Recently,
TON
price
started
a
strong
increase
from
the
$5.60
support
zone.
It
climbed
above
the
$6.20
resistance
zone.
It
gained
nearly
15%
in
a
day
and
outperformed

Bitcoin
and

Ethereum.

Toncoin
traded
close
to
the
$7.00
level.
A
high
was
formed
at
$6.93
and
the
price
is
now
consolidating
gains.
It
is
trading
near
the
$6.80
zone
and
well
above
the
100-hourly
Simple
Moving
Average.
There
is
also
a
key
parabolic
curve
forming
with
support
at
$6.80
on
the
hourly
chart
of
the
TON/USD
pair.

Immediate
resistance
is
near
the
$6.92
level.
The
first
key
resistance
is
near
$7.00.
A
close
above
the
$7.00
resistance
zone
could
spark
a
strong
increase.

Source:

TONUSD
on
TradingView.com

The
next
key
resistance
is
near
$7.20.
If
the
bulls
remain
in
action
above
the
$7.20
resistance
level,
there
could
be
a
rally
toward
the
$7.55
resistance.
Any
more
gains
might
send
the
price
toward
the
$8.00
resistance.

Downside
Correction
In
Toncoin?

If
Toncoin
price
fails
to
clear
the
$6.90
resistance
zone,
it
could
start
a
downside
correction.
Initial
support
on
the
downside
is
near
the
$6.80
level
and
the
parabolic
curve,
below
which
the
price
might
test
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$5.61
swing
low
to
the
$6.93
high.

The
next
major
support
is
at
$6.25
or
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$5.61
swing
low
to
the
$6.93
high.
If
there
is
a
downside
break
and
a
close
below
the
$6.25
level,
the
price
might
accelerate
lower.
In
the
stated
case,
the
price
could
retest
the
$6.00
support
zone.

Technical
Indicators

Hourly
MACD
–
The
MACD
for
TON/USD
is
now
losing
pace
in
the
bullish
zone.

Hourly
RSI
(Relative
Strength
Index)
–
The
RSI
for
TON/USD
is
now
above
the
70
level.

Major
Support
Levels
–
$6.80
and
$6.60.

Major
Resistance
Levels
–
$6.90
and
$7.00.