The recent rally in TON price showcases a significant increase of nearly 15%, surpassing key resistance levels such as $6.20 and $6.50. However, there are indications of trend exhaustion, suggesting a possible correction in the near future. The current price is above $6.50 and the 100-hourly Simple Moving Average, indicating bullish momentum. Yet, the formation of a key parabolic curve with support at $6.80 raises concerns about a potential downside correction if the price falls below $6.80 and $6.60 level.
The TON price started its upward movement from the $5.60 support zone, reaching close to $7.00 before consolidating gains. Despite trading near the $6.80 zone, the price remains above the 100-hourly Simple Moving Average, signaling a positive trend. The presence of a key parabolic curve with support at $6.80 further solidifies the bullish sentiment in the market. However, the resistance levels at $6.92 and $7.00 could act as barriers to further gains.
If the bulls manage to surpass the $7.20 resistance level, a rally towards $7.55 and even $8.00 is possible. On the contrary, a failure to clear the $6.90 resistance zone might trigger a downside correction. The initial support at $6.80 and the parabolic curve could provide some cushion, but a break below the $6.25 level could accelerate the price lower towards the $6.00 support zone.
The Hourly MACD for TON/USD is showing signs of losing pace in the bullish zone, hinting at a potential shift in momentum. The Hourly RSI for TON/USD is currently above the 70 level, indicating overbought conditions. The major support levels to watch are at $6.80 and $6.60, while the key resistance levels are at $6.90 and $7.00.
The TON price movement reflects a mix of bullish and bearish signals, suggesting a potential correction after a strong rally. Traders and investors should closely monitor key support and resistance levels to make informed decisions in the volatile cryptocurrency market.
