Toncoin Price Jumps Big! Will TON Price Maintain Its Momentum?

The post Toncoin Price Jumps Big! Will TON Price Maintain Its Momentum? appeared first on Coinpedia Fintech News

The 13th largest cryptocurrency displays a significant uptrend in its portfolio after displaying a neutral trend for a brief period. Further, the TON price has added 23.72% within the past 24 hours and 31.29% over the past week, highlighting a positive price action in the coming days.

The Toncoin price traded in a closed range between $2.062 and $2.301 for over twenty days, indicating a disinterest of investors in this altcoin. As the market volatility grew, the TON price recorded a jump of 24.60%, after which the Toncoin token traded in a consolidated range between $2.434 and $2.897 for the next twelve days.

TradingView: TON/USDT

Recently, the bulls regained momentum and recorded a jump of just over 42% in valuation within 24 hours, indicating a strong bullish reversal in the market. However, the price faced rejection at $3.499, after which the price has been constantly trading under a bearish influence.

The technical indicator, RSI, continues to trade above the overbought range, indicating a strong buying-over-selling pressure in the crypto market. Moreover, the averages show a possibility of a bearish convergence in the longer frame, suggesting uncertainty in future price movements.

Will TON Price Increase?

If the market holds the price above the support level of $3.499, the bulls will regain momentum and prepare to test its resistance level of $3.944. Further, if the bulls hold the price at that level, it will test its upper resistance level of $4.250 in the upcoming week.

Negatively, a trend reversal may pull the price toward its support level of $3.211. Moreover, if the bearish trend continues, the TON price will prepare to test its lower support level of $2.897.