The TON price has experienced a significant rally, increasing by almost 15% and breaking through the $6.50 resistance level. The upward trend has been fueled by a strong surge from the $5.60 support zone, with the price surpassing both the $6.20 and $6.50 resistance levels. As of now, the price is trading above $6.50 and the 100-hourly Simple Moving Average, signifying a bullish trend in the market. However, there are indications of potential trend exhaustion, suggesting a correction in gains may be on the horizon.
The formation of a key parabolic curve with support at $6.80 on the hourly chart of the TON/USD pair indicates a crucial level for price movement. If the price dips below $6.80 and the $6.60 mark, a downside correction could be triggered. Immediate support levels are identified near $6.80, followed by a potential test of the 23.6% Fib retracement level at $6.25 and the $6.00 support zone. A further decline could result in a retest of lower support levels, emphasizing the importance of monitoring price movements closely.
On the other hand, if the bulls maintain momentum, TON price could see further upside potential. The next key resistance levels are situated near $6.90, $7.00, and $7.20, with the possibility of a rally towards the $7.55 and $8.00 resistance marks. A breakout above the $7.00 resistance zone could trigger a strong increase in price, signaling a bullish scenario for TON. However, failure to clear the $6.90 resistance zone may lead to a downward correction, highlighting the importance of establishing solid support levels for sustainable growth.
The hourly MACD for TON/USD is exhibiting a slowdown in bullish momentum, while the hourly RSI has surpassed the 70 level, indicating potential overbought conditions. Monitoring these technical indicators is crucial for assessing market sentiment and predicting potential price movements. Major support levels are identified at $6.80 and $6.60, with resistance levels at $6.90 and $7.00 serving as key indicators for future price action.
As market dynamics continue to evolve, staying informed about key price levels, technical indicators, and potential market scenarios is essential for traders and investors looking to navigate the volatile cryptocurrency market effectively. By analyzing the current price movement of TON, market participants can make informed decisions based on a comprehensive understanding of market trends and price dynamics.