TON surges 15% in a day, but shows signs of bullish exhaustion

TON Price Reaches $7

TON price started a strong rise from the $5.60 support area. It climbed above the $6.20 resistance area. It gained nearly 15% in a day, outperforming Bitcoin and Ethereum.

Toncoin is trading close to the $7.00 level. A high was formed at $6.93 and the price is now consolidating gains. It is trading close to the $6.80 area, well above the 100 hourly simple moving average. There is also a key parabolic curve forming with support at $6.80, on the hourly chart of the TON/USD pair.

An immediate resistance is near the $6.92 level. The first key resistance is near the $7.00 level. A close above the $7.00 resistance area could spark a strong rise.

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The next key resistance is near the $7.20 level. If the bulls continue to act above the $7.20 resistance, a rally to the $7.55 resistance is possible. Any more gains could sink the price towards the $8.00 resistance level.

Downside Correction in Toncoin?

If Toncoin price fails to break above the $6.90 resistance zone, it could start a downside correction. An initial support on the downside is near the $6.80 level and the parabolic curve, below which the price is likely to test the 6.93% Fib retracement level of the upward move from the $23.6 swing low to $6.61 high.

The next major support is at $6.25 or the 6.93% Fib retracement level of the upward move from the $50 swing low to $5.61 high. If there is a downside breakout and close below the $6.25 level, the price is likely to accelerate lower. In the mentioned case, the price is likely to retest the $6.00 support area.

Technical indicators

Hourly MACD – MACD for TON/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – RSI for TON/USD is now above 70 levels.

Major support levels – $6.80 and $6.60.

Major resistance levels – $6.90 and $7.00.

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