Toncoin is defying the broader market downturn, holding firm above $7.10 and eyeing a fresh rally. This bullish momentum comes even as Bitcoin tumbles below $60,000.
While Bitcoin experiences sharp dips, Toncoin remains in a bullish zone. Over the past few days, it has tenaciously held steady above key support levels at $7.00 and $7.10. Conversely, Bitcoin has dipped below $60,000.
Price Consolidation Before Breakout
Source: TradingView.com
After reaching a recent high of $8.12, Toncoin is currently consolidating its gains. The price briefly dipped below $7.80, but still trades above a crucial bullish trend line with support at $7.45 on the daily chart. This trend line coincides with the 50% Fibonacci retracement level of the upward move from $6.79 to $8.12.
Toncoin Poised for Further Advance
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The current price action suggests Toncoin might be poised for another leg up after this consolidation phase. Immediate resistance sits at $7.80, with a major hurdle at $8.10. A decisive break above $8.10 could propel the price towards $8.30 and potentially even $8.70. Further gains could even see the altcoin challenge the $10.00 level.
Downside Risks Remain For Toncoin
However, Toncoin is not immune to potential downside risks. The first major support lies near the trend line at $7.45, followed by the confluence of the 50-day simple moving average (blue) and $7.10. A daily close below $7.10 could trigger a more significant decline for the cryptocurrency.
Toncoin Network Fundamentally Strong
Despite the price fluctuations, the Open Network (TON) continues to experience growth. A recent example is the integration of USDt on TON across over 60 platforms worldwide. This integration made USDt-TON trading accessible globally.
In Conclusion
Toncoin’s resilience in the face of a weak broader market underscores its underlying strength. With a potential breakout on the horizon, here is a cryptocurrency to keep an eye on.
