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- Toncoin bulls are pushing the altcoin to retest the $7 psychologically important level.
- The digital currency has bullish analyst forecast backing complemented by a growing ecosystem.
Toncoin ($TON), currently ranked as the 12th-largest crypto by market cap, is exhibiting a bullish rebound as it moves towards the $7 mark. The rally in Toncoin’s price is linked to optimism in the broader market and fresh buying activity in altcoins.
What Is Next for Toncoin
$TON has captured traders’ attention with green candles and a solid push above key resistance levels. At the time of writing, $TON price was up 3.17% and trading at $6.63, approaching a three-month high of $7.
In its latest rally, $TON’s price broke above the downward channel, a region where it remained locked since September.
The rally also resulted in a golden cross, in which the 20-day EMA crossed above the 200-day EMA. Historically, this signals the potential for a long-term upswing. Furthermore, after seeing some healthy bullish sentiment, the altcoin reached a comfortable position above its 20, 50, and 200-day EMAs.
The next milestone for the bulls is to see the 50-day EMA cross the 200-day EMA. A successful crossover might pave the way for a long-term bullish rally, with $7.6 and $6.8 as the major resistance levels to watch.
However, a near-term correction could bring the price to test the support zone around $6.1 if $TON struggles to maintain its prevailing momentum. This support level also coincided with a liquidity zone, giving a reasonable safety net for the bulls.
A successful comeback from this support level could spark buying pressure.
$TON’s Technical Analysis
Meanwhile, the Relative Strength Index (RSI) stands at nearly 69 at press time, indicating that Toncoin is approaching overbought territory. Any drop below 70 could signal a period of consolidation or a modest retreat before the next potential uptick.
Furthermore, the daily trading volume increased by 8.39% to $547 million, suggesting growing investor interest. However, Open Interest declined by 8.15%, implying that some traders are closing their holdings, probably to lock in profits following the recent spike.
Meanwhile, Toncoin traders preferred short positions, as seen by the long/short ratio across exchanges, which stood at 0.8591. Nevertheless, the bulls preferred Binance’s long/short ratio at 3.8473, indicating optimism among traders on this exchange.
Bitcoin’s movement following big bets from institutional investors could also influence $TON’s trajectory in the short term.
With traders showing keen interest, Toncoin’s price might explode soon. Market analyst Amina Chaattha believes $TON could trigger an upside toward $7 if it clears the $6.318 resistance level successfully. In a more bullish forecast, crypto analyst Ramseycrypto predicted that $TON will climb towards $10.
As revealed in a CNF post, another analyst, CryptoBullet1, forecasted a price range between $12 and $15, citing an impending Wave 5 for $TON. It is worth noting that Toncoin has the right fundamentals to boost these price projections.