Toncoin Price Records New Yearly High! Will TON Price Hit $3 Soon?

Despite the elite coins displaying stable growth in their price, altcoins have turned out to gain massive attention, adding massive value to their portfolios. Toncoin has recently surpassed Tron coin and claimed the 10th spot in terms of Market Cap in the industry. 

The price has gained over 11% in value within the past day and has added over 30% over the past month. Toncoin has gained bullish movement over the past weeks as positivity around the asset has grown more vital with a more promising future to its investors.

The Toncoin was seen trading in a narrow space between $1.9151 and $2.0194 for a brief period, following which the coin gained bullish sentiment and broke out of the range, but the price was rejected at $2.1351, after which the price traded sideways for a while.

The TON price regained momentum and tested the high of $2.2690, but after multiple attempts to break out, the price experienced a correction in value, resulting in it breaking down the support trendline.

After trading sideways, the price successfully broke out of the resistance level and retested the key resistance level of $2.2690. After multiple attempts and trading sideways for about a week, the price finally broke out of the level.

The price gained massive momentum and broke out of the resistance level at $2.4754 shortly. The coin continued to gain value but was rejected at $2.7091, after which the price experienced minor correction and is presently retesting its upper level, of which the outcome is uncertain.

The Moving Average Convergence Divergence (MACD) has displayed a rising green histogram, indicating a strong bullish influence in the market. Further, the averages show a rising pattern, suggesting the price to continue gaining value in the coming days.

Will TON Price Continue To Rise?

If the bulls push the price above the resistance level of $2.7091, the price will continue to gain value and make a run to test its upper resistance level of $2.8500 soon. If the market maintains the price at that level, TON price will attempt to test its resistance level of $3.00 in the coming week.

Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level at $2.4754 soon. Moreover, if the bears continue to dominate the market, TON price will experience a price plunge, resulting in the price retesting its lower support level of $2.260 in the coming days.

If the market experiences a trend reversal, the Toncoin is expected to retest its crucial support level of $2.1351 by the month-end.