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The price of Toncoin (TON) has recently been rising rapidly, surpassing a number of significant resistance levels. In its most recent noteworthy move, TON crossed above the 100-day exponential moving average (EMA), which is currently located at roughly $6.68.
As it continues to build on its recent gains and defy market corrections, Toncoin's breakout represents an important step forward. TON's value has increased by about 30% over the last few weeks, demonstrating a robust upward trend in spite of the volatility of the overall market. It is encouraging that TON was able to hold above the 100 EMA, indicating that it has the strength to continue rising.
In the future, the 50-day EMA, which is presently trading close to $7.60, will be TON's primary objective. Traders should take psychological note of this level in addition to it being a technical resistance level. If the move above $7.06 is successful, more gains might be possible, which would draw in more investors and increase faith in Toncoin's long-term prospects.
The next crucial level to watch will be around $8, another psychological barrier that could be crucial to TON's price action if it can overcome the $7.60 resistance. In the event that the price is unable to maintain its resistance above the 100 EMA, it may return to earlier support levels.
The 200 EMA, which is located around $5.69, represents a vital support level. According to the most recent price movement, Toncoin appears to be gaining traction as more people show interest in purchasing the cryptocurrency. There is a strong underlying demand for TON, as seen by the market's consistent performance, even during corrections.