Toncoin (TON) has surged past the $6 mark, renewing hopes for a sustained bullish rally after a challenging bearish period. The recovery has intrigued investors and traders, with the main question being whether the bulls can maintain this momentum and push TON higher.
This article explores the factors behind TON's breakout above the $6 level, analyzing key technical indicators and market dynamics to evaluate its potential for a long-term bullish trend. Indicators like the 100-day Simple Moving Average (SMA) and the Relative Strength Index (RSI) suggest a shift towards positive strength, signaling further price growth and an overall bullish trend.
The daily chart shows strong upward movement for TON, with the token trading above the crucial 100-day SMA, reinforcing its sustained strength. Market confidence grows as TON climbs, with $7.2 as the next resistance level to watch. This could determine if the bullish move extends further, potentially reaching an all-time high of $8.3.
However, challenges remain as TON nears overbought conditions, which may lead to resistance or a pullback. If such conditions occur, TON could decline below $6, possibly dropping towards the $4.6 support level.
Nonetheless, if TON maintains its bullish momentum, it could break through the $7.2 resistance level, making way for additional gains.
