TON Price Surges 15% In A Day But Signs of Bullish Exhaustion Emerge
May 10 2024 - 4:48AM
NEWSBTC
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.
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