TON Price Surges Past $5 as The Open League Sparks Bullish Momentum
The price of Toncoin (TON) has defied the current market correction and showcased a sustainable recovery within a week. The price rallied from $3.32 to $5, experiencing a 50% surge. This bullish momentum also broke through the last swing resistance of $4.58, providing buyers with the next stepping stone to prolong this recovery. Now, the question is whether the TON price will continue its bullish momentum or if the broader market correction will invalidate the buyerโs attempt.
The Open League Sparks Toncoin Price Rally
Toncoin (TON), the native cryptocurrency of The Open Network ecosystem, has returned on a recovery trend. Last weekend, the price rebounded from its 50% retracement at $3.3 and rallied past the $5 milestone. While most major cryptocurrencies experienced a notable correction this week, the TON price managed to reclaim its losses and continue its upward trajectory.
This bullish surge can be attributed to a recent announcement by The Open League, a major community incentive program within the TON ecosystem. The initiative plans to distribute 30 million Toncoin, valued at over $115 million, as rewards for competing projects and users starting in April.
Despite the bearish broader market trend, the TON price decisively broke out from the $4.85 resistance with a 12.87% intraday jump. However, it is crucial for buyers that there is a daily candle closing above this barrier in order to sustain their forward march.
According to the Fibonacci extension tool, the TON rally may face overhead supply at $5.32, followed by the $5.85 mark.
Technical Indicators
- Average Directional Index (ADX): The ADX slope currently stands at 36%, indicating that the ongoing recovery may soon hit exhaustion. Coin holders can expect minor pullbacks aimed at reviving exhausted bullish momentum.
- Exponential Moving Average (EMA): The fast-moving 20-day EMA slope continues to act as dynamic support for the TON price. It has maintained a high momentum rally over the past four weeks.
Hot Take: Will TON Sustain its Bullish Momentum?
The recent recovery and surge in the TON price have been impressive, especially considering the overall market correction. The Open League announcement has undoubtedly fueled this bullish momentum, providing a positive catalyst for the TON ecosystem. However, there are a few factors to consider:
- The broader market trend remains bearish, and it could potentially impact the sustainability of TONโs recovery.
- The TON price needs to maintain a daily candle closing above the $4.85 resistance level to continue its upward trajectory.
- Overhead supply levels at $5.32 and $5.85 may pose additional challenges for the TON rally.
As always, itโs essential to stay updated with the latest market developments and technical indicators to make informed investment decisions. Keep an eye on the ADX slope and the 20-day EMA as they can provide valuable insights into the TON priceโs future movements.
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