Analysis of TON Price Rally

Analysis of TON Price Rally

After rallying nearly 15% and surpassing the $6.50 resistance level, TON coin is displaying signs of trend exhaustion. There is a possibility of correction in the near future as the price action might start to lose momentum.

The recent surge in TON price saw it breaking through key resistance levels at $6.20 and $6.50. Currently, the price is holding above $6.50 and the 100-hourly Simple Moving Average, indicating a bullish sentiment in the market. However, there is a critical parabolic curve support forming at $6.80 on the hourly chart of the TON/USD pair, suggesting a potential downside correction if the price drops below $6.80 and $6.60.

In the case of a continuation of the upward trend, the next major resistance levels to watch out for are at $7.00, $7.20, and $7.55. A break above these resistance levels could lead to a rally towards the $8.00 mark. On the flip side, failure to breach the $6.90 resistance zone could trigger a downside correction. Initial support levels are at $6.80 and the parabolic curve, followed by the 23.6% and 50% Fibonacci retracement levels at $6.25. A close below $6.25 could result in a further decline towards the $6.00 support zone.

The hourly MACD for TON/USD is indicating a slowdown in bullish momentum, suggesting a possible trend reversal. On the other hand, the hourly RSI is currently above the 70 level, signifying overbought conditions. Traders should closely monitor these technical indicators for potential shifts in momentum and market sentiment.

Major support levels for TON price are seen at $6.80 and $6.60, while key resistance levels include $6.90 and $7.00. Monitoring price action around these levels and staying informed about market developments is crucial for making informed trading decisions in the volatile cryptocurrency market.

Analysis

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