The post Analyzing Toncoin’s rally: Can it sustain the break above $5.47? appeared on BitcoinEthereumNews.com.

Toncoin recently rebounded from a key support level near $4.6, breaking out of a descending channel. Derivatives data indicated strong bullish sentiment with high trading volume and open interest. Toncoin [TON] recently experienced a strong rebound from its multi-month support near the $4.6 level. This support has been crucial for bulls over the last few months as they protected it, staving off a deeper downturn. Over the last few sessions, TON broke out of a descending channel pattern, climbing past the 20-day and 50-day EMAs at $5.03 and $5.19, respectively. This movement showed an increasing buying interest in the TON market and gave bulls a slight near-term edge. Toncoin was up 17% in the past week Source: TradingView, TON/USDT At the time of writing, TON was trading at $5.28 after breaching the channel’s upper trendline. The 200-day EMA at $5.47 stood as a crucial resistance.  A definitive close above this level could further fuel the bullish rally, potentially opening doors to test the $6.05 resistance zone. If TON manages to conquer this zone, we could witness an extended uptrend with $6.5 as the next immediate target. However, should the price struggle to break above the 200-day EMA, a pullback could be on the cards, potentially retesting the support at the 50-day EMA near $5.04. The price action would likely rebound from this level, opening up opportunities for traders to capitalize on this near-term volatility. The MACD indicator saw a bullish crossover, with the MACD line climbing above the signal line and gaining positive momentum. However, buyers should wait for these lines to close above zero before taking a long position in the near-to-medium term. The RSI also stood at 60, reflecting a rising bullish momentum. A move above 70 could signal overbought conditions, so traders should monitor potential consolidation around…

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Filed under: News - @ November 12, 2024 9:24 am