Toncoin (TON) has gained significant upside momentum and recently broke above the 100-day Simple Moving Average (SMA) on the 4-hour chart. This bullish move indicates strong buying interest that could potentially send the crypto asset heading towards the $7.6 resistance level.
The breakout above this key technical indicator suggests that the bulls are in control, paving the way for a sustained rally. This article analyzes Toncoin’s recent break above the 100-day SMA on the 4-hour chart, assesses market sentiment, and evaluates the significance of the $7.6 resistance level as the next major target.
Toncoin was trading at around $6.50, up over 3.55%, with a market cap of over $16 billion and a trading volume of over $960 million at the time of writing. Over the past 24 hours, the asset’s market capitalization has increased by more than 3%, while trading volume has increased by more than 36%.
Market sentiment: Bulls are in control of TON’s rally
Currently, the price of Toncoin on the 4-hour chart is in a bullish move and is rising above the 100-day Simple Moving Average (SMA) towards the resistance line of $7.6. The break above this key indicator signals continued bullish control and the potential for further upside movement.
Furthermore, a four-hour Relative Strength Index (RSI) analysis shows that the indicator’s signal line has successfully risen above 50% and is now approaching the 70% mark, which is considered the overbought zone. This indicates that buying pressure is increasing, potentially leading to further upward movement for the asset.
Although Toncoin is still trading below the 100-day SMA on the 1-day chart, it has successfully formed bullish momentum candlesticks targeting both the 100-day SMA and the $7.6 resistance level, meaning the bulls are still always be in control. and could potentially push the price up.
Finally, the RSI signal line on the 1-day chart has risen more than 35% from the oversold zone and is currently approaching 50%, indicating that bullish momentum for the cryptocurrency is growing.
Potential Scenarios: Will Toncoin Reach $7.6 or Will It Be Rejected?
In the event that TON’s price reaches the $7.6 resistance level and breaks above $7.6, the crypto asset could continue to rise, challenging its all-time high of $8.30 and possibly setting a new all-time high can reach once it surpasses this level.
However, if Toncoin reaches the $7.6 resistance level and faces a recovery, it could start falling towards the $4.6 support level. Should the price fall below this support, it could fall further to test the $3.3 support level and possibly continue lowering the support ranges on the chart if the $3.3 price target is breached.
