The Open Network – TON saw an astonishing 15% price increase in the past 24 hours, making it the top gainer in the crypto market today. The past weeks of gains have launched the asset into a bull run after it found a bottom in the mid-year.
Toncoin has continued to show a sign of strength over the past weeks following a bounce above the $1 level in August. Since then, it has seen consistent growth and has left this above level as psychological support.
After testing the $2 resistance level twice in the past months, it consolidated for days and broke out with an insane 40% surge in the space of a week. This break of structure has triggered massive buying pressure in the market.
As the bulls continue to gain control of the market, the price could reach $4 before the end of this week. And if it fails to sustain the positive rally, a pullback could provide another buying opportunity at $2.
The only condition for a bearish cycle is if the price manages to plummet beneath the mentioned psychological support. By then, we can start to think the bears are back in the market. But as it stands now, TON looks very bullish across the higher time frame.
TON Price Analysis (TONUSDT): Daily Chart
Considering the past days of increase, coupled with the recent breakout, TON is likely to end this year bullish from a short-term perspective. But the long-term bullish rally is still unsure yet as it may revisit $1 before it finally picks up.
Whichever way it goes, the bulls are still eyeing $3 and $3.5 as the next resistance levels. If these levels come into play more quickly than expected, they would push the price to $4.
If the bullish rally pauses any moment from now, the closest level for a retest is $2.48, followed by a break level of $2. A deep correction could dip the price to $1.5 before bouncing back.
Key Resistance Levels: $3, $3.5, $4
Key Support Levels: $2.48, $2, $1.5
Spot Price: $2.69
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
- @ December 16, 2022 2:15 pm