Kaspa (KAS) Price Hits New Year to Date High, but Can It Sustain the Momentum?
Over the past few weeks, Toncoin (TON) has been experiencing a strong bullish trend, making it an attractive option for investors. Currently, the TON price has risen by 76.19% in the past month and 34.23% in the past week, reaching $2.4368.
Although TON reached a new multi-month high of $2.60 with a 7.67% increase yesterday, it is currently retracing and has fallen by 5.37% today. If this bearish momentum continues, TON may retest the Fib 0.786 level at $2.3869 before resuming its upward trend.
The TON price is comfortably trading above its 20-day EMA ($2.0298), 50-day EMA ($1.7618), and 100-day EMA ($1.6762), indicating a strong bullish momentum in the short to medium term.
Toncoin’s Overbought Levels and Potential Cooling-Off Period
The RSI currently stands at 71.16, down from yesterday’s 79.86, suggesting that TON has been trading above overbought levels recently and may experience a cooling-off period before the uptrend resumes.
The MACD histogram is at 0.0582, slightly lower than yesterday’s 0.0644, indicating a minor decrease in bullish momentum. However, this could be a temporary pullback given the overall positive trend.
The immediate resistance for TON lies in the swing high resistance zone of $2.5758 to $2.6003, which aligns with the psychological resistance level of $2.60. This level has shown significance earlier this year, with price rejection occurring twice.
If TON successfully surpasses this level, it may set a new YTD high and target the extended Fibonacci 1.236 level at $2.8357. On the downside, the immediate support is the horizontal support zone of $2.3336 to $2.3866, which also aligns with the Fib 0.786 level.
Hot Take: Can TON Sustain Its Uptrend?
Despite today’s retracement, TON maintains a strong bullish trend. However, it is crucial for potential investors to closely monitor key resistance and support levels, as well as the broader market sentiment.
The upcoming trading sessions will provide confirmation on whether TON can sustain its uptrend or if a deeper retracement is imminent.
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