Toncoin Performance Surges Amid Market Flatness, Shows Signs of Possible Reversal

By: Isha Das

Toncoin's price showed a marked surge of nearly 15%, moving past the $6.50 resistance point. However, there are faint indications of possible trend exhaustion that may alter its gains. Toncoin jumped over the resistance levels of $6.20 and $6.50, and is presently trading beyond $6.50 and the 100-hourly Simple Moving Average. A significant parabolic curve is forming with a support level of $6.80 on the hourly chart of the TON/USD data sourced from Kraken. If the price dips lower than $6.80 and the $6.60, a downside correction could be sparked off.

Toncoin's recent performance reveals a robust increase starting from the support zone of $5.60, gaining a remarkable 15% in one day, and outperforming both Bitcoin and Ethereum. Venture close to a $7.00 rate, Toncoin is consolidating gains and trading near the $6.80 zone, considerably above the 100-hourly Simple Moving Average. The primary key resistance is around the 7.00 mark. Should the $7.00 resistance zone be overtaken, a significant increase could be triggered.

In terms of support, if the Toncoin price fails to overcome the $6.90 resistance zone, it could embark on a downside correction, potentially leading to a retest of the $6.00 support zone.

The Binance and OKX rewards in addition to the impending launch of the Notcoin token have resulted in an impressive performance for Toncoin.