- Toncoin price surged 11% in 7 days, indicating strong momentum.
- Indicators show firm support above $3.10, nearing 200-day EMA resistance.
- Rising volume and momentum reveal growing accumulation and investor confidence.
Toncoin (TON) made strong gains last week, rising over 11% and crossing key technical levels. As of now, the virtual currency is priced at $3.12, having increased 5.36% intraday.
Backed by a 24-hour volume of $248.39 million accompanied by a market cap of $7.72 billion, the token is being observed by traders keeping a close watch on altcoins that are sustaining levels despite overall market action.
The recent price action sees a consistent increase that began below the level of $2.80. A consistent series of higher lows and higher highs was achieved on the weekly chart via growing demand.
This route took the token to near the level of $3.00, which was later accompanied by a temporary consolidation level of $2.95-$3.05. In this time frame, the price action remained range-bound, which means a temporary volatility stagnation.
Also Read: Toncoin (TON) Eyes Breakout as Market Sentiment Turns Bullish
Toncoin Momentum Builds Toward Resistance Breakout
As the market absorbed the earlier gains, Toncoin eventually emerged from the consolidation area and breached above the $3.10 resistance.
Also, the breakout above was accompanied by rising trading volume, which meant broader participation and additional buying interest. Prices shot up rapidly above $3.15, confirming the bull bias, positioning the token for more gains.
TON on the daily chart is now comfortably above the 20-day, 50-day, and 100-day exponential moving averages, which are at $2.94, $2.98, and $3.14, respectively.
Those earlier became temporary resistance, but now the level of interest is the 200-day EMA at $3.59, a level that will be critical in determining if the bounce so far becomes a long-term one.
Indicators Support Bullish Continuation Case
Technicals still favor the bull argument. The Relative Strength Index (RSI) remains stable at 62.66, which remains a healthy zone for purchasers. In addition, the Moving Average Convergence Divergence (MACD) shows a favorable crossover, with histogram bars expanding in the positive zone.
This ideal combination of accelerated momentum with a favorable price setup suggests that a sustainable breakout might be on the cards for Toncoin if only the asset can cross through the following resistance zone.
As long as sentiment is healthy in the market and volume remains positive for a move upwards, Toncoin is well set to sustain along current trends or break through recent highs.
Also Read: Toncoin Eyes $3.60 Breakout After Strong Recovery From Lows
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
