- Summary:
- Toncoin price has risen by more than 20 percent in the last week, and a move past $7.00 brings its all-time high within touching distance.
Toncoin price spiked on Wednesday as it climbed by 7.1 percent to trade at $6.93. The day also saw TON extend its winning streak to three successive sessions, with the price touching a monthly high price of $7.26 at one point during the day. The steep ascent means TONUSD has gained 21 percent in the last week, but its returns in the last one month are still down by 7.4 percent. The current trajectory signals that the near-time hurdle will likely be at $7.00, and stability above that mark could clear the path to have a go at retesting its all-time high price of $8.25 set in mid-June.
The Telegram-linked TON Blockchain ecosystem has experienced rapid growth in its short existence, with VC firm Pantera Capital among its notable investors. The latest momentum is partly fueled by news that the TON ecosystem has formed its own venture capital fund, TON Ventures. According to a press release issued on Wednesday, the fund has already raised $40 million and will be targeting applications with mass appeal and promoting their development in the TON ecosystem. That has created a positive investor sentiment that could sustain the new push Toncoin price, amid a market-wide crypto assets recovery.
Momentum
As seen on the 2-hour chart, Toncoin price looks set to continue with the uptrend. First, the price is well above the middle Bollinger Band, which is near the psychological 6.50 mark. Therefore, a stay above that mark will be crucial to sustaining the uptrend. In addition, the RSI is at 65, adding support to the upside view.
Support and resistance levels
The TON coin price pivot mark is at 6.85, and the upside will likely continue if the price stays above that mark. With the buyers in control, look for the first resistance around 7.00. Moreover, extended control could break above that mark and potentially test 7.15. Alternatively, a move below 6.85 will favor the sellers to take control. In that case, the first support could be established at 6.70. However, further control by the sellers at that point could breach below that level, invalidate the upside narrative and potentially test 6.50.
