Toncoin (TON) Breaks Above 100-Day SMA, Signaling Bullish Momentum Towards $7.6 Resistance

Toncoin (TON) has gained significant upward momentum, recently breaking above the 100-day Simple Moving Average (SMA) on the 4-hour chart. This bullish move signals strong buying interest that could potentially put the crypto asset on the path to the $7.6 resistance level.

Cryptocurrency asset Toncoin (TON) has experienced a significant upward movement, recently breaking above the 100-day Simple Moving Average (SMA) on the 4-hour chart. This bullish move signals strong buying interest that could propel the crypto asset toward the $7.6 resistance level.

The breakout above this key technical indicator suggests that the bulls are in control, setting the stage for a continued rally. Let’s analyze Toncoin’s recent breakout above the 100-day SMA on the 4-hour chart, assess market sentiment, and evaluate the significance of the $7.6 resistance level as the next major target.

At the time of writing, Toncoin is trading at approximately $6.50, up over 3.55%, with a market cap of over $16 billion and trading volume of more than $960 million. Over the past 24 hours, the asset’s market cap has increased by over 3%, while its trading volume has surged by more than 36%.

Market Sentiment: Bulls In Control Of TON’s Rally

Currently, the price of Toncoin on the 4-hour chart is experiencing a bullish move, advancing above the 100-day Simple Moving Average (SMA) toward the $7.6 resistance mark. The breach above this key indicator signals continued bullish control and the potential for further upward movement.

Moreover, a 4-hour Relative Strength Index (RSI) analysis reveals that the indicator’s signal line has successfully climbed above 50% and is now approaching the 70% mark, which is considered the overbought zone. This suggests that buying pressure is increasing, potentially leading to further upward movement for the asset.

On the 1-day chart, although Toncoin is still trading below the 100-day SMA, it has successfully formed bullish momentum candlesticks, aiming for both the 100-day SMA and the $7.6 resistance level, which indicates that the bulls are still in control and could potentially push the price higher.

Finally, on the 1-day chart, the RSI signal line has climbed more than 35% from the oversold zone and is currently approaching 50%, suggesting growing bullish momentum for the cryptocurrency.

Potential Scenarios: Will Toncoin Reach $7.6 Or Face Rejection?

In the event that TON’s price reaches and breaks above the $7.6 resistance level, the crypto asset could continue to rise, testing its all-time high of $8.30 and potentially setting a new all-time high once it surpasses this mark.

However, if Toncoin reaches the $7.6 resistance level and encounters a rebound, it might start to decline toward the $4.6 support mark. Should the price fall below this support, it could drop further to test the $3.3 support level and potentially continue to lower support ranges on the chart if the $3.3 price target is breached.

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