After displaying a correction since the week’s start, the cryptocurrency industry has displayed a positive price action by adding 1.89% to its valuation over the past day.
On the other hand, the Toncoin (TON) price has added 12.22% within the past day and 24.36% over the past seven days. Moreover, the Year-to-Date (YTD) return of the Toncoin price stands at +186.99%, indicating a bullish price action for the altcoin in the coming time.
The TON price traded in a closed range between $2 and $2.775 for over six months, highlighting a weak price action for the altcoin in the crypto market. As the volatility in the market grew, the bulls regained momentum and successfully broke out of the resistance level.
The price of Toncoin jumped 270.16% in value, resulting in a new all-time high (ATH) of $7.65 on 11th April. Following this, the bulls lost momentum and recorded a correction of 39.86% in valuation. After testing $4.60, the bulls regained power after announcing Pantera Capital’s investment in this Layer-1 project.
The Relative Strength Index (RSI) displays a significant rise in the 1D time frame, highlighting increased buying pressure in the crypto industry. Moreover, the average shows a bullish curve, suggesting a positive outlook for the TON price in the coming time.
If the market holds the TON price above the support level of $6.350, the bulls will continue trading positively and test its resistance level of $7.250. Furthermore, if the bulls hold the price at that level, it will set the stage for the Toncoin token to attempt to test its upper resistance level of $8 by the upcoming week.
Conversely, if a bearish trend reversal occurs, the TON token will lose momentum and test its support level of $6.350 by the weekend. Moreover, if the bulls fail to regain momentum, this altcoin will continue trading under a bearish influence and plunge toward its lower support level of $5.50.
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