What’s Next for Toncoin Price After 50% Weekly Surge?

Defying the current market correction, the Toncoin showcased a sustainable recovery within a week with its price rallying from $3.32 to $5. This 50% surge also breached the last swing resistance of $4.58, providing the buyers with the next stepping stone to prolong this recovery. Will the TON price continue its bullish momentum or broader market correction invalidate the buyer’s attempt?

Also Read: 4 Cheap Under $1 Altcoins To DCA As Bitcoin Bleeds For 100X Potential

The Open League Sparks Toncoin Price Rally Past $5

Toncoin (TON), the native cryptocurrency of The Open Network ecosystem returned on a recovery trend last weekend when the price rebounded from its 50% retracement at $3.3. While the majority of major cryptocurrencies witnessed a notable correction this week, the TON price rallied and reclaimed the losses from the last retracement to hit the $5 milestone.

This bullish surge can be attributed to a recent announcement of The Open League, a major community incentive program. With plans to distribute 30 million Toncoin, valued at over $115 million, this initiative is set to reward competing projects and users within the TON ecosystem starting in April.

Amid the bullish momentum, the TON price gave a decisive breakout from $4.85 resistance with a 12.87% intraday jump. While the broader market trend is bearish, a daily candle closing above this barrier is crucial for buyers to resume forward march.

As per the Fibonacci extension tool, the Toncoin price rally may face overhead supply at $5.32, followed by the $5.85 mark.

Also Read: Analyst Says Bitcoin Price Influenced by Forces Beyond BTC ETF

Technical Indicator 

• Average Directional Index: The ADX slope at 36% reflects the current recovery may soon hit exhaustion and coin holders can witness minor pullbacks aimed to revive exhausted bullish momentum.
• Exponential Moving Average: The fast-moving 20-day EMA slope continues to act as a dynamic support for TON price, maintaining a high momentum rally over the past four weeks.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.