- Toncoin’s transition of the $7.3 level from peak to support underscores a bullish market sentiment.
- The Open Network’s price resilience is evident as it consistently surpasses previous highs.
- Fibonacci retracement highlights critical support levels, reinforcing buyer confidence.
Toncoin, a prominent cryptocurrency on the Telegram platform, has recently achieved unprecedented market value, showcasing a robust bullish trend. Following a recent rally, the cryptocurrency established a new all-time high of $8.24 on 15th June by breaking past the $7.3 mark, which has now become a significant support level.
Historically, Toncoin has demonstrated its ability to surpass and maintain critical price levels. Technical analysis highlights these points as crucial junctures where the price either surges or declines sharply.
Source: X
Notably, the cryptocurrency has seen support and resistance at various levels, such as $0.55, $1.9, $4.5, and $2.6. The latest peak at $7.3, previously a high, is now a foundation for further potential gains.
The influence of Bitcoin’s market dominance is undeniable. It often dictates the pace for altcoins like Toncoin. Despite these market dynamics, Toncoin has managed to carve out a growth path that aligns well with the crypto community’s prevailing ‘tap-to-earn’ narrative.
Solana vs TON: The Tale of Two Blockchains in a Bear MarketAn analysis by crypto analyst Crypto Busy, shared via an X post, details the ongoing potential for Toncoin’s rise. The analysis points out a successful retest at the 0.5 Fibonacci retracement level following a breakout at a previous high.
This pattern suggests that even a higher low in the price structure could benefit Toncoin, especially as Bitcoin’s dominance currently influences the broader altcoin market.
Source: X
According to the detailed chart analysis, Toncoin is approaching its recent peak of $8.24, now acting as the next significant resistance level. If the currency breaches this threshold, the next bull target is $8.274.
The Fibonacci retracement tool, a staple in technical analysis, identifies $5.501, $4.644, and $3.787 as potential support levels. These figures represent crucial points where investor interest could intensify, providing a safety net against potential pullbacks.
Over the past year, Toncoin has shown a consolidation pattern, with prices ranging from $1.013 to $2.567 during 2023. This phase was followed by a vigorous ascent at the beginning of 2024, breaking past established resistance levels. This upward movement is supported by a steep ascending trendline, confirming the bullish sentiment in the market.
As observed at press time, the price of TON has decreased by 5.43% in 24 hours and stood at $7.48. This reduction aligns with a broader dip in the market cap, which also fell by approximately 5.17%, reducing its valuation to $18.23 billion. Despite this downturn, trading activity surged, reflected by a 69.70% increase in 24-hour trading volume, amounting to $466,559,405.
